First Quarter2024
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Market UpdateOceanCity,NJ
2 TableofContents 4 Market Summary 6 Single Family Market 8 Condominium Market 10-15 Featured Ocean City,NJ Properties
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OceanCity,NJ Q12024RealEstate Market Update
The Ocean City real estate market results for the first quarter of 2024 are similar to those reported in Q1 2023. Inventory constraints and mortgage rates continue to impact the market. There was very little movement in the overall number of properties sold, total sold volume and the median sales price as compared Q12023. A modest 129 Ocean City properties were sold in the first quarter yielding a 4.4% drop from the same period last year when 135 properties sold. The median sale price edged upward by 5.1%, from 2023?s Q1 price of $999,000 to 2024?s price of $1,050,000. Total sold volume in the first quarter was $182,252,297. This was 0.4% less than last year?s first quarter results of $182,902,119.
Tot al Propert ies Sold
2023 and 2024 First Quarter
January 1st to March 31st
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2023 2024 % Change Total Properties Sold 135 129 -4.4% Median Sale Price $999,000 $1,050,000 5.1% Total Sold Volume $182,902,119 $182,252,297 -0.4%
The above graph tracks Ocean City performance from 2003 to 2024 with total units sold and median sale price.
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SingleFamilyHomes
New construction in 2023 fueled Ocean City?s Single Family Home market in Q12024. A total of 35 homes sold in the first quarter of 2024 representing a 6.1% increase of the 33 homes sold in the same period of 2023.The median sale price in Q12024 was 9.2% less than 2023, reporting in at $1,555,000 as compared to $1,712,500. Total sold volume increased by 17.9% from $58,644,173 to $69,126,000 when comparing first quarter 2023 and 2024.
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Single Family Home Unit s Sold
2023 and 2024 First Quarter
January 1st to March 31st
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2023 2024 % Change Single Family Homes Sold 33 35 +6.1% Median Sale Price $1,712,500 $1,555,000 -9.2% Total Sold Volume $58,644,173 $69,126,000 +17.9%
Condominiums
The first quarter 2024 Condominium market mirrored that of Q12023 with only 4 more units sold in 2024 with a 4.9% increase. This year?s first quarter reported 86 condos sold; the same period last year shows 82 sold. Although the number of units sold was relatively flat, there was a better improvement in the median price. When comparing the two periods?median sale price, there was a 13.7% increase in 2024: $870,000 versus $802,500 in first quarter 2023. Total sold volume increased an impressive 19.3%, from $79,913,546 in first quarter 2023 to $95,332,797 in first quarter 2024.
Condominium Unit s Sold 2023 and 2024 First Quarter
January 1st to March 31st
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2023 2024 % Change Condominiums Sold 82 86 +4.9% Median Sale Price $802,500 $870,000 +8.4% Total Sold Volume $79,913,546 $95,332,797 +19.3%
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10 Featured Listings Disclaimer 300 Atlantic Ave #1,Ocean City | $1,699,000 Peter Madden | 609.513.4781
11 1004 Ocean Ave,#3,Ocean City | $1,849,000 Burton Wilkins | 609.513.2500 Featured Listings
12 5104-5106 Central Ave,Ocean City | $3,495,000 LindaG.Hinchman | 609.214.4174 Featured Listings
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Avenue,Ocean City | $2,495,000
M.Bentley | 856.562.3697 Featured Listings
1601Bay
Celeste
14 113
Corey
Featured Listings
Breton Court,Unit 113,Ocean City | $685,000
Niemiec | 267.975.3256
15 Featured Listings 314 Limpet Drive Unit #314,Ocean City | $879,000 Jennifer M Dwyer | c: 609.703.9583
200 34th Street | Ocean City, NJ 08226
o: 609.399.2500 www.goldcoastsir.com
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Data Source: South Jersey Shore Regional Multiple Listing Service.Information contained in this report is deemed accurate but not guaranteed.
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