Ocean City, MD
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Ocean City Neighborhoods Since 2000




Ocean City, MD Real Estate Data


Ocean City Housing Market Information

With 7,055 people, 3,439 houses or apartments, and a median cost of homes of $304,486, Ocean City real estate prices are well above average cost compared to national prices.

Large apartment complexes or high rise apartments are the single most common housing type in Ocean City, accounting for 72.27% of the town's housing units. Other types of housing that are prevalent in Ocean City include single-family detached homes ( 9.75%), row houses and other attached homes ( 6.58%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.95%). 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, 63.10% 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 1940-1969 ( 10.72%). A lesser amount of the housing stock also hails from between 2000 and later ( 9.29%). There's also some housing in Ocean City built before 1939 ( 1.98%).

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

Homes have actually lost value in Ocean City over the last then years, as home values have seen a decline of 26.19% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Ocean City home appreciation rates at 2.66%, which equates to an annual appreciation rate of 11.08%.

NeighborhoodScout's data show that during the latest twelve months, Ocean City's appreciation rate, at 3.51%, has been at or slightly above the national average. In the latest quarter, Ocean City's appreciation rate has been 2.66%, which annualizes to a rate of 11.08%.

Importantly, this makes Ocean City one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Maryland, our data show that Ocean City's latest annual appreciation rate is higher than 50% of the other cities and towns in Maryland.

Average Home Values

 

Median Home Value:
$304,486

Ocean City, MD HOME PRICES

Value Range
> $1,051,000 0.9
$788,001 - $1,051,000 3.6
$525,001 - $788,000 9.7
$421,001 - $525,000 8.1
$315,001 - $421,000 23.9
$210,001 - $315,000 31.0
$105,001 - $210,000 16.4
$52,001 - $105,000 2.2
$0 - $52,000 3.7

Average for MD
Very High for Nation

Value Relative to Nation Value Relative to State
15.7623344661901 49.618320610687

Number Of Homes And Apartments:
3,439

Rent & Ownership

 

Average Market Rent:
$1,178 / per month

Homeownership Rate

Homeownership
Owners 74.57
Renters 25.43
Vacant 88.51

Housing Market Details

 

Age of Homes

AGE OF Ocean City HOMES
2000 or Newer 9.3
1970 - 1999 78.0
1940 - 1969 10.7
1939 or Older 2.0

Types of Homes

TYPE OF Ocean City HOMES
Single-Family 9.8
Townhomes 6.6
Small Apt. Buildings 6.0
Apt. Complexes 72.3
Mobile Homes 5.4
Other 0.0

Home Size

SIZE OF Ocean City HOMES
No Bedroom 4.99
1 Bedroom 14.42
2 Bedrooms 43.69
3 Bedrooms 30.40
4 Bedrooms 4.06
5 or more bedrooms 2.45

Ocean City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2016 Q3 - 2016 Q4
Last 12 Months:
2015 Q4 - 2016 Q4
Last 2 Years:
2014 Q4 - 2016 Q4
Last 5 Years:
2011 Q4 - 2016 Q4
Last 10 Years:
2006 Q4 - 2016 Q4
Since 2000:
2000 Q1 - 2016 Q4
63.95% 2.91% 6 8
* 10 is highest