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Ocean City Market Report - Jan. 2024

This bi-montly report provides an overview of all of the key indicators for the Ocean City, Maryland real estate market.  This report will advise you on how the market is performing overall and can aid in determining the right time to buy or sell.  If you have any questions or would like to discuss the Ocean City real estate market in greater detail, feel free to contact me directly anytime at 443-614-9179.

Active Listings

There are currently 253 homes, condos and townhomes for sale in Ocean City, which is an 83% increase in inventory over 2022.

Ocean City Real Estate Listings

Active Listing Prices

The average real estate listing price in Ocean City is $550,000 and the median listing price is $450,000.  The median listing price for the year in Ocean City was $513,000, which was down by 1% from 2022.

Ocean City Real Estate Prices

Sold Listing Volume

53 Ocean City properties went to settlement during December bringing the total number of sold listings for the year to 1060, which was a 13% decrease in sales volume from 2022.

Ocean City Real Estate Sales

Sold Listing Prices

The average sold price in Ocean City during December was $659,000 and the median sold price was $484,000.  The median sold price for the year in Ocean City was $431,000, which was a 6% increase over 2022.

Ocean City Condos for Sale

Average Sold Price/Sq. Ft.

The average sold price per square foot in Ocean City during December was $505.  The average sold price per square foot for the year in Ocean City was $452, which was a 7% increase over 2022.

Homes for Sale in Ocean City, MD

Absorption Rates

The absorption rate in Ocean City currently stands at three months, which is a two month increase over 2022.

Ocean City Real Estate Market

Sold to List Price Ratios

Ocean City properties that went to settlement during December sold on average at 96% of the list price.  The average sold to list price ratio for the year in Ocean City was 97%, which was a 2% decrease from 2022.

Homes for Sale in Ocean Pines

Average Days on the Market

Ocean City properties that went to settlement during December averaged 46 days on the market.  Average days on the market for the year in Ocean City were 36, which was a 33% increase over 2022.

Condos for Sale in Ocean City

Under Contract Listing Volume

47 Ocean City properties went under contract during December bringing the total number of contracts written for the year to 1093, which was a 15% decrease from 2022.

Waterfront Homes for Sale in Ocean Pines

Under Contract Listing Prices

The average price of Ocean City properties that went under contract during December was $535,000 and the median pending sale price was $415,000.  The median pending sale price for the year in Ocean City was $428,000, which was a 3% increase over 2022.

Oceanfront Condos for Sale in Ocean City

New Listing Volume

60 new properties were listed in Ocean City during December bringing the total number of new listing for the year to 1205, which was an 8% decrease from 2022.

New Ocean City Real Estate Listings

New Listing Prices

The average price of new listings in Ocean City during December was $436,000 and the median new listing price was $429,000.  The median new listing price for the year in Ocean City was $436,000, which was a 2% increase over 2022.

Bayside Condos for Sale in Ocean City

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