Ocean Park, Washington, presents a unique housing market with varied trends based on home size and inventory changes over time. As of August 2024, the median sold price for homes in Ocean Park is $344,000, marking a slight decrease of 1.7% compared to the previous year. The median price per square foot is $258. This drop reflects an overall market softening, although certain types of homes, such as three-bedroom properties, have seen significant increases in price. Information courtesy of rocket housing mes

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Price Trends by Bedroom Count

The breakdown of home prices by bedroom count in Ocean Park shows a more nuanced picture. Homes with:

1 bedroom experienced a notable price drop of 11%, now averaging $235,000.

2 bedrooms saw a minimal increase of 0.3%, with prices rising to $330,000.

3 bedrooms showed a significant surge of 14.4%, now priced at $425,000, reflecting strong demand.

4 bedroom homes saw a sharp decline, dropping by 33.3% to $450,000.

5+ bedroom homes had no reported price changes.

Comparison to Nearby Cities

Compared to other nearby areas, Ocean Park saw a slight price decline, while neighboring cities such as Grayland experienced a 16% increase, and Long Beach-North Beach Peninsula saw a 3% rise in home prices.

Housing Supply and Sales Volume

Inventory levels in Ocean Park have increased substantially. There were 161 homes listed for sale in August 2024, up by 16.7% from July 2024. The inventory increase was most prominent in smaller homes, with 1-bedroom homes rising by 80%, while 2-bedroom homes saw a 22.6% increase. Sales activity also surged, with 25 homes sold in August 2024, a 66.7% rise from July. Notably, 72% of these homes were sold below the asking price, indicating a favorable market for buyers seeking deals.

Days on Market

The average time to sell a home in Ocean Park increased by 34.4%, with homes staying on the market for an average of 60 days, compared to 44 days in August 2023. This extended selling period suggests buyers have more time to explore options before making decisions.

Average price over last two years

Summary

Ocean Park’s housing market in 2024 reflects a mix of trends. While overall home prices dipped slightly, certain categories, especially three-bedroom homes, saw notable price increases. The rising inventory offers buyers more options, though homes are taking longer to sell. For those looking to buy in Ocean Park, current conditions may provide opportunities to find properties at competitive prices.