Ocean City, MD Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Ocean City, MD Housing Market Trends

With a population of 6,944, 3,621 total housing units (homes and apartments), and a median house value of $377,705, real estate costs in Ocean City are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Maryland communities.

Large apartment complexes or high rise apartments are the single most common housing type in Ocean City, accounting for 69.34% of the town's housing units. Other types of housing that are prevalent in Ocean City include row houses and other attached homes ( 10.80%), single-family detached homes ( 9.75%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.81%). Towns with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact towns that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Dwellings in Ocean City tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 63.98% of the homes in Ocean City have two or fewer bedrooms.

There is a lot of housing in Ocean City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Ocean City built between 2000 and later ( 14.88%). A lesser amount of the housing stock also hails from between 1940-1969 ( 9.95%). There's also some housing in Ocean City built before 1939 ( 1.80%).

A decent proportion of the Ocean City housing stock is seasonally occupied. That is, homes and condos in Ocean City are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Ocean City housing market speaks to its popularity as a vacation location of choice.

Ocean City Home Appreciation Rates

Ocean City's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ocean City during the period has been just 1.98%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Ocean City's appreciation rate, at 5.73%, has been at or slightly above the national average. In the latest quarter, Ocean City's appreciation rate has been 1.63%, which annualizes to a rate of 6.66%.

Notably, Ocean City's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Maryland, our data show that Ocean City's latest annual appreciation rate is higher than 90% of the other cities and towns in Maryland.

Average Home Values

 

Median Home Value:
$377,705

Ocean City, MD HOME PRICES

> $1,159,000
1.9%
1.9%
$870,001 - $1,159,000
8.1%
8.1%
$580,001 - $870,000
10.4%
10.4%
$464,001 - $580,000
7.6%
7.6%
$348,001 - $464,000
22.8%
22.8%
$232,001 - $348,000
28.0%
28.0%
$116,001 - $232,000
17.3%
17.3%
$58,001 - $116,000
2.4%
2.4%
$0 - $58,000
1.4%
1.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for MD

Value Relative To Nation

Number Of Homes And Apartments:
3,621

Ocean City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
96.43% 3.27%
7
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,301 / per month

Homeownership Rate

Owners
69.4%
69.4%
Renters
30.6%
30.6%
Vacant
87.9%
87.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
14.9%
14.9%
1970 - 1999
73.4%
73.4%
1940 - 1969
9.9%
9.9%
1939 or Older
1.8%
1.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
9.8%
9.8%
Townhomes
10.8%
10.8%
Small Apt. Buildings
5.8%
5.8%
Apt. Complexes
69.3%
69.3%
Mobile Homes
4.3%
4.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
16.5%
16.5%
2 Bedrooms
43.5%
43.5%
3 Bedrooms
29.7%
29.7%
4 Bedrooms
4.9%
4.9%
5 or more bedrooms
1.5%
1.5%
0.0% 100.0%
% OF HOMES