Is Ocean City, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$972,323
$689/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Ocean City was $972,323 in May 2024, up 2.2% from last year, and the median price per square foot was $689.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $319.9K | $342.5K | +7.1% |
2 Bedrooms | $542.5K | $580K | +6.9% |
3 Bedrooms | $810K | $840K | +3.7% |
4 Bedrooms | $1.2M | $1.2M | -0.1% |
5+ Bedrooms | $1.9M | $2.0M | +4.4% |
Summary: Ocean City housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 3.7%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 4.4%.
Median Sold Price Compared To Nearby Cities
Upper Township | $399.9K | $477.4K | +19.4% |
Somers Point | $340K | $399K | +17.4% |
Egg Harbor Township | $340K | $377.7K | +11.1% |
Marmora | $394.8K | $432.5K | +9.5% |
Ocean City | $951.6K | $972.3K | +2.2% |
Housing Supply in Ocean City, NJ
How many homes are available in Ocean City, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
284 | 304 | +7.0% |
Summary: The Ocean City real estate market had 304 homes for sale in May 2024, a 7.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 22 | 30 | +36.4% |
2 Bedrooms | 41 | 47 | +14.6% |
3 Bedrooms | 69 | 54 | -21.7% |
4 Bedrooms | 49 | 54 | +10.2% |
5+ Bedrooms | 103 | 119 | +15.5% |
Summary: The Ocean City housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 36.4%, 2 bedroom homes increased by 14.6%, 3 bedroom homes decreased by 21.7%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 15.5%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
49 | 43 | -12.2% |
Asking Price vs. Sold Price
26 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 43 homes were sold or pending in Ocean City in May 2024, down by 12.2% month-over-month. Of the 36 sold homes, 72% were sold under asking, 17% were sold at asking, and 11% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
53 Days | 45 Days | -14.8% |
Summary: Homes in Ocean City had an average of 45 days on market in May 2024, down by 14.8% compared to last year.
Breakdown of Home Sale Times
24 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 43 homes were sold in Ocean City; 56% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.