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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 11,303 people, 5,521 houses or apartments, and a median cost of homes of $850,207, Ocean City house prices are not only among the most expensive in New Jersey, Ocean City real estate also is some of the most expensive in all of America.
Row houses and other attached homes are the single most common housing type in Ocean City, accounting for 43.32% of the city's housing units. Other types of housing that are prevalent in Ocean City include single-family detached homes ( 29.41%), duplexes, homes converted to apartments or other small apartment buildings ( 15.82%), and a few large apartment complexes or high rise apartments ( 11.37%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
Owner-occupied, three and four bedroom dwellings, primarily in row houses and other attached homes are the most prevalent type of housing you will see in Ocean City. Owner-occupied housing accounts for 71.20% of Ocean City's homes, and 71.53% have either three or four bedrooms, which is average sized relative to America.
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 ( 25.22%). A lesser amount of the housing stock also hails from between 1940-1969 ( 16.53%). There's also some housing in Ocean City built before 1939 ( 16.09%).
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.
Appreciation rates for homes in Ocean City have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.32%, which ranks in the top 30% nationwide. This equates to an annual average Ocean City house appreciation rate of 7.30%.
Over the last year, Ocean City appreciation rates have trailed the rest of the nation. In the last twelve months, Ocean City's appreciation rate has been 2.02%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ocean City were at -2.88%, which equates to an annual appreciation rate of -11.01%.
Notably, Ocean City's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New Jersey, our data show that Ocean City's latest annual appreciation rate is lower than 90% of the other cities and towns in New Jersey.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Ocean City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Ocean City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Ocean City real estate investment or home purchase decisions.
$850,207
for New jersey
for nation
5,521
$2,382 / per month