OverallMarket Q32024
Jul1-Sep30,2024
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OverallMarket Q32024
Jul1-Sep30,2024
The 2024 third quarter Ocean City, New Jersey real estate market continued slowing with fewer sales in 2024 versus 2023. This is a direct result of the limited number of homes and condominiums offered for sale, coupled with mild resistance to pricing. This coupled with mortgage rates moving lower in the 3rd quarter, causing some buyers to appear to be sitting on the sideline in hopes interest rates will become more favorableas we moveinto the first half of 2025.
The total number of properties sold in the third quarter of 2024 in Ocean City indicated a slight decline, with 156 properties sold as compared to 171in 2023,representing a9% reduction in properties sold.
Thethird quarter?s overall median priceof $957,500 was 4% less than last year?s median priceof $999,000.
As a result,the total sold volume for 3rd quarter of 2024 was $182,093,297,11% less than the $205,404,378 reported in the samequarter of 2023.
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OverallMarket
Year-to-Date2024
Jan1-Sep30,2024
When comparing 2024?s year-to-date performance from January 1through September 30 to the same period in 2023, declines were across the board. The total properties sold in 2024 were429,a 20% drop from the533 properties sold in 2023.
The 2024 market-wide median price of $962,500 held steady as compared to the reported median priceof $969,000 in 2023.
The total year to date volume sold through September was $534,045,457 in 2024, down 18% from $652,135,797 reported in 2023.
OverallMarket
Year-to-Date2024
Jan1-Sep30,2024
SingleFamilyHomeMarket
Q32024
Jul1-Sep30,2024
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SingleFamilyHomeMarket Q32024
Jul1-Sep30,2024
In the third quarter of 2024, 39 Single Family Homes sold. This is 11%fewer than the 44 single family homes sold in the third quarter of 2023.
The median price in 2023 was $1,660,000 and the median price in 2024 was $1,675,000, a modest increase of 1%.
The total Single-Family Home sold volume dipped when comparing the third quarter 2024 to 2023. In 2023 the third quarter sold volume was $82,424,583 and in 2024 the sold volume was $68,604,500,17%less than the previous year.
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SingleFamilyHomeMarket
Year-to-Date2024
Jan1-Sep30,2024
When comparing the three quarters of 2023 and 2024 respectively,Single Family Home sales were down in 2024 by 26%with 137 homes sold in 2023 and 102 sold in 2024.
Year to date the Single Family home median price improved by 13%with the 2023 median price of $1,625,000 and the increased 2024 median price of $1,838,750. The total Single-Family sold volume exhibited a decrease for 2024 as of September 30th.
In 2023 the total Single-Family Homes volume sold tallied $241,364,055 and in 2024 the Single Family home sold volume totaled $203,913,030,a 16%drop in sold volume as compared to 2023.
SingleFamilyHomeMarket
Year-to-Date2024
Jan1-Sep30,2024
CondominiumMarket Q32024
Jul1-Sep30,2024
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CondominiumMarket Q32024
Jul1-Sep30,2024
Ocean City?s third quarter of 2024 Condominium units sold declined 11% when compared to the same period of 2023 The number of Condominiums sold in 2023 totaled 118 and 105 sold in 2024
The third quarter Condominium median price was basically unchanged in the same period with a $1,000 difference between the two years. In the third quarter of 2023 the median price for Condominiums was $837,000; and in 2024 the median price was $836,000.
The third quarter condominium sold volume was $111,579,797 in 2023 while in 2024 the sold volume was $95,912,297,a 14%reduction.
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CondominiumMarket
Year-to-Date2024
Jan1-Sep30,2024
As of September 30, the year-to-date Condominium properties sold in 2024 were54 fewer than sold in 2023 ? 295 vs.349 respectively.
The year-to-date Condominium median sale price in 2024 edged up with an increaseof 5% from $815,000 in 2023 to $858,000 in 2024.
The volume of Condominium sales year-to-date 2024 decreased by 12% in 2024 with sold volume of $327,071,334 in 2023 and $287,019,427 in 2024.
CondominiumMarket
Year-to-Date2024
Jan1-Sep30,2024
931Pennlyn Place,Unit 2,Ocean City | $3,250,000
Burton Wilkins III | 609.464.2571
322 Boardwalk #1510,Ocean City | $679,500
Burton Wilkins III | c: 609.464.2571 Back
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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