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 249 condos, town homes and homes for sale in Ocean City. Ocean City listing inventory is currently down by 54% from 2019.
The average price of active real estate listings in Ocean City is currently $517,000 and the median listing price is $400,000. The average listing price for the year in Ocean City is $429,000, which is an 8% increase over 2019.
161 Ocean City real estate listings went to settlement during August bringing the total number of sold listings for the year to 1027, which is a 13% increase over 2019.
The average sold price of Ocean City properties that went to settlement during August was $340,000 and the median sold price was $300,000. The average sold price for the year in Ocean City is $311,000, which is a 3% increase over 2019.
The average sold price per square foot in Ocean City during August was $296. The average sold price per square foot for the year in Ocean City is $279, which is a 6% increase over 2019.
The absorption rate in Ocean City is currently two months, which is a three month improvement over 2019.
Ocean City properties that went to settlement during August sold on average at 97% of the list price. The average sold to list price ratio for the year in Ocean City is 97%, which is a 1% improvement over 2019.
Ocean City real estate listings that went to settlement during August averaged 91 days on the market. Average days on market for the year in Ocean City are 104, which is a 9% improvement over 2019.
205 Ocean City real estate listings went under contract during August bringing the total number of contracts written for the year to 1210, which is a 23% increase over 2019.
The average price of Ocean City properties that went under contract during August was $369,000 and the median pending sale price was $330,000. The average pending sale price for the year in Ocean City is $337,000, which is a 7% increase over 2019.
183 new properties were listed in Ocean City during August bringing the total number of new listings for the year to 1083, which is a 9% decrease from 2019.
The average price of new real estate listings in Ocean City during August was $442,000 and the median new listing price was $335,000. The average new listing price for the year in Ocean City is $368,000, which is a 3% increase over 2019.
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