Ocean City, NJ Housing Market Overview - November 2024
The Ocean City, NJ metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 4.7% year-over-year, settling at $690,600. This decline contrasts with the Median List Price, which has seen a slight increase of 0.7% YoY, reaching $775,000. Such a divergence suggests potential buyer resistance to higher asking prices, possibly due to economic factors or market saturation.
Interestingly, the median Price Per Square Foot has surged by 21.6% YoY to $528.87, indicating a strong demand for smaller, more affordable properties or a shift towards higher-end, smaller homes. Similarly, the Median List Price per square foot has risen by 21.4% YoY, now at $629.07, reflecting a consistent trend in pricing strategies among sellers.
In terms of sales activity, the number of Homes Sold has slightly decreased by 1.1% YoY, with 187 Homes Sold in November 2024. However, Pending Sales have increased significantly by 17.1% YoY, totaling 185, suggesting a potential uptick in future sales activity. New Listings have dropped sharply by 19.9% YoY, with only 177 new properties entering the market, which could contribute to the rising inventory levels, now up by 3.3% YoY at 841 homes.
The Months of Supply have increased by 20.0% YoY to 4.5 months, indicating a shift towards a more balanced market, though still favoring sellers slightly. The Median Days on Market have increased by 4.0% YoY to 49 days, suggesting that homes are taking longer to sell, possibly due to the higher price points or buyer caution.
The average sale to list ratio has decreased by 0.8% YoY to 96.5%, indicating that buyers are negotiating prices slightly below the asking price. The percentage of Homes Sold above list price has also decreased by 0.9% YoY to 16.0%, further highlighting the shift in buyer leverage. Price Drops have increased by 2.3% YoY to 18.8%, suggesting that sellers are adjusting expectations to align with market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased significantly by 15.9% YoY to 11.4%, indicating a slowdown in the pace of sales. This could be attributed to the increased inventory and longer days on market, as well as potential buyer hesitancy in the current economic climate.
Overall, the Ocean City, NJ housing market in November 2024 reflects a nuanced picture with both challenges and opportunities for buyers and sellers. While prices per square foot have risen, overall sales prices have declined, and market dynamics suggest a shift towards a more balanced environment.
