Ocean City Home Values Drop, But Remain Higher Than Much Of The State

Ocean City, NJ -- While much of New Jersey’s housing market is down, including along the Jersey Shore, Ocean City isn’t in the same financial straits as some.

While Ocean City’s home values are down by 7.37 percent since pre-2010, the barrier island’s status is considered mediocre, according to the map below provided by NJ Spotlight.

On the map, green is good, tan is mediocre and brown is bad.

A Great Recession hit in 2o10, followed by Superstorm Sandy in 2012, reducing property values along much of the Jersey Shore, including 19 percent in Stafford Township - Manahawkin - in Ocean County, for instance.

But Ocean City was able to recover quickly from that devastating natural disaster, and received a grant earlier this year that covers the final costs related to the cleanup.

Over 13 percent of Ocean City’s homes are valued at more than $1 million, and the median home value is $575,500.

Out of 20,204 housing units in Ocean City, 62.3 percent are owned and 37.7 percent are rented. The median monthly cost for a mortgaged home is $2,229, and the median cost for a home without a mortgage is $848.

The average renter owes $1,021 a month.

The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight.

The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

NJ Spotlight noted that 13 communities had a median home value of more than $1 million, with two of those — Alpine and Mantoloking — valued at more than $2 million. The lowest home value was in Camden, whose $84,600 estimate was below the $90,000 valuation in Winfield, the municipality with the second-lowest median value.

Here is the map. Run your cursor over it to find out the number of total housing units, the percentage of homes owned or rented, the median housing values, housing coasts and the 7-year changes. Also, click on the map and hold the cursor down to move the map so you can see everything.