Is Ocean City, NJ 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, NJ
How much do homes in Ocean City, NJ cost?
Median Sold Price
$969,125
$682/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 $969,125 in March 2024, up 2.4% from last year, and the median price per square foot was $682.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $319.9K | $339.5K | +6.1% |
2 Bedrooms | $540K | $575K | +6.5% |
3 Bedrooms | $810K | $837.5K | +3.4% |
4 Bedrooms | $1.2M | $1.2M | -0.1% |
5+ Bedrooms | $1.9M | $1.9M | -2.9% |
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 6.1%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 3.4%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes decreased by 2.9%.
Median Sold Price Compared To Nearby Cities
Somers Point | $340.7K | $380K | +11.5% |
Egg Harbor Township | $339.3K | $373.3K | +10.0% |
Ocean City | $946.7K | $969.1K | +2.4% |
Upper Township | $420K | $415K | -1.2% |
Marmora | $420K | $413.5K | -1.5% |
Housing Supply in Ocean City, NJ
How many homes are available in Ocean City, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
283 | 314 | +11.0% |
Summary: The Ocean City real estate market had 314 homes for sale in March 2024, a 11.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 21 | -4.5% |
2 Bedrooms | 35 | 40 | +14.3% |
3 Bedrooms | 69 | 80 | +15.9% |
4 Bedrooms | 49 | 57 | +16.3% |
5+ Bedrooms | 108 | 116 | +7.4% |
Summary: The Ocean City housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 4.5%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 16.3%, and 5+ bedroom homes increased by 7.4%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
33 | 43 | +30.3% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Summary: A total of 43 homes were sold or pending in Ocean City in March 2024, up by 30.3% month-over-month. Of the 36 sold homes, 64% were sold under asking, 14% were sold at asking, and 22% were sold over asking.
Days on Market for Ocean City, NJ
How long does it take to sell a home in Ocean City, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
52 Days | 56 Days | +7.6% |
Summary: Homes in Ocean City had an average of 56 days on market in Mar 2024, up by 7.6% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During March 2024, 43 homes were sold in Ocean City; 67% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.