Is Ocean City, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$979,000
$688/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 $979,000 in April 2024, up 3.1% from last year, and the median price per square foot was $688.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $320K | $342.5K | +7.0% |
2 Bedrooms | $540K | $580K | +7.4% |
3 Bedrooms | $810K | $840K | +3.7% |
4 Bedrooms | $1.2M | $1.2M | +1.2% |
5+ Bedrooms | $1.9M | $1.9M | -1.3% |
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 7%, 2 bedroom homes increased by 7.4%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes decreased by 1.3%.
Median Sold Price Compared To Nearby Cities
Somers Point | $349.2K | $385K | +10.2% |
Egg Harbor Township | $344.5K | $375K | +8.9% |
Ocean City | $949.9K | $979K | +3.1% |
Upper Township | $409.9K | $422.5K | +3.1% |
Marmora | $407.4K | $413.5K | +1.5% |
Housing Supply in Ocean City, NJ
How many homes are available in Ocean City, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
281 | 293 | +4.3% |
Summary: The Ocean City real estate market had 293 homes for sale in April 2024, a 4.3% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 24 | 21 | -12.5% |
2 Bedrooms | 38 | 42 | +10.5% |
3 Bedrooms | 70 | 72 | +2.9% |
4 Bedrooms | 49 | 49 | 0.0% |
5+ Bedrooms | 100 | 109 | +9.0% |
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 12.5%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 2.9%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
44 | 49 | +11.4% |
Asking Price vs. Sold Price
28 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Summary: A total of 49 homes were sold or pending in Ocean City in April 2024, up by 11.4% month-over-month. Of the 39 sold homes, 72% were sold under asking, 15% were sold at asking, and 13% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
57 Days | 66 Days | +16.7% |
Summary: Homes in Ocean City had an average of 66 days on market in Apr 2024, up by 16.7% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
14 Homes Were Sold
Over 90 Days
Summary: During April 2024, 49 homes were sold in Ocean City; 47% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.