Market Report

Ocean City, NJ

Short-term forecast

Outperform

House price changes in the Ocean City, NJ metro market are forecasted to outperform the national market in the short term. Based on the housing market vitality metric, the market ranks 222 among 402 US metro housing markets. Currently, the metro market is underperforming the national market and performance is forecasted to improve significantly.

MARKET RANK
Feb 2020 Feb 2019
222 / 402 195 / 402
SITUATION
Feb 2020 Feb 2019
Underperforming Underperforming
OUTLOOK
Feb 2020 Feb 2019
Positive Positive

Forecasted Performance

The local housing market vitality is forecasted to improve significantly and performance will be in the top quartile of all metro markets. Improvements in local economy conditions boost the forecasted performance and changes in national economy conditions drag down the forecast.

Trailing 12-month Performance

Over the last twelve months, local housing market vitality deteriorated and performance is currently in the bottom decile of all metro markets. Improvements in national economy and job market conditions lifted trailing 12-month performance and changes in new construction and local economy conditions moderated performance.

Industry Specialization

The local economy is specialized in: Leisure Hosp, Construction, and Fncl activities. Mining, Manufacturing, and Pro Bus svcs industry sectors are less important to the local economy. Industry specialization helps explain the differing impact of industry trends on local economies in contrast to industry composition which describes the structure of the economy. A Specialization Index value greater than 100 corresponds to the sector having a greater share of the local economy than it does of the national economy. Sectors with a Specialization Index greater than 120 characterize the local economy.

Industry Composition

Accounting for 63% of the local business economy, the top three industry sectors are: Trade Trans Util, Leisure Hosp, and Fncl activities. These industry sectors create the bulk of the jobs and earnings that power the local economy. Longer-term trends that impact these sectors will have an enduring effect on the local economy.

Market Demographics

Compared to the US, Ocean City, NJ metro market has a lower incidence of poverty and the local population has more purchasing power. There are more high school graduates and a larger proportion of the population is college educated. Lastly, the local population is less diverse than the overall US population. A Demographics Index value greater than 100 corresponds to the factor being more intense in the local market versus the national average. Characteristics of the local population is a longer-term factor that influences the housing market.