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Purchasing a home is one of the most important investments there is. More than a place to live, homeownership is an asset with the potential to tremendously rise in value. Given the current state of the real estate market, plays a determining role for buyers. As of April 4, 2023, the sits at 6.3%. As a result of higher mortgage rates across the board, home prices have risen significantly. The typical home value in the United States increased over the last year by 4.4% to $328,604.

Although home prices have inflated all across the U.S., there are definitely certain areas that have a higher price tag than others. Location, size, age, and condition are all contributing factors to home value. Whether you choose to hold off your home-buying plans in hopes of the market cooling down or are looking to buy ASAP, it's good to educate yourself on the market in different cities.

compiled a list of cities with the most expensive homes in Ocean City using data from . Cities are ranked by the Zillow Home Values Index for all homes as of February 2023. The ZVHI represents a seasonally adjusted price for the middle market for all homes. All 14 cities and towns with data available were included in the list. Charts for each city show the monthly typical home value since January 2018.

You may also like: Cities with the fastest-growing home prices in the Ocean City metro area

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#14. Woodbine, NJ

- Typical home value: $240,863
- 1-year price change: +2.8%
- 5-year price change: +51.2%

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#13. Villas, NJ

- Typical home value: $283,984
- 1-year price change: +7.5%
- 5-year price change: +81.1%

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#12. Rio Grande, NJ

- Typical home value: $332,305
- 1-year price change: +3.7%
- 5-year price change: +46.7%

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#11. Cape May Court House, NJ

- Typical home value: $336,373
- 1-year price change: +5.0%
- 5-year price change: +51.5%

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#10. Marmora, NJ

- Typical home value: $358,556
- 1-year price change: +5.9%
- 5-year price change: +53.3%

You may also like: The 30 most popular homes for sale in Ocean City

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#9. Ocean View, NJ

- Typical home value: $366,719
- 1-year price change: +4.7%
- 5-year price change: +47.9%

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#8. Wildwood, NJ

- Typical home value: $492,200
- 1-year price change: +7.7%
- 5-year price change: +73.4%

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#7. Cape May, NJ

- Typical home value: $542,653
- 1-year price change: +6.5%
- 5-year price change: +68.6%

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#6. Ocean City, NJ

- Typical home value: $856,713
- 1-year price change: +1.4%
- 5-year price change: +64.7%

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#5. Cape May Point, NJ

- Typical home value: $1,178,465
- 1-year price change: +3.8%
- 5-year price change: +59.6%

You may also like: The most expensive neighborhoods in Ocean City

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#4. Strathmere, NJ

- Typical home value: $1,184,091
- 1-year price change: +11.7%
- 5-year price change: +75.3%

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#3. Sea Isle City, NJ

- Typical home value: $1,185,965
- 1-year price change: +1.9%
- 5-year price change: +73.1%

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#2. Stone Harbor, NJ

- Typical home value: $2,162,850
- 1-year price change: +3.4%
- 5-year price change: +86.3%

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#1. Avalon, NJ

- Typical home value: $2,249,560
- 1-year price change: +3.6%
- 5-year price change: +101.4%