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 a population of 6,915, 3,825 total housing units (homes and apartments), and a median house value of $494,988, 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 68.01% of the town's housing units. Other types of housing that are prevalent in Ocean City include row houses and other attached homes ( 11.91%), single-family detached homes ( 10.31%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.95%). Towns that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of towns are often walkable and compact, and often have a lively downtown.
Dwellings in Ocean City tend to be quite small (one, two, or no bedrooms) and owner occupied. In fact, 62.45% 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 ( 14.82%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.95%). There's also some housing in Ocean City built before 1939 ( 1.17%).
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.
Real estate appreciation rates in Ocean City's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.13% during the period.
NeighborhoodScout's data show that during the latest twelve months, Ocean City's appreciation rate, at 7.73%, has been at or slightly above the national average. In the latest quarter, Ocean City's appreciation rate has been -4.69%, which annualizes to a rate of -17.47%.
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 lower than 50% of the other cities and towns in Maryland.
$494,988
for Maryland
for nation
3,825
$1,988 / per month