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
With a population of 11,355, 5,660 total housing units (homes and apartments), and a median house value of $566,284, 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 35.38% of the city's housing units. Other types of housing that are prevalent in Ocean City include single-family detached homes ( 29.78%), duplexes, homes converted to apartments or other small apartment buildings ( 22.55%), and a few large apartment complexes or high rise apartments ( 12.27%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
The most prevalent building size and type in Ocean City are three and four bedroom dwellings, chiefly found in row houses and other attached homes. The city has a mixture of owners and renters, with 61.87% owning and 38.13% renting.
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 ( 20.45%). A lesser amount of the housing stock also hails from before 1939 ( 18.50%). There's also some housing in Ocean City built between 2000 and later ( 16.93%).
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'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 -0.88%, which is lower than 70% of US communities.
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 -0.53%, 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 -3.51%, which equates to an annual appreciation rate of -13.30%.
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 80% 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.
|$774,001 - $1,032,000||15.4|
|$516,001 - $774,000||30.9|
|$413,001 - $516,000||14.1|
|$310,001 - $413,000||13.4|
|$207,001 - $310,000||6.7|
|$103,001 - $207,000||5.9|
|$52,001 - $103,000||0.9|
|$0 - $52,000||1.1|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Ocean City HOMES|
|2000 or Newer||16.9|
|1970 - 1999||44.1|
|1940 - 1969||20.4|
|1939 or Older||18.5|
|TYPE OF Ocean City HOMES|
|Small Apt. Buildings||22.5|
|SIZE OF Ocean City HOMES|
|5 or more bedrooms||7.97|