$8,312 Closing Credit*
$699,990
7,892 SqFt
3 Beds
•3 Full Baths
Liz Warren, Listing Office: The Pinnacle Real Estate Co.
Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Ocean City was a Seller's Market.
Key Takeaway
Ocean City is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Ocean City, MD
How much do homes in Ocean City, MD cost?
Median Sold Price
$449,548
$429/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$12,521(+2.9%)
Key Takeaway
Homes in Ocean City have sold for 2.9% more than they did a year ago.
Summary: The median home sold price in Ocean City was $449,548 in October 2024, up 2.9% from last year, and the median price per square foot was $429.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $293.7K | $290K | -1.3% |
| 2 Bedrooms | $415K | $415K | 0.0% |
| 3 Bedrooms | $585K | $575K | -1.7% |
| 4 Bedrooms | $750K | $820K | +9.3% |
| 5+ Bedrooms | $944.5K | $1.2M | +34.5% |
Summary: Ocean City housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes did not change, 3 bedroom homes decreased by 1.7%, 4 bedroom homes increased by 9.3%, and 5+ bedroom homes increased by 34.5%.
Median Sold Price Compared To Nearby Cities
| Selbyville-Frankford | $531.9K | $550.4K | +3.5% |
| Ocean City | $437K | $449.5K | +2.9% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 525 | 610 | +16.2% |
Summary: The Ocean City real estate market had 610 homes for sale in October 2024, a 16.2% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 84 | 108 | +28.6% |
| 2 Bedrooms | 216 | 252 | +16.7% |
| 3 Bedrooms | 147 | 170 | +15.6% |
| 4 Bedrooms | 53 | 49 | -7.5% |
| 5+ Bedrooms | 25 | 31 | +24.0% |
Summary: The Ocean City housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 28.6%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 15.6%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes increased by 24%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 65 | 90 | +38.5% |
Asking Price vs. Sold Price
67 Homes Were Sold
Under Asking
11 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. 74.4% of homes here sold below asking price last month.
Summary: A total of 90 homes were sold or pending in Ocean City in October 2024, up by 38.5% month-over-month. Of the 90 sold homes, 74% were sold under asking, 12% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 29 Days | 80 Days | +171.1% |
Summary: Homes in Ocean City had an average of 80 days on market in Oct 2024, up by 171.1% compared to last year.
Breakdown of Home Sale Times
40 Homes Were Sold
Under 30 Days
28 Homes Were Sold
In 30 - 90 Days
22 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 October 2024, 90 homes were sold in Ocean City; 44% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
