The Balance Sheet
In a steady state, the amount of water entering the ocean equals the amount leaving it. Evaporation removes about 413,000 cubic kilometers of water per year. Precipitation directly onto the ocean adds about 398,000 cubic kilometers. The remaining 15,000 cubic kilometers come from river runoff. These massive numbers cancel each other out, resulting in a net change of nearly zero. This is why the sea level remains relatively constant over human timescales.
Geological Time Scales
This balance is not instantaneous. Over millions of years, tectonic activity can shift the balance, causing sea levels to rise or fall. However, on the scale of human history, the system is remarkably stable because the inputs and outputs are tightly coupled.