Outer Banks and Northeastern North Carolina Real Estate Market Update | May 2024

Welcome to our comprehensive market update for Outer Banks and Northeastern North Carolina. The real estate landscape in this beautiful region continues to shift, and we’re here to provide you with the latest trends and statistics to help you navigate your buying or selling journey.

Dare County: Moving Toward Market Balance

In Dare County, the real estate market is experiencing some notable changes:

  • Months of Supply: Currently, there are 4.4 months of supply available, which marks an 85.65% increase year-over-year. While inventory remains relatively low, this increase is a step toward a more balanced market between sellers and buyers.
  • List to Sold Price Ratio: Properties are selling for about 97% of their listing price, indicating that sellers are getting close to their asking prices.
  • Median Days on Market: Homes in Dare County are moving quickly, with a median of just 23 days on the market.
  • Median Sold Price: The median sold price stands at $625,000, reflecting the premium nature of real estate in this desirable coastal area.

Currituck County: A Competitive Edge

Currituck County also shows interesting market dynamics:

  • Months of Supply: The months of supply is 3.39, which is up 19.37% year-over-year. This slight increase suggests a growing inventory but still leans towards a seller’s market.
  • List to Sold Price Ratio: Homes are selling at 99.5% of the listing price, indicating strong demand and competitive offers.
  • Median Days on Market: With a median of 21 days on the market, homes are selling swiftly.
  • Median Sold Price: The median sold price in Currituck County is $485,000, showcasing robust property values.

Pasquotank County: A Seller’s Stronghold

Pasquotank County is characterized by a particularly strong seller’s market:

  • Months of Supply: There are 2.38 months of supply, which is up 24% from last year. Despite this increase, the supply remains low.
  • List to Sold Price Ratio: The list to sold price ratio is 99.07%, almost matching the listing prices.
  • Median Days on Market: Homes are selling extremely fast, with a median of just 11 days on the market. This rapid turnover highlights the competitive nature of the market.
  • Market Conditions: Given these metrics, Pasquotank County is a challenging environment for buyers who must act quickly and decisively.

Camden County: Strong and Competitive

In Camden County, the market remains vigorous:

  • Months of Supply: The supply stands at 3.89 months, offering a bit more breathing room for buyers compared to other counties.
  • List to Sold Price Ratio: Properties are selling at 100.03% of their listing price, sometimes even above asking prices due to competitive bidding.
  • Median Days on Market: The median days on market is 24 days, indicating a healthy pace of sales.
  • Median Sold Price: The median sold price is $409,000, which reflects the strong demand for homes in this area.
  • Market Conditions: The market here is robust and competitive, making it crucial for buyers to be well-prepared.

Learn it from Liz: Tips for Buyers and Sellers

For Buyers:

  • Hire a Buyer’s Agent: Navigating this competitive market can be daunting. A professional buyer’s agent can guide you through the entire process, ensuring you make informed and strategic decisions.

For Sellers:

  • Pricing Strategy is Crucial: Setting the right price is essential. Overpricing your property can lead to it sitting on the market for too long, which can deter potential buyers. Work with a knowledgeable agent to develop a pricing strategy that attracts offers quickly.

Understanding these key metrics and market conditions will empower you to make the best decisions in today’s real estate market. Whether you’re buying or selling, staying informed is the key to success. For more in-depth analysis and the latest updates, don’t forget to check out our recent video on YouTube.

If you have any specific questions or need personalized advice, feel free to reach out. We’re here to help you navigate the Outer Banks and Northeastern North Carolina real estate market with confidence.

Watch the Market Update on Our YouTube Channel: Don’t just read about it, experience the insights! Watch ourfull market update on our YouTube channel for an in-depth analysis. Hit the like button if you find the information helpful, and subscribe to our channel for future real estate updates and valuable insights.

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.
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