Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
At the same time last year, Ocean City was a Seller's Market.
Key Takeaway
Ocean City is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Ocean City, MD
How much do homes in Ocean City, MD cost?
Median Sold Price
$441,250
$430/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Ocean City have sold for 3.8% more than they did a year ago.
Summary: The median home sold price in Ocean City was $441,250 in June 2024, up 3.8% from last year, and the median price per square foot was $430.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $290K | $297K | +2.4% |
| 2 Bedrooms | $410K | $410K | 0.0% |
| 3 Bedrooms | $570K | $594.8K | +4.4% |
| 4 Bedrooms | $786K | $805K | +2.4% |
| 5+ Bedrooms | $833.7K | $1.2M | +48.1% |
Summary: Ocean City housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.4%, 2 bedroom homes did not change, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 48.1%.
Median Sold Price Compared To Nearby Cities
| Ocean City | $425K | $441.2K | +3.8% |
| Selbyville-Frankford | $529.9K | $538.7K | +1.6% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 491 | 485 | -1.2% |
Summary: The Ocean City real estate market had 485 homes for sale in June 2024, a 1.2% decrease compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 76 | 83 | +9.2% |
| 2 Bedrooms | 206 | 204 | -1.0% |
| 3 Bedrooms | 145 | 138 | -4.8% |
| 4 Bedrooms | 45 | 40 | -11.1% |
| 5+ Bedrooms | 19 | 20 | +5.3% |
Summary: The Ocean City housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.2%, 2 bedroom homes decreased by 1%, 3 bedroom homes decreased by 4.8%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes increased by 5.3%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 115 | 78 | -32.2% |
Asking Price vs. Sold Price
53 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Ocean City, you may be able to get a good deal. 67.9% of homes here sold below asking price last month.
Summary: A total of 78 homes were sold or pending in Ocean City in June 2024, down by 32.2% month-over-month. Of the 78 sold homes, 68% were sold under asking, 26% were sold at asking, and 6% were sold over asking.
Days on Market for Ocean City, MD
How long does it take to sell a home in Ocean City, MD?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 34 Days | 48 Days | +40.2% |
Summary: Homes in Ocean City had an average of 48 days on market in Jun 2024, up by 40.2% compared to last year.
Breakdown of Home Sale Times
43 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Ocean City are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 78 homes were sold in Ocean City; 55% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
