Ocean City USDA Loan Rates, Closing Costs & Stats
OCEAN CITY, NJ
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Ocean City's 8 lenders originated 10 USDA loans during 2022. The total origination value was $2,710,000, with an average USDA loan value of $271,000.
Ocean City USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Ocean City
averaged
5.62%
for the week of 2023-05-26, compared to the national average (all USDA variants) of
6.63% for the same period.
Ocean City's average USDA mortgage closing costs are $5,842.
The average rate for the prior week (2023-05-19) was
5.77% and
one month ago for the week of 2023-04-21, the
average rate was 5.57%.
The average rate one year ago was 4.39%.
For refis of the same type during the week of 2023-05-26, the average rate
was 4.81%.
Ocean City USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Ocean City level.
| Name | # of Loans | 2022 Avg. 30yFix Rate | 2022 Avg. Closing Costs |
|---|---|---|---|
| Advisors Mortgage Group, L.L.C. | 2 | 4.31% | $6,394 |
| Paramount Residential Mortgage Group, Inc. | 2 | 6.88% | $11,358 |
| CALIBER HOME LOANS, INC. | 1 | 4.25% | $6,555 |
| CARDINAL FINANCIAL | 1 | 3.75% | $5,698 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 4.99% | $14,549 |
| Gateway First Bank | 1 | 5.38% | $5,649 |
| GREENTREE MORTGAGE COMPANY, L.P. | 1 | 4.88% | $6,939 |
| ALLIED MORTGAGE GROUP, INC. | 1 | 3.50% | $5,886 |
The top Ocean City USDA lender as defined by loan originations is Advisors Mortgage Group, L.L.C., with
2 USDA loans originated. Their average total fees are
$6,394, which is $4,963
lower than the next largest lender,
Paramount Residential Mortgage Group, Inc..
The lowest fee Ocean City USDA lenders (with over 10 loans originated) are
.
The lowest rate Ocean City USDA lenders (with over 10 loans originated) are
.
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Ocean City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $399,900 (2.8%) | $685,995 (11.8%) | 0.00 | 2,142 |
| 2018-02-01 | $412,225 (3.3%) | $699,840 (10.5%) | 0.00 | 2,230 |
| 2018-03-01 | $415,000 (4.0%) | $709,696 (11.1%) | 0.00 | 2,230 |
| 2018-04-01 | $419,450 (7.6%) | $718,298 (11.8%) | 0.00 | 2,209 |
| 2018-05-01 | $404,500 (3.7%) | $711,706 (9.5%) | 0.00 | 2,218 |
| 2018-06-01 | $410,950 (4.5%) | $726,820 (10.1%) | 0.00 | 2,166 |
| 2018-07-01 | $411,750 (5.6%) | $743,637 (11.1%) | 0.00 | 2,130 |
| 2018-08-01 | $407,500 (7.3%) | $753,930 (12.3%) | 0.00 | 2,154 |
| 2018-09-01 | $414,900 (6.4%) | $746,724 (11.8%) | 0.00 | 2,179 |
| 2018-10-01 | $419,075 (5.1%) | $754,485 (11.2%) | 0.00 | 2,185 |
| 2018-11-01 | $423,700 (6.3%) | $749,974 (10.4%) | 0.00 | 2,191 |
| 2018-12-01 | $425,000 (6.5%) | $750,991 (11.1%) | 0.00 | 2,126 |
| 2019-01-01 | $428,700 (7.2%) | $756,643 (10.3%) | 0.00 | 2,047 |
| 2019-02-01 | $442,675 (7.4%) | $767,286 (9.6%) | 0.00 | 2,136 |
| 2019-03-01 | $429,900 (3.6%) | $752,823 (6.1%) | 0.00 | 2,222 |
| 2019-04-01 | $435,000 (3.7%) | $747,695 (4.1%) | 0.00 | 2,211 |
| 2019-05-01 | $434,375 (7.4%) | $739,219 (3.9%) | 0.00 | 2,187 |
| 2019-06-01 | $449,000 (9.3%) | $741,107 (2.0%) | 0.00 | 2,125 |
| 2019-07-01 | $449,000 (9.1%) | $759,867 (2.2%) | 0.00 | 2,050 |
| 2019-08-01 | $448,600 (10.1%) | $770,658 (2.2%) | 0.00 | 2,014 |
| 2019-09-01 | $449,000 (8.2%) | $764,890 (2.4%) | 0.00 | 1,965 |
| 2019-10-01 | $454,000 (8.3%) | $766,142 (1.5%) | 0.00 | 1,965 |
| 2019-11-01 | $474,900 (12.1%) | $781,297 (4.2%) | 0.00 | 1,875 |
| 2019-12-01 | $474,900 (11.7%) | $785,720 (4.6%) | 0.00 | 1,756 |
| 2020-01-01 | $479,900 (11.9%) | $1,030,324 (36.2%) | 0.00 | 1,686 |
| 2020-02-01 | $485,000 (9.6%) | $1,053,104 (37.3%) | 0.00 | 1,698 |
| 2020-03-01 | $494,500 (15.0%) | $823,625 (9.4%) | 0.00 | 1,680 |
| 2020-04-01 | $499,000 (14.7%) | $821,888 (9.9%) | 0.00 | 1,644 |
| 2020-05-01 | $499,000 (14.9%) | $829,298 (12.2%) | 0.00 | 1,570 |
| 2020-06-01 | $512,500 (14.1%) | $911,443 (23.0%) | 0.00 | 1,406 |
| 2020-07-01 | $499,950 (11.4%) | $927,433 (22.1%) | 0.00 | 1,196 |
| 2020-08-01 | $495,000 (10.3%) | $901,556 (17.0%) | 0.00 | 1,115 |
| 2020-09-01 | $522,400 (16.4%) | $891,758 (16.6%) | 0.00 | 1,088 |
| 2020-10-01 | $529,000 (16.5%) | $910,487 (18.8%) | 0.00 | 1,044 |
| 2020-11-01 | $549,675 (15.8%) | $936,107 (19.8%) | 0.00 | 962 |
| 2020-12-01 | $550,000 (15.8%) | $938,135 (19.4%) | 0.00 | 882 |
| 2021-01-01 | $559,000 (16.5%) | $943,976 (-8.4%) | 0.00 | 750 |
| 2021-02-01 | $594,450 (22.6%) | $1,041,580 (-1.1%) | 0.00 | 603 |
| 2021-03-01 | $649,500 (31.3%) | $1,085,199 (31.8%) | 0.00 | 610 |
| 2021-04-01 | $649,925 (30.3%) | $1,166,003 (41.9%) | 0.00 | 654 |
| 2021-05-01 | $675,000 (35.3%) | $1,183,157 (42.7%) | 0.00 | 652 |
| 2021-06-01 | $659,900 (28.8%) | $1,143,585 (25.5%) | 0.00 | 741 |
| 2021-07-01 | $619,000 (23.8%) | $1,083,934 (16.9%) | 0.00 | 768 |
| 2021-08-01 | $626,995 (26.7%) | $1,085,102 (20.4%) | 0.00 | 850 |
| 2021-09-01 | $599,950 (14.8%) | $1,049,207 (17.7%) | 0.00 | 912 |
| 2021-10-01 | $649,000 (22.7%) | $1,078,154 (18.4%) | 0.00 | 887 |
| 2021-11-01 | $695,000 (26.4%) | $1,143,238 (22.1%) | 0.00 | 812 |
| 2021-12-01 | $677,450 (23.2%) | $1,140,091 (21.5%) | 0.00 | 750 |
| 2022-01-01 | $689,450 (23.3%) | $1,190,275 (26.1%) | 0.00 | 614 |
| 2022-02-01 | $738,000 (24.2%) | $1,258,379 (20.8%) | 0.00 | 562 |
| 2022-03-01 | $767,950 (18.2%) | $1,294,309 (19.3%) | 0.00 | 545 |
| 2022-04-01 | $792,500 (21.9%) | $1,373,419 (17.8%) | 0.00 | 576 |
| 2022-05-01 | $797,450 (18.1%) | $1,378,253 (16.5%) | 0.00 | 684 |
| 2022-06-01 | $773,725 (17.3%) | $1,370,663 (19.9%) | 0.00 | 759 |
| 2022-07-01 | $724,900 (17.1%) | $1,301,550 (20.1%) | 0.00 | 863 |
| 2022-08-01 | $744,525 (18.7%) | $1,332,914 (22.8%) | 0.00 | 875 |
| 2022-09-01 | $793,475 (32.3%) | $1,330,062 (26.8%) | 0.00 | 885 |
| 2022-10-01 | $799,900 (23.3%) | $1,342,177 (24.5%) | 0.00 | 914 |
| 2022-11-01 | $799,900 (15.1%) | $1,368,907 (19.7%) | 0.00 | 901 |
| 2022-12-01 | $822,450 (21.4%) | $1,360,138 (19.3%) | 0.00 | 835 |
| 2023-01-01 | $839,700 (21.8%) | $1,423,221 (19.6%) | 0.00 | 768 |
| 2023-02-01 | $889,500 (20.5%) | $1,456,705 (15.8%) | 0.00 | 754 |
| 2023-03-01 | $899,000 (17.1%) | $1,514,079 (17.0%) | 0.00 | 737 |
| 2023-04-01 | $899,900 (13.6%) | $1,520,524 (10.7%) | 0.00 | 714 |
Ocean City's median listing price comes in at 0% of the national average.
Ocean City's average listing price for 2023-04-01 was $1,520,524, a difference of $147,105 (10.7%) versus the prior year and $6,445 versus the prior month.
For the 2023-04-01 period, Ocean City had 714 MLS listings, a difference of -23 listings (-3%) versus the prior month and 138 listings (24%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Ocean City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 0 days | 1,592 sqft |
| 2018-02-01 | 0 days | 1,595 sqft |
| 2018-03-01 | 0 days | 1,600 sqft |
| 2018-04-01 | 0 days | 1,600 sqft |
| 2018-05-01 | 0 days | 1,598 sqft |
| 2018-06-01 | 0 days | 1,600 sqft |
| 2018-07-01 | 0 days | 1,600 sqft |
| 2018-08-01 | 0 days | 1,600 sqft |
| 2018-09-01 | 0 days | 1,594 sqft |
| 2018-10-01 | 0 days | 1,580 sqft |
| 2018-11-01 | 0 days | 1,573 sqft |
| 2018-12-01 | 0 days | 1,569 sqft |
| 2019-01-01 | 0 days | 1,569 sqft |
| 2019-02-01 | 0 days | 1,556 sqft |
| 2019-03-01 | 0 days | 1,558 sqft |
| 2019-04-01 | 0 days | 1,535 sqft |
| 2019-05-01 | 0 days | 1,535 sqft |
| 2019-06-01 | 0 days | 1,562 sqft |
| 2019-07-01 | 0 days | 1,588 sqft |
| 2019-08-01 | 0 days | 1,600 sqft |
| 2019-09-01 | 0 days | 1,610 sqft |
| 2019-10-01 | 0 days | 1,624 sqft |
| 2019-11-01 | 0 days | 1,646 sqft |
| 2019-12-01 | 0 days | 1,620 sqft |
| 2020-01-01 | 0 days | 1,618 sqft |
| 2020-02-01 | 0 days | 1,656 sqft |
| 2020-03-01 | 0 days | 1,682 sqft |
| 2020-04-01 | 0 days | 1,701 sqft |
| 2020-05-01 | 0 days | 1,722 sqft |
| 2020-06-01 | 0 days | 1,751 sqft |
| 2020-07-01 | 0 days | 1,741 sqft |
| 2020-08-01 | 0 days | 1,695 sqft |
| 2020-09-01 | 0 days | 1,648 sqft |
| 2020-10-01 | 0 days | 1,633 sqft |
| 2020-11-01 | 0 days | 1,637 sqft |
| 2020-12-01 | 0 days | 1,674 sqft |
| 2021-01-01 | 0 days | 1,680 sqft |
| 2021-02-01 | 0 days | 1,700 sqft |
| 2021-03-01 | 0 days | 1,598 sqft |
| 2021-04-01 | 0 days | 1,617 sqft |
| 2021-05-01 | 0 days | 1,752 sqft |
| 2021-06-01 | 0 days | 1,668 sqft |
| 2021-07-01 | 0 days | 1,640 sqft |
| 2021-08-01 | 0 days | 1,607 sqft |
| 2021-09-01 | 0 days | 1,554 sqft |
| 2021-10-01 | 0 days | 1,556 sqft |
| 2021-11-01 | 0 days | 1,600 sqft |
| 2021-12-01 | 0 days | 1,596 sqft |
| 2022-01-01 | 0 days | 1,619 sqft |
| 2022-02-01 | 0 days | 1,659 sqft |
| 2022-03-01 | 0 days | 1,726 sqft |
| 2022-04-01 | 0 days | 1,716 sqft |
| 2022-05-01 | 0 days | 1,800 sqft |
| 2022-06-01 | 0 days | 1,738 sqft |
| 2022-07-01 | 0 days | 1,667 sqft |
| 2022-08-01 | 0 days | 1,649 sqft |
| 2022-09-01 | 0 days | 1,690 sqft |
| 2022-10-01 | 0 days | 1,700 sqft |
| 2022-11-01 | 0 days | 1,682 sqft |
| 2022-12-01 | 0 days | 1,638 sqft |
| 2023-01-01 | 0 days | 1,662 sqft |
| 2023-02-01 | 0 days | 1,700 sqft |
| 2023-03-01 | 0 days | 1,716 sqft |
| 2023-04-01 | 0 days | 1,734 sqft |
Ocean City's median square footage for active listings during the 2023-04-01 period was 1,734 sqft. One year prior, the average listing was 1,716 sqft.