Cities with the most expensive homes in the Ocean City metro area
Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. But with home prices reaching record heights, affordability plays a huge role for buyers.
The typical home value in the United States was $358,461 in December, 2.6% higher than the year before.
High mortgage rates are also making monthly payments more expensive; as of January 16, the 30-year fixed mortgage rate sits at 7.04%.
Although home prices have inflated all across the U.S., there are some cities that command a higher price tag than others. Location, size, age, and condition are all contributing factors to home value.
Stacker compiled a list of cities with the most expensive homes in the Ocean City metro area using data from Zillow. Charts show the monthly typical home value since January 2018. All 14 cities and towns with data available were included in the list.
#14. Woodbine, NJ
– Typical home value: $307,336
– 1-year price change: +6.3%
– 5-year price change: +44.1%
#13. Villas, NJ
– Typical home value: $362,140
– 1-year price change: +8.5%
– 5-year price change: +84.5%
#12. Rio Grande, NJ
– Typical home value: $405,418
– 1-year price change: +8.0%
– 5-year price change: +67.7%
#11. Cape May Court House, NJ
– Typical home value: $418,268
– 1-year price change: +6.2%
– 5-year price change: +57.1%
#10. Ocean View, NJ
– Typical home value: $437,213
– 1-year price change: +6.8%
– 5-year price change: +58.2%
#9. Marmora, NJ
– Typical home value: $458,878
– 1-year price change: +9.8%
– 5-year price change: +59.8%
#8. Wildwood, NJ
– Typical home value: $593,004
– 1-year price change: +7.2%
– 5-year price change: +78.9%
#7. Cape May, NJ
– Typical home value: $664,425
– 1-year price change: +6.2%
– 5-year price change: +73.5%
#6. Ocean City, NJ
– Typical home value: $1,018,282
– 1-year price change: +1.6%
– 5-year price change: +55.7%
#5. Sea Isle City, NJ
– Typical home value: $1,321,173
– 1-year price change: +3.3%
– 5-year price change: +71.0%
#4. Cape May Point, NJ
– Typical home value: $1,401,259
– 1-year price change: +2.2%
– 5-year price change: +75.8%
#3. Strathmere, NJ
– Typical home value: $1,429,405
– 1-year price change: +6.1%
– 5-year price change: +80.9%
#2. Stone Harbor, NJ
– Typical home value: $2,364,894
– 1-year price change: +4.3%
– 5-year price change: +81.6%
#1. Avalon, NJ
– Typical home value: $2,577,146
– 1-year price change: +4.4%
– 5-year price change: +76.0%
By Stacker
