Ocean City Real Estate Market
I have no interest in owning real estate in Ocean City but at times I look around the real estate websites to see what I can learn about markets in different areas. When I looked at OC I was surprised at the asking prices. Virtually nothing under $250k. The upper 200s might get you a 1/1 or 2/1 in an older bayside building with no pool or other amenities. Into the 300s opens up small units in pool buildings. 400k and up to be in a nicer building or closer to the beach. Half million and up for most units larger than 2/2. Not the kind of prices I would have expected for a place people call Glen Burnie by the Sea.
Doesn’t seem like there are many takers. Over 500 active listings in OC, many of them active over 90 and 120 days, presumably with more to come after the summer rental season. I assume the flood of inventory is a mixture of Covid era buyers who figured out owning a vacation rental isn’t what they expected and boomers aging out of ownership.
I’m not here to make predictions, but it doesn’t seem this inventory glut will be cleared anytime soon by selling these properties off one by one to mom and pop investors, as would have been the case in the past. What do people think might happen with the many, many unsold condos of OC?