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 overall and can be helpful in determining the right time to buy or sell.
There are currently 77 condos, town homes and homes for sale in Ocean City. Ocean City listing inventory is down by 65% from 2021.
The average active listing price in Ocean City is $763,000 and the median listing price is $525,000. The median listing price for the year in Ocean City is $574,000, which is a 7% increase over 2021.
126 Ocean City properties went to settlement during April bringing the total number of sold listings for the year to 447, which represents a 35% decrease in sales from 2021.
The average sold price in Ocean City during April was $495,000 and the median sold price was $443,000. The median sold price for the year in Ocean City is $410,000, which is a 22% increase over 2021.
The average sold price per square foot in Ocean City during April was $428. The average sold price per square foot for the year in Ocean City is $409, which is a 23% increase over 2021.
The absorption rate in Ocean City is currently less than one-month, which is a one-month improvement over 2021.
Ocean City properties that went to settlement during April sold on average at 100% of the list price. The average sold to list price ratio for the year in Ocean City is 100%, which is a 1% improvement over 2021.
Ocean City properties that went to settlement during April averaged 24 days on the market. Average days on market for the year in Ocean City are 34, which is a 21% improvement over 2021.
138 Ocean City properties went under contract during April bringing the total number of contracts written for the year to 518, which is a 28% decrease from 2021.
The average price of Ocean City properties that went under contract during April was $511,000 and the median pending sale price was $400,000. The median pending sale price for the year in Ocean City is $419,000, which is a 19% increase over 2021.
151 new properties were listed in Ocean City during April bringing the total number of new listings for the year to 482, which is a 28% decrease from 2021.
The average price of new listings in Ocean City during April was $464,000 and the median new listing price was $399,000. The median new listing price for the year in Ocean City is $421,000, which is an 18% increase over 2021.
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