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.
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
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
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
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.