Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Ocean City has remained a Seller's Market.
Housing Prices in Ocean City, MD
How much do homes in Ocean City, MD cost?
Median Sold Price
$439,438
$431/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Ocean City was $439,438 in April 2024, up 4.6% from last year, and the median price per square foot was $431.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $285.5K | $299.9K | +5.1% |
2 Bedrooms | $405K | $415K | +2.5% |
3 Bedrooms | $565K | $599.9K | +6.2% |
4 Bedrooms | $775K | $750K | -3.2% |
5+ Bedrooms | $896.2K | $1.2M | +36.1% |
Summary: Ocean City housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.1%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 6.2%, 4 bedroom homes decreased by 3.2%, and 5+ bedroom homes increased by 36.1%.
Median Sold Price Compared To Nearby Cities
Ocean City | $420K | $439.4K | +4.6% |
Selbyville-Frankford | $534.3K | $537.1K | 0.5% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
522 | 543 | +4.0% |
Summary: The Ocean City real estate market had 543 homes for sale in April 2024, a 4.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 94 | 92 | -2.1% |
2 Bedrooms | 231 | 234 | +1.3% |
3 Bedrooms | 137 | 150 | +9.5% |
4 Bedrooms | 35 | 42 | +20.0% |
5+ Bedrooms | 25 | 25 | 0.0% |
Summary: The Ocean City housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 2.1%, 2 bedroom homes increased by 1.3%, 3 bedroom homes increased by 9.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
105 | 98 | -6.7% |
Asking Price vs. Sold Price
64 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
14 Homes Were Sold
Over Asking
Summary: A total of 98 homes were sold or pending in Ocean City in April 2024, down by 6.7% month-over-month. Of the 98 sold homes, 65% were sold under asking, 20% were sold at asking, and 14% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
37 Days | 50 Days | +33.8% |
Summary: Homes in Ocean City had an average of 50 days on market in Apr 2024, up by 33.8% compared to last year.
Breakdown of Home Sale Times
55 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
22 Homes Were Sold
Over 90 Days
Summary: During April 2024, 98 homes were sold in Ocean City; 56% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.