The Ocean City, NJ metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased slightly by 0.9% year-over-year, settling at $765,000. In contrast, the Median List Price has surged by 15.0% to $817,500, indicating a potential gap between seller expectations and buyer willingness.

Price Per Square Foot metrics reveal a significant increase, with the median Price Per Square Foot rising by 20.3% to $547.01, and the Median List Price per square foot climbing by 24.2% to $644.87. These figures suggest a strong demand for space, despite the overall decline in sales.

The number of Homes Sold has decreased by 5.7% year-over-year, with 150 Homes Sold in February 2025. Pending Sales have also seen a notable decline of 20.6%, with 185 transactions pending. New Listings have dropped by 21.9%, totaling 242, while inventory has slightly decreased by 2.1% to 800 homes. The Months of Supply have increased by 20.0% to 5.3 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 30.0% to 94 days, reflecting a slower pace in the market. The average sale to list ratio has seen a minor decrease of 0.2%, standing at 96.9%. The percentage of Homes Sold above list price has dropped by 7.5% to 11.3%, suggesting a cooling in competitive bidding.

Price Drops have increased by 4.1%, affecting 16.0% of listings, while the percentage of homes going off the market within two weeks has decreased by 14.6% to 18.9%. These trends indicate a market adjusting to changing conditions, with sellers potentially needing to recalibrate pricing strategies to align with buyer expectations.