Welcome to this month’s real estate market report for the area of Outer Banks, North Carolina. The real estate market for property of all types is still hot in the Outer Banks area, total sales volume is up 4% for the year and while inventory levels are still very low they have increased by 3% since January. If you are thinking of buying or selling a home in the Outer Banks area, get up to date with the latest market data in this helpful report.
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Outer Banks Housing Stats
The median sale price for single-family residential in the Outer Banks, North Carolina area at the end of April 2022 was $560,000, this is a year-to-year increase of 23%.
There has been a total of 1,255 properties of all types sold so far in 2022, this is down 18% compared to this same time one year ago.
There were just 260 single-family residential units sold during the month of April, down from 300 during March.
Inventory levels for single-family residential homes compared to one year ago are down 17% to just 322 listings.
The median sale price for land or lots in the Outer Banks at the end of April 2022 was $121,963, this is an increase of 11% compared to this time one year ago.
A total of 70 land or lot listings were sold during April, down from 80 units sold during the month of March.
There are just 400 listings for land available in the Outer Banks at the end of last month, this is a year-to-year drop in inventory of 31%.
Homes in the Outer Banks area are on the market for an average of 38 days before being sold, this is a year-to-year drop from 70 days.
Outer Banks Towns Pricing Stats
Here are median sale prices for single-family residential homes in communities of the Outer Banks area at the end of April 2022.
Corolla, median sale price is $897,250, up 24% year to year.
Duck, median sale price $897,500, up 38% year to year.
Southern Shores, median sale price is $780,000, up 19% from one year ago.
Kitty Hawk, median sale price $500,000, no change year to year.
Colington, median sale price is $475,000, up 32% year to year.
Kill Devil Hills, median sale price is $480,250, up 17% from one year ago.
Nags Head, median sale price $800,000, up 28% year to year.
All Hatteras, median sale price $591,000, up 13% year to year.
Roanoke Island, median sale price is $469,000, up 10% from one year ago.
Currituck Mainland, median sale price $285,000, up 16% from one year ago.
Ocracoke Island, median sale price is $535,000, up 24% from one year ago.
What Does This Mean For Buyers?
Buyers who are looking for a home to buy in the Outer Banks area expect to see higher prices and slightly more inventory. The good news for buyers is that inventory has climbed each month this year since January. However, prices are rising in most areas, and buyers should expect bidding for homes to be competitive. Buyers should be ready to act when a property is found, and have financing in place. While properties can be located it will be a matter of if the property matches all the wants of a buyer, in some cases buyers may have to trim the wish list or get priced out of the market.
What Does This Mean For Sellers?
The market for homes in Outer Banks favors sellers, prices for homes are climbing and demand for single-family homes and lots/land parcels continues. Some sellers may see their properties sell very quickly and above the asking price. While some areas may see their properties move slightly slower. While interest rates are rising, the market has yet to cool off, and sellers can expect favorable trends for the next few months, but should be aware there could be a shift in the market and demand begins to slow.
If you are thinking of selling your home, give us a call today! We can show you how we price your home correctly and market it to the most qualified of buyers. Let us put our experience and knowledge to work for you so you can net the most amount of money!
If you are interested in buying or selling a home, take advantage of the knowledge and tools we provide on this site. As a buyer educate yourself as much as possible with the articles on the right-hand side of this page, and if you are considering selling your home take advantage of our free home valuation tool. Give Liz J. Holterhaus a call at (252) 202-2156 today and we will put our expertise to work for you!