The town was founded in 1688 as a tract of land given to Matthew Scarborough by Lord Baltimore. Legend has it that a young man climbed a tree in the area and saw the Atlantic Ocean hence, the name Ocean View. It was incorporated in 1899.
According to the United States Census Bureau, the town has a total area of 2.0 square miles (5.3 km²), all of it land.
There were 458 households out of which 19.4% had children under the age of 18 living with them, 62.0% were married couples living together, 6.6% had a female householder with no husband present, and 29.9% were non-families. 25.8% of all households were made up of individuals and 13.5% had someone living alone who was 65 years of age or older. The average household size was 2.20 and the average family size was 2.61.
In the town the population was spread out with 16.0% under the age of 18, 5.1% from 18 to 24, 21.5% from 25 to 44, 29.7% from 45 to 64, and 27.7% who were 65 years of age or older. The median age was 51 years. For every 100 females there were 91.6 males. For every 100 females age 18 and over, there were 84.9 males.
The median income for a household in the town was $47,500, and the median income for a family was $52,125. Males had a median income of $37,614 versus $31,333 for females. The per capita income for the town was $27,188. About 1.5% of families and 2.8% of the population were below the poverty line, including none of those under age 18 and 5.4% of those age 65 or over.