Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller'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
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
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $299.6K | +8.9% |
| 2 Bedrooms | $403.7K | $410K | +1.6% |
| 3 Bedrooms | $558K | $597.4K | +7.1% |
| 4 Bedrooms | $802.8K | $750K | -6.6% |
| 5+ Bedrooms | $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 | $419.4K | $440.2K | +5.0% |
| Selbyville-Frankford | $534K | $530.7K | -0.6% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 718 | 785 | +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
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 117 | 136 | +16.2% |
| 2 Bedrooms | 287 | 321 | +11.8% |
| 3 Bedrooms | 217 | 223 | +2.8% |
| 4 Bedrooms | 58 | 63 | +8.6% |
| 5+ Bedrooms | 39 | 42 | +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 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 78 | 89 | +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
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 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 45 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
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.
