The Ocean City, NJ metro area housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 5.6% year-over-year, reaching $780,690. This upward trend in sales prices contrasts with the Median List Price, which has decreased by 15.8% to $715,495, indicating potential shifts in seller expectations or market dynamics.

In terms of Price Per Square Foot, the Median Sales Price per square foot has seen a modest increase of 0.8%, now standing at $563.60. Conversely, the Median List Price per square foot has surged by 19.1%, reaching $627.72. This divergence suggests that while sellers are listing properties at higher prices per square foot, actual sales are occurring at more moderate price levels.

The volume of Homes Sold has risen by 13.6% year-over-year, with 192 Homes Sold in January 2025. However, Pending Sales have slightly decreased by 2.1%, totaling 188. New Listings have also declined by 11.4%, with 210 new properties entering the market. Inventory has decreased by 4.3% to 714 homes, contributing to a significant drop in the Months of Supply, which has plummeted by 70.0% to 3.7 months. This reduction in supply could be a factor driving the increase in sales prices.

The Median Days on Market have increased by 3.0%, now averaging 66 days. This suggests that while homes are selling, they are taking slightly longer to do so compared to the previous year. The average sale to list ratio remains stable at 97.0%, indicating that homes are selling close to their listed prices. The percentage of Homes Sold above list price has increased by 2.4% to 17.2%, reflecting competitive bidding in certain segments of the market.

Price Drops have become more common, with a 3.5% increase, now affecting 16.2% of listings. Additionally, the percentage of homes going off the market within two weeks has decreased by 11.7%, now at 12.2%. This could indicate a cooling in buyer urgency or a shift in market conditions.

Overall, the Ocean City, NJ housing market in January 2025 is characterized by rising sales prices amidst declining list prices and inventory. The market dynamics suggest a competitive environment with selective buyer interest, leading to varied outcomes in terms of sales speed and pricing strategies.