Ocean City, NJ 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 Q2 2021. 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, NJ Housing Market Trends

With 10,971 people, 5,253 houses or apartments, and a median cost of homes of $759,198, 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 41.94% of the city's housing units. Other types of housing that are prevalent in Ocean City include single-family detached homes ( 29.95%), duplexes, homes converted to apartments or other small apartment buildings ( 16.03%), and a few large apartment complexes or high rise apartments ( 12.04%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

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 69.93% of Ocean City's homes, and 71.25% 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 ( 22.46%). A lesser amount of the housing stock also hails from between 1940-1969 ( 18.26%). There's also some housing in Ocean City built before 1939 ( 17.63%).

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

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 56.67%, which ranks in the top 30% nationwide. This equates to an annual average Ocean City house appreciation rate of 4.59%.

Appreciation rates are so strong in Ocean City that despite a nationwide downturn in the housing market, Ocean City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ocean City appreciation rates continue to be some of the highest in America, at 16.02%, which is higher than appreciation rates in 97.06% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ocean City. Ocean City appreciation rates in the latest quarter were at 6.77%, which equates to an annual appreciation rate of 29.96%.

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

Relative to New Jersey, our data show that Ocean City's latest annual appreciation rate is higher 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.

Average Home Values

 

Median Home Value:
$759,198

Ocean City, NJ HOME PRICES

> $1,345,000
11.6%
11.6%
$1,009,001 - $1,345,000
16.3%
16.3%
$672,001 - $1,009,000
31.0%
31.0%
$538,001 - $672,000
15.4%
15.4%
$404,001 - $538,000
13.7%
13.7%
$269,001 - $404,000
8.3%
8.3%
$134,001 - $269,000
2.7%
2.7%
$68,001 - $134,000
0.5%
0.5%
$0 - $68,000
0.6%
0.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NJ

Value Relative To Nation

Number Of Homes And Apartments:
5,253

Ocean City Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
182.87% 4.96%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,990 / per month

Homeownership Rate

Owners
69.9%
69.9%
Renters
30.1%
30.1%
Vacant
73.9%
73.9%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
22.5%
22.5%
1970 - 1999
41.7%
41.7%
1940 - 1969
18.3%
18.3%
1939 or Older
17.6%
17.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
30.0%
30.0%
Townhomes
41.9%
41.9%
Small Apt. Buildings
16.0%
16.0%
Apt. Complexes
12.0%
12.0%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
5.7%
5.7%
2 Bedrooms
14.8%
14.8%
3 Bedrooms
41.9%
41.9%
4 Bedrooms
29.4%
29.4%
5 or more bedrooms
6.7%
6.7%
0.0% 100.0%
% OF HOMES