The Long & Foster Market Minute

Focus On: Ocean City Housing Market March 2024

Zip Code(s): 21842 and 21843
Units Sold
104
Active Inventory
347
Median Sale Price
$430,000
Days On Market
48
Down -2%
Vs. Year Ago
Up 90%
Vs. Year Ago
No Change
Vs. Year Ago
Up 17%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 104 sold this month in Ocean City Real Estate versus 86 last month, an increase of 21%. This month's total units sold was lower than at this time last year, a decrease of 2% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 164 units or 90%. The total number of active inventory this March was 347 compared to 183 in March 2023. This month's total of 347 is lower than the previous month's total supply of available inventory of 360, a decrease of 4%.

Median Sale Price
Last March, the median sale price for Ocean City Homes was $429,500. This March, the median sale price was $430,000, which is similar compared to a year ago. The current median sold price is 1% higher than in February.

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


New Listings
166
Current Contracts
146
Sold Vs. List Price
97.5%
Months of Supply
3.3
Up 19%
Vs. Year Ago
Up 34%
Vs. Year Ago
No Change
Vs. Year Ago
Up 93%
Vs. Year Ago

Months of Supply
In March, there was 3.3 months of supply available in Ocean City, compared to 1.7 in March 2023. That is an increase of 93% 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 166 homes newly listed for sale in Ocean City compared to 140 in March 2023, an increase of 19%. There were 146 current contracts pending sale this March compared to 109 a year ago. The number of current contracts is 34% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Ocean City was 97.5% of the average list price, which is similar compared to a year ago.

Days on Market
This month, the average number of days on market was 48, higher than the average last year, which was 41, an increase of 17%.

The Long & Foster Market Minute 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.
REALTOR, Equal Opportunity HousingInformation 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.