Ocean City NJ Q1 2020 Market Analysis

The Ocean City NJ Real Estate Market saw healthy growth in the first quarter of 2020 vs 2019. Inventory continued to decline as closed sales and contracts increased while new listings coming onto the market declined.  Average days on market declined and sold prices increased.

 

Q1 2019

Q1 2020

 

Change

New Listings

532

441

17.11%

Contracts Written

743

753

1.35%

Closed Sales

188

208

10.54%

Average Asking To Sold Price

94.45%

94.32%

0.13%

Median Asking To Sold Price

95.09%

98%

3.06%

Average Days On Market

85

81

4.71%

Average Sold Price

$679,049

$735,433

8.3%

Median Sold Price

$522,450

$572,750

9.63%