Ocean City Market Update First Quarter 2023

Ocean City Market Recap

First Quarter 2023

The Ocean City, NJ real estate market slowed in the first quarter of 2023 as compared to the first quarter of 2022.The market experienced a decrease in total properties sold, while the benchmark median price and average price continued to increase.  Specifically, total properties sold decreased by 38.1% with 138 properties sold in the first quarter of 2023 as compared to 223 in 2022.The year-overyear median purchase price increased by 18.9%, from $839,900 in 2022 to $999,000 in 2023 and average purchase price increased by 35.1%, from $997,467 in 2022 to $1,347,609 in 2023.  The median price is the benchmark or indicator frequently utilized to determine property appreciation.  The fewer total properties sold in the first quarter this year, combined with the higher average price resulted in a net 16.4% decrease in the 2023 first quarter Ocean City real estate sold volume.  This slowing in the market is a direct result of the continued limited available inventory, coupled with some pressure from higher prices, higher interest rates and concerns regarding the overall economy.

Source: South Jersey Shore MLS

Single Family Home Sales First Quarter 2023

Approximately 24% of the Ocean City, NJ real estate sold in the first quarter of 2023 were Single Family Homes.A total of 33 homes sold, reflecting a 29.8% decrease from the same period in 2022 when 47 sold. Scarcity of inventory, rising prices and interest rates contributed to the decline.The total sold volume in dollars aligned with the total homes sold with a 24.2% decrease in the first quarter as compared to 2022. Although the total homes sold and total sold volume showed a decline, the median price of single homes in Ocean City increased by 14.2% as compared to the first quarter of 2022. First quarter 2023 median price was favorably reported at $1,712,500 as compared to $1,500,000 in 2022.Likewise, the average sold price increased by 7.9%.

Source: South Jersey Shore MLS

Condominium Sales First Quarter 2023

Condominium sales represent the largest market segment and the number of condominiums sold in the first quarter of 2023 represented 60.9% of total properties sold in Ocean City. The condominium market in the first quarter had a 49.1% decline in properties sold as compared to 2022, with 84 properties sold this year versus 165 in 2022. The median and average prices for condominium were also up year over year. The median price increased by 12.7% over last year to $802,500 versus $712,000 in 2022 and the average price increased 18.4%. Again, historically low inventory coupled with higher interest rates and higher prices attributed to the slower condominium market.

Source: South Jersey Shore MLS

Multi Family Sales First Quarter 2023

The Multi Family real estate sales market represents a very small percentage of the overall real estate market and accounted for 5.8% of all real estate sales in the first quarter. 2023 first quarter results yielded 8 total multifamily sales as compared to 7 in the first quarter of 2022. The median price increased by 35.3% from $785,000 in 2022 to $1,062,500 in 2023 and the average price increased by 21.1%.

Source: South Jersey Shore MLS

Land/Commercial Sales First Quarter 2023

Like the Multi Family market, Land and Commercial property sales also account for a very small market segment of the real estate market sales and accounted for 9.4%. The first quarter of 2023 land and commercial sales were much stronger this year with 13 sales as compared to 4 sales in the first quarter of 2022. The median price for the combined land and commercial segments were up a combined 276% year over year and the average price was up 424%. These extreme price increases are reflective of the type and size of properties sold in 2023 versus 2022. The first quarter 2023 commercial sales included the sale of a large office building located in the downtown and a boardwalk property both worth millions,while 2022 first quarter included the sale of less expensive properties.

Source: South Jersey Shore MLS

Featured Listings Single Family Homes

908 First Street,Ocean City,NJ

Just one house from the Boardwalk, this exquisite, completely renovated single family home is fully furnished and ready for you to make your Ocean City memories. Situated on an oversized 60’ x 100’ lot, this 3,500 sq. ft. home offers ample interior space with five bedrooms, three full baths and one-half bath. Outside space includes impeccable landscaping surrounding the outdoor kitchen, fireplace, patio and enclosed shower. Attached 2-car garage plus additional parking for 3 to 4 vehicles. This luxury home is being sold completely turnkey.$4,999,000

3 Brittany Drive,Ocean City,NJ

Gardens home boasts 3,744 square feet of living and offers 6 spacious bedrooms and 4.5 baths. Features a large great room including a recreation room,living area,spacious kitchen and dining area.The recently remodeled kitchen includes an oversized center island, marble counters & stainless steel appliances.The exterior features beautiful landscaping, irrigation system, enclosed outside shower, fenced-in rear yard, 1-car attached off-street parking. $2,195,000

365 E Seabright Road,Ocean City,NJ

Gorgeous new Achristavest-built Single Family Home coming soon! This high-end new construction will feature six spacious bedrooms, six full baths, a powder room, great room, dining room, gourmet kitchen, appliances, front and rear decks, in-ground pool, elevator, plenty of off-street parking, outside shower and more! $4,500,000

Featured Listings Condominiums

1413 – 1419 OceanAvenue,Ocean City,NJ

Exquisite Oceanfront New Construction! Four new condominiums each featuring six bedrooms, five full baths and one-half bathrooms, and a bonus cabana room with bathroom. Amenities will include high end finishes throughout, stainless steel appliances, hardwood floors throughout, open living area with gas fireplace, off-street parking for three cards, elevator and private fenced-in pool. Enjoy your morning coffee or evening cocktails while overlooking ocean views.This home is custom built with the finest touches by Ozro Construction. First Floor Units: $3,999,900; Second Floor Units:$4,499,900

1004 OceanAvenue,3rd Floor,Ocean City,NJ

Fabulous “NEW” Boardwalk area condominium featuring five bedrooms, including primary suite and junior suite, four full bathrooms and one half bath, private elevator, hardwood floors, quartz counter tops, stainless steel appliances, 1 car attached garage plus off-street parking for 3 cars, large covered porch plus rear deck and much more! Located in the heart of Ocean City, just one block from the beach and Boardwalk, restaurants and shopping. This condominium is your perfect home away from home.$1,849,000