Is Ocean City, MD a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ocean City is a buyer's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Ocean City was a Seller's Market.

Key Takeaway

Ocean City is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Ocean City, MD

How much do homes in Ocean City, MD cost?

Median Sold Price

$440,233

$432/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$20,783(+5.0%)

Key Takeaway

Homes in Ocean City have sold for 5% more than they did a year ago.

Summary: The median home sold price in Ocean City was $440,233 in March 2024, up 5% from last year, and the median price per square foot was $432.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $275K$299.6K
+8.9%
2 $403.7K$410K
+1.6%
3 $558K$597.4K
+7.1%
4 $802.8K$750K
-6.6%
5+ $812.5K$1.2M
+52.0%

Summary: Ocean City housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.9%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 7.1%, 4 bedroom homes decreased by 6.6%, and 5+ bedroom homes increased by 52%.

Median Sold Price Compared To Nearby Cities

Ocean City
+5.0%
Selbyville-Frankford
-0.6%

Housing Supply in Ocean City, MD

How many homes are available in Ocean City, MD?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
718785+9.3%

Summary: The Ocean City real estate market had 785 homes for sale in March 2024, a 9.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 117136
+16.2%
2 287321
+11.8%
3 217223
+2.8%
4 5863
+8.6%
5+ 3942
+7.7%

Summary: The Ocean City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.2%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 2.8%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 7.7%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
7889+14.1%

Asking Price vs. Sold Price

61 Homes Were Sold
Under Asking

16 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ocean City, you may be able to get a good deal. 68.5% of homes here sold below asking price last month.

Summary: A total of 89 homes were sold or pending in Ocean City in March 2024, up by 14.1% month-over-month. Of the 89 sold homes, 69% were sold under asking, 18% were sold at asking, and 13% 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

Mar 2023Mar 2024CHANGE
42 Days45 Days+6.2%

Summary: Homes in Ocean City had an average of 45 days on market in Mar 2024, up by 6.2% compared to last year.

Breakdown of Home Sale Times

51 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

19 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ocean City are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 89 homes were sold in Ocean City; 57% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

Newest Listings in Ocean City, MD

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What housing markets are near Ocean City, MD?