$10,000 Closing Credit*
$1,049,900
1,260 SqFt
3 Beds
•3 Full Baths
RHONDA FRICK, Listing Office: Long & Foster Real Estate, Inc.
Is Ocean City, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$449,666
$427/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$13,474(+3.1%)
Key Takeaway
Homes in Ocean City have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Ocean City was $449,666 in November 2024, up 3.1% from last year, and the median price per square foot was $427.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $295K | $290K | -1.7% |
| 2 Bedrooms | $415K | $415K | 0.0% |
| 3 Bedrooms | $588.7K | $575K | -2.3% |
| 4 Bedrooms | $740K | $815K | +10.1% |
| 5+ Bedrooms | $1.1M | $1.2M | +9.4% |
Summary: Ocean City housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.7%, 2 bedroom homes did not change, 3 bedroom homes decreased by 2.3%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 9.4%.
Median Sold Price Compared To Nearby Cities
| Selbyville-Frankford | $529.8K | $555.5K | +4.9% |
| Ocean City | $436.1K | $449.6K | +3.1% |
Housing Supply in Ocean City, MD
How many homes are available in Ocean City, MD?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 572 | 573 | 0.2% |
Summary: The Ocean City real estate market had 573 homes for sale in November 2024, a 0.2% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 99 | 111 | +12.1% |
| 2 Bedrooms | 240 | 239 | -0.4% |
| 3 Bedrooms | 164 | 160 | -2.4% |
| 4 Bedrooms | 41 | 38 | -7.3% |
| 5+ Bedrooms | 28 | 25 | -10.7% |
Summary: The Ocean City housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.1%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes decreased by 2.4%, 4 bedroom homes decreased by 7.3%, and 5+ bedroom homes decreased by 10.7%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 94 | 87 | -7.4% |
Asking Price vs. Sold Price
57 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
15 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. 65.5% of homes here sold below asking price last month.
Summary: A total of 87 homes were sold or pending in Ocean City in November 2024, down by 7.4% month-over-month. Of the 87 sold homes, 66% were sold under asking, 17% were sold at asking, and 17% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 26 Days | 56 Days | +115.3% |
Summary: Homes in Ocean City had an average of 56 days on market in Nov 2024, up by 115.3% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
21 Homes Were Sold
In 30 - 90 Days
21 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 November 2024, 87 homes were sold in Ocean City; 52% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
