Ocean City Real Estate Report
Below is the monthly report we prepare summarizing all of the key indicators for the Ocean City real estate market. This report will advise you as to how the local market is performing and can be helpful in determining the right time to buy or sell.
Active Listings
There are currently 187 condos, town homes and homes for sale in Ocean City, which is a 47% increase in inventory over this point in 2022.
Active Listing Prices
The average active listing price in Ocean City is $721,000 and the median listing price is $535,000. The median listing price for the year in Ocean City is $529,000, which remains unchanged from 2022.
Sold Listing Volume
89 Ocean City properties went to settlement during August bringing the total number of sold listings for the year to 730, which is a 18% decrease in Ocean City real estate sales volume from 2022.
Sold Listing Prices
The average sold price for Ocean City real estate during August was $589,000 and the median sold price was $455,000. The median sold price for the year in Ocean City is $424,000, which is a 4% increase over 2022.
Average Sold Price/Sq. Ft.
The average sold price per square foot in Ocean City during August was $473. The average sold price per square foot for the year in Ocean City is $444, which is a 7% increase over 2022.
Absorption Rate
The absorption rate in Ocean City is currently two months, which is a one-month increase over this point in 2022.
Sold to List Price Ratio
Ocean City properties that went to settlement during August sold on average at 98% of the list price. The average sold to list price ratio for the year in Ocean City is 98%, which is a 1% decrease from 2022.
Days on Market
Ocean City properties that went to settlement during August averaged 27 days on the market. Average days on market for the year in Ocean City are 37, which is a 37% increase over 2022.
Pending Sale Volume
84 Ocean City properties went under contract during August bringing the total number of contracts written for the year to 808, which is an 18% decrease from 2022.
Pending Sale Prices
The average price of Ocean City properties that went under contract during August was $523,000 and the median pending sale price was $422,000. The median pending sale price for the year in Ocean City is $428,000, which is a slight increase over 2022.
New Listing Volume
129 new properties were listed in Ocean City during August bringing the total number of new listings for the year to 796, which is an 18% decrease from 2022.
New Listing Prices
The average price of new listings in Ocean City during August was $580,000 and the median new listing price was $450,000. The median new listing price for the year in Ocean City is $440,000, which is a 7% increase over 2022.
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