OCEAN CITY HOUSING MARKET DATA

There was a decrease in total units sold in August, with 97 sold this month in Ocean City Real Estate versus 105 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 7% versus August 2023.

Versus last year, the total number of homes available this month is higher by 129 units or 50%. The total number of active inventory this August was 387 compared to 258 in August 2023. This month's total of 387 is higher than the previous month's total supply of available inventory of 372, an increase of 4%.

Last August, the median sale price for Ocean City Homes was $460,000. This August, the median sale price was $443,500, a decrease of 4% or $16,500 compared to last year. The current median sold price is 4% lower than in July.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In August, there was 4.0 months of supply available in Ocean City, compared to 2.8 in August 2023. That is an increase of 41% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 130 homes newly listed for sale in Ocean City compared to 154 in August 2023, a decrease of 16%. There were 86 current contracts pending sale this August compared to 88 a year ago. The number of current contracts is 2% lower than last August.

In August, the average sale price in Ocean City was 96.7% of the average list price, which is 0.7% lower than at this time last year.

This month, the average number of days on market was 64, higher than the average last year, which was 28, an increase of 129%.





FOCUS ON: OCEAN CITY HOUSING MARKET			AUGUST 2024

Zip Code(s): 21842 and 21843
Units Sold 97	Active Inventory 387	Median Sale Price $443,500	Days On Market 64

Up 7% Vs. Year Ago	Up 50% Vs. Year Ago	Down -4% Vs. Year Ago	Up 129% Vs. Year Ago


		Units Sold There was a decrease in total units sold in August, with 97 sold this month in Ocean City Real Estate versus 105 last month, a decrease of 8%. This month's total units sold was higher than at this time last year, an increase of 7% versus August 2023.
Active Inventory Versus last year, the total number of homes available this month is higher by 129 units or 50%. The total number of active inventory this August was 387 compared to 258 in August 2023. This month's total of 387 is higher than the previous month's total supply of available inventory of 372, an increase of 4%.
		Median Sale Price Last August, the median sale price for Ocean City Homes was $460,000. This August, the median sale price was $443,500, a decrease of 4% or $16,500 compared to last year. The current median sold price is 4% lower than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 130	Current Contracts 86	Sold Vs. List Price 96.7%	Months of Supply 4.0

Down -16% Vs. Year Ago	Down -2% Vs. Year Ago	Down -0.7% Vs. Year Ago	Up 40% Vs. Year Ago


		Months of Supply In August, there was 4.0 months of supply available in Ocean City, compared to 2.8 in August 2023. That is an increase of 41% versus a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 130 homes newly listed for sale in Ocean City compared to 154 in August 2023, a decrease of 16%. There were 86 current contracts pending sale this August compared to 88 a year ago. The number of current contracts is 2% lower than last August.
		Sale Price to List Price Ratio In August, the average sale price in Ocean City was 96.7% of the average list price, which is 0.7% lower than at this time last year. Days on Market This month, the average number of days on market was 64, higher than the average last year, which was 28, an increase of 129%.


	Ocean City are defined as properties listed in zip code/s 21842 and 21843.
	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.