Ocean City January Real Estate Market Report

We’ve broken down all the numbers from January and for last year. While this beautiful graph goes up and to the right, the inventory chart later in this email looks… much different.

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In the email today:

• 🏘️ Featured New Listings

• 📈 January Market Report

• 🏰 Mansion Alert

🏘️ Featured New Listings

Less Than $1M

• 3935 West Ave (2nd) | 3 🛏️ 2 🛁 | $999k | Agent Hot Take 🔥: Well-kept condo (open house Saturday)

• 900 Palen Ave (Apt 3) | 2 🛏️ 2 🛁 | $630k | Agent Hot Take 🔥: Hard to beat the view

$1M - $2M

• 1609 Central Ave (1st) | 4 🛏️ 2 🛁 | $1.24M | Agent Hot Take 🔥: Great price, great location

• 12 Valmar Ct. (Single-Family) | 4 🛏️ 2.5 🛁 | $1.99M | Agent Hot Take 🔥: Just came under $2M, great if you have a plane… or like planes

$2M - 😮

• 4141 Central Ave (1st) | 4 🛏️ 3 🛁 | $2.19M | Agent Hot Take 🔥: On beach, great rental opportunity

• 4405 Central Ave (Single-Family) | 5 🛏️ 4.5 🛁 | $5.99M | Agent Hot Take 🔥: Single-family beach lot, needs TLC

📈 January Market Report

Hoo boy, do we have an outlier.

The median sale price in January came in at a whopping $1.22M, up 24% from last January, and, per our records, was an all-time high in Ocean City.

This was also a huge jump from $970k in December, though a few months in 2023 approached $1.2M.

Interestingly, the increase in January was led by a 63% YoY spike in the median condo (CN) sale price to $1.02M, which was up from $627k last January. The median single-family (SF) price actually decreased 10% from last January to $1.42M. But due to the volume of condos sold relative to single-family homes, the overall median price still jumped.

Now, you need be careful about drawing any sweeping conclusions about long-term trends from a single month and single property type… but the charts are interesting to look at— clearly single-family prices have stabilized after a pandemic boom:

All of that is just January data.

Let’s take a look at the entire year of 2023.

2023 data:

• Median Sale Price: $970k, up 10% YoY

• Single-Family Median Sale Price: $1.65M, up 3% YoY

• Condo Median Sale Price: $820k, up 5% YoY

• New Listings: 1,180, down 1% YoY

• Sales: 660, down 15% YoY

You may ask yourself: How is the median sale price up 10% if SF and CN sales were only up 3% and 5%, respectively? Good question! The volume of condo sales dropped 22%, meaning more expensive single-family homes made up a larger share of total home sales.

The real story here, though, is the overall lack of volume - both listings and sales - compared to previous years. I mean, look at these charts!

There’s just nothing on the market.

Condo volume has plummeted much harder than single-family homes, though.

So, what are the takeaways here? I wouldn’t necessarily expect to see huge YoY price jumps the way we did in January— that might just be an outlier exacerbated by limited supply on the condo front.

What is clear, however, is that inventory is still incredibly low, and it continues to push prices higher, especially condos.

🏰 Mansion Alert

If you have $12 million laying around… or if you don’t, you can start your own bus company like this house’s current owner, Dallas Krapf, who probably takes your kid to school.

238 Bayshore is obviously ridiculous and one of the most premium bayfront lots in Ocean City. You know the location is good when the property line includes part of Great Egg Harbor Bay:

#flex

You’ll probably need to update this place to suit your tastes, but if you can afford $12M, then that shouldn’t be an issue for you, you mogul you!

Here’s the video tour:

You can view more photos here.

If you’d like a private tour of any of the places listed here, want a market analysis on your property, or just want to talk Ocean City real estate, drop us a line here.

And be sure to subscribe to our general news newsletter, Walking The Boards: