Bay View is a gorgeous area that is located on the west side of Ocean City. It is one of the best places to find incredible cape cod style homes, and it has become a great place to consider for anyone who is looking for a fantastic vacation home.
If you have thought about investing in the area and you want to know a bit more about what the real estate outlook is like for the next year, keep reading to see trends and predictions for the Bay View housing market for 2023.
What was the Market like in 2022?
Predicting trends in real estate can be a difficult thing to do, and many experts prefer to look at previous years’ trends to get a good idea of what the market will look like the following year. In 2022, Ocean City saw a large increase in homes that were sold, but it also saw a slight increase in housing prices. This shows that the market is doing well, but there are a few factors that make it a little tricky to predict.
Multiple homes have been on the market in Ocean City for an extended period, which has skewed the numbers quite a bit. A large number have been on the market for over 100 days which is much longer than average (the average for the rest of the country is about 45 days on the market), but these listings have all been for condos. Houses are still quite popular in the Bay View area, and that is likely due to the fantastic views of Assawoman Bay.
Another telling statistic from 2022 is the number of homes that have reduced their price. Home values can decrease in areas for many different reasons, and the home prices for the area have been fluctuating quite a bit in the last year. If a home needs to reduce its price, it means it is not selling at a rate that the seller prefers, or it could mean that the value was placed too high in the first place.
Home prices in early 2022 were sitting at around 550K to 600K, but they have currently dropped down in the upper 300K range. This is a huge decrease for such a short period of time, and this could potentially show an overall decrease that might last longer than expected. Home prices will only increase if the demand for homes gets higher or the inventory of homes gets lower in 2023.
What can we expect in 2023?
The new year is set to see quite a few changes when it comes to the real estate market for the Bay View area, and these changes might not be the best for everyone. There are plenty of incredible Bay View homes available, but the trends from last year can give us a great idea of whether or not these homes will be popular on the market or not. The significant decrease in the value of homes for Ocean City could be a sign of things to come.
Bay View Sellers
If you currently own a home in the Bay View area and are considering selling it, now is a good time, but it could be much better later in the year. Homes in Ocean City sell most often in the summer months when visitors come in and decide they want to make this beautiful city their permanent residence. Choosing to wait will likely mean your home could sell at a much faster rate, and it could mean that the value could increase.
The decrease in value could be for many reasons, but experts have mentioned how the significant weather has made it harder for waterfront homes to sell. People have seen the incredible devastation some cities received during recent storms, and it has made them wary of buying a waterfront property. This assumption will likely pass within the next year, and waiting to see if your property value increases is a great idea.
Bay View Buyers
If you are considering investing in real estate in the Bay View area, now is the best time. We mentioned how low the current prices are, and they are actually the lowest they have been since September 2020. These homes are fabulous, and waterfront properties are hard to come by at low prices like these, so consider looking at the Bay View area if you want to find some excellent properties at rock-bottom prices.
Bay View is full of great condos that have reduced prices which is excellent for those who want to buy multiple investment properties. Ocean City has become a huge hit with those who live in the area that is looking to vacation, and it will likely continue to be a popular spot for years to come.
Bay View is an amazing area that has so many beautiful properties at amazing prices. It’s an excellent spot to consider for investors, and it’s going to continue to be a hotspot for vacationers. Have a look at some of the amazing homes in Bay View today so you can have a better idea of how many great properties are available for buyers.