The Long & Foster Market Minute

Focus On: Ocean City Housing Market August 2021

Zip Code(s): 21842 and 21843
Units Sold
Active Inventory
Median Sale Price
Days On Market
Down -35%
Vs. Year Ago
Down -31%
Vs. Year Ago
Up 21%
Vs. Year Ago
Down -72%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in August, with 121 sold this month in Ocean City Real Estate versus 133 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 35% versus August 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 97 units or 31%. The total number of active inventory this August was 218 compared to 315 in August 2020. This month's total of 218 is higher than the previous month's total supply of available inventory of 215, an increase of 1%.

Median Sale Price
Last August, the median sale price for Ocean City Homes was $315,000. This August, the median sale price was $382,500, an increase of 21% or $67,500 compared to last year. The current median sold price is 2% higher 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
Current Contracts
Sold Vs. List Price
Months of Supply
Down -5%
Vs. Year Ago
Down -20%
Vs. Year Ago
Up 1.4%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In August, there was 1.8 months of supply available in Ocean City. The amount of supply is similar compared to 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 188 homes newly listed for sale in Ocean City compared to 197 in August 2020, a decrease of 5%. There were 171 current contracts pending sale this August compared to 215 a year ago. The number of current contracts is 20% lower than last August.

Sale Price to List Price Ratio
In August, the average sale price in Ocean City was 98.7% of the average list price, which is 1.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 24, lower than the average last year, which was 87, a decrease of 72%.

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.