Welcome to Market Wrap-Up 2023, Outerbanks Edition – your go-to source for timely insights into the local housing scene. Stay informed about the latest trends with our exclusive market update for the whole year where we dive into key insights, including rising median sale prices, inventory challenges, and the momentum in monthly property sales.
Market Wrap Up for Dare & Currituck County, Outer Banks, NC:
The year 2023 witnessed some intriguing shifts in the residential real estate market, which can offer valuable insights for homeowners, buyers, and sellers alike. Let’s break down the key data points to understand what’s been happening.
1. Total Home Sales Decline
Compared to 2022, total home sales in 2023 experienced a noticeable decline. Specifically, there was a 27% decrease in total home sales. This is a significant drop when compared to the 11% decrease observed from 2021 to 2022.
2. Average Monthly Income Remains Steady
Despite fluctuations in the housing market, the average monthly income of homeowners remained relatively flat, experiencing only a 1% change. This suggests that while the housing market may be shifting, overall economic stability remains.
3. Sales Trends and Days on Market
Although sales remained strong, there was an increase in the number of days homes spent on the market before being sold. This trend highlights the importance of understanding the balance between price and value when selling a home.
4. Price vs. Value
In 2023, 30% of properties required price adjustments before being sold. These homes spent an average of 112 days on the market and sold for only 89% of their original price. On the other hand, homes that didn’t require price reductions:
- Sold in just 36 days on average.
- Achieved 99.5% of their listing price.
- Sold faster and offered higher return on investment (ROI).
5. Insights from Liz: Price Your Home Right!
Pricing your home correctly from the beginning can yield significant benefits.
- Properly priced homes fetched 10.5% higher returns.
- They sold 32% faster compared to homes that needed price adjustments.
6. Average Statistics of 2023 Sales
- Average sold percentage: 36%.
- Average days on the market: 102 days.
- Under contract average days on the market: 63 days.
In conclusion, the residential real estate market in 2023 exhibited nuanced trends that emphasized the importance of pricing strategy and understanding market dynamics. For homeowners looking to sell, it’s crucial to heed the lessons learned from the data and work with experienced professionals to navigate the market effectively. Similarly, buyers can use this information to make informed decisions and capitalize on opportunities that arise in the market. By staying informed and adaptable, both buyers and sellers can navigate the ever-changing landscape of residential real estate successfully.
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Your Path to the Perfect Home:
- Free Home Finder Tool: Looking for your dream home? Use our free home finder tool to locate properties based on price, size, and location. Save your favorites for future tours and be ready to explore potential homes.
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Selling Your Home? Get a Competitive Edge:
- Free Home Valuation Tool: If you’re considering selling your Outer Banks home, use our free home valuation tool. Enter basic information about your property to receive a competitive market summary and a suggested listing price.
