Ocean City’s pristine beaches are the perfect location for your next vacation home. With the increased influx of residents during the warmer months, OC is home to predominantly secondary homes or investment properties.
Many homeowners are now diversifying their wealth, owning several properties rather than a single mega mansion. Many towns, similar to Ocean City, who focus on tourism and recreation, report increasing sales. Young families are looking for more than just a quick break, but rather a second home for upwards of a couple of months, and are increasingly mobile due to today’s decentralized nature of work and not needing to be in the office 5 days a week.
Other prospective buyers have an eye towards investment, purchasing a vacation home with a view to renting it out either long-term or through vacation rental sites. These investors’ ultimate goal is to have the rental income pay off the mortgage so that they can live there full-time in the future.
The third group of prospective homeowners are baby boomers, as they head towards retirement. A shift from larger, more expensive cities to smaller towns focused on recreation and relaxation. As this shift occurs, these homeowners gravitate towards luxury homes with larger availability of amenities.
Ocean City continues to cater to these three groups of prospective buyers, offering an array of luxury homes with beautiful views, deluxe amenities and high rental income possibilities.
Worcester County Luxury Market Report Summary
Single-Family Luxury Market
- The Worcester County single-family luxury market is a Buyer’s Market with a 4% Sales Ratio.
- Homes sold for a median of 113.64% of list price in December 2019.
- The most active price bands are $950,000-$1,049,999 and $2,250,000+, where the sales ratio is 33%.
- The median luxury sales price for single-family homes has increased to $1,780,000.
- The median days on market for December 2019 was 267 days, up from 72 days in November 2019.
Attached Home Luxury Market
- The Worcester County attached luxury market is a Buyer’s Market with a 6% Sales Ratio.
- Homes sold for a median of 97,71% of list price in December 2019.
- The most active price band is $950,000-$1,024,999, where the sales ratio is 50%.
- The median luxury sales price for attached homes has increased to $615,750.
- The median days on the market for December 2019 was 227 days, up from 115 days in November 2019.
The full report can be found below. For more information about the January 2020 Luxury Market report and the services I can offer you and your luxury property, please give me a call at 410.430.1575 or email me at mnichols@LuxuryShoreLiving.com.