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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Ocean Grove, NJ Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Ocean Grove, NJ Housing Market Trends

With 3,057 people, 1,838 houses or apartments, and a median cost of homes of $933,529, Ocean Grove house prices are not only among the most expensive in New Jersey, Ocean Grove real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Ocean Grove, accounting for 51.17% of the town's housing units. Other types of housing that are prevalent in Ocean Grove include duplexes, homes converted to apartments or other small apartment buildings ( 26.46%), large apartment complexes or high rise apartments ( 14.55%), and a few row houses and other attached homes ( 7.82%).

People in Ocean Grove primarily live in small (one, two or no bedroom) single-family detached homes. Ocean Grove has a mixture of owner-occupied and renter-occupied housing.

The housing in Ocean Grove was primarily built before 1939 ( 62.15%), making the housing stock in Ocean Grove some of the oldest overall in America, although there is a range of ages of homes in Ocean Grove. The next most important housing age is between 1940-1969 ( 16.37%), followed by between 1970-1999 ( 15.56%). There's also some housing in Ocean Grove built between 2000 and later ( 5.92%).

Vacant housing appears to be an issue in Ocean Grove. Fully 35.58% of the housing stock is classified as vacant. Left unchecked, vacant Ocean Grove homes and apartments can be a drag on the real estate market, holding Ocean Grove real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Ocean Grove Home Appreciation Rates

Appreciation rates for homes in Ocean Grove have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 102.86%, which ranks in the top 40% nationwide. This equates to an annual average Ocean Grove house appreciation rate of 7.33%.

Appreciation rates are so strong in Ocean Grove that despite a nationwide downturn in the housing market, Ocean Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Ocean Grove appreciation rates continue to be some of the highest in America, at 9.64%, which is higher than appreciation rates in 85.34% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Ocean Grove. Ocean Grove appreciation rates in the latest quarter were at 2.82%, which equates to an annual appreciation rate of 11.77%.

Relative to New Jersey, our data show that Ocean Grove's latest annual appreciation rate is lower than 60% of the other cities and towns in New Jersey.

Average Home Values

Median Home Value

$933,529

Ocean Grove, NJ Home Prices
> $1,442,000
$1,081,001 - $1,442,000
$721,001 - $1,081,000
$577,001 - $721,000
$433,001 - $577,000
$288,001 - $433,000
$144,001 - $288,000
$72,001 - $144,000
$0 - $72,000
30.0%
30.0%
19.6%
19.6%
26.3%
26.3%
10.5%
10.5%
2.2%
2.2%
5.6%
5.6%
3.8%
3.8%
1.3%
1.3%
0.6%
0.6%
0% 100.0%
% of Homes
Very High

for New jersey

Very High

for nation

Number of Homes And Apartments:

1,838

Ocean Grove Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,485 / per month

Homeownership Rate

Owners
Renters
50.4%
50.4%
49.6%
49.6%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
35.6%
35.6%
64.4%
64.4%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
5.9%
5.9%
15.6%
15.6%
16.4%
16.4%
62.1%
62.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
51.2%
51.2%
7.8%
7.8%
26.5%
26.5%
14.5%
14.5%
0.0%
0.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
5.9%
5.9%
20.9%
20.9%
24.2%
24.2%
23.0%
23.0%
17.6%
17.6%
8.3%
8.3%
0% 100.0%
% of Homes