Welcome to this month’s real estate market report for the area of Outer Banks, North Carolina. The month of August saw a decline in inventory for the first time in five months, which is not unexpected. Sales of houses and land, which have been trending downward increased slightly during August. Find out more about the Outer Banks real estate market in this helpful report.
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Outer Banks Housing Stats
There was a total of 261 properties of all types sold during August, this is a month-to-month increase from the 233 sold during July. For the year so far there has been a total of 2,377 sales of all property types in the Outer Banks, this is down 23% from 3,095 sold by this time last year.
For the year so far the total number of residential properties sold is down compared to one year ago, dropping from 2,386 sold by this time in 2021, to just 1,822 sold in 2022.
Single-family homes are on the market for an average of 34 days before being sold, this is a decrease from the 54-day average at this time last year.
At the end of August 2022, there was a total of 1,055 property listings of all types in the Outer Banks, this is a year-to-year decrease in inventory of 5%.
Outer Banks Land/Lot Stats
The median sale price for land/lots in the Outer Banks area at the end of August 2022 was $124,529, this is an increase of 21% from one year ago.
There were 62 land/lot parcels sold during August in the Outer Banks, this is a month-to-month increase from 55 sold during July.
Land parcels are on the market for an average of 155 days before being sold, this is down from 173 days on the market at this time last year.
Outer Banks Towns Median Sale Prices
Corolla: Single family home median price, $890,000, up 23% from one year ago.
Duck: Single family home median price, $908,750, up 40% from one year ago.
Southern Shores: Single family home median price, $780,000, up 19% from one year ago.
Kitty Hawk: Single family home median price, $579,000, up 16% from one year ago.
Colington: Single family home median price, $485,000, up 35% from one year ago.
Kill Devil Hills: Single family home median price, $485,000, up 23% from one year ago.
Nags Head: Single family home median price, $771,000, up 23% from one year ago.
All Hatteras: Single family home median price, $620,000, up 19% from one year ago.
Roanoke Island: Single family home median price, $450,000, up 5% from one year ago.
Currituck Mainland: Single family home median price, $385,000, up 16% from one year ago.
Ocracoke Island: Single family home median price, $540,000, up 25% from one year ago.
What Does This Mean For Buyers?
If you are looking for a home to buy in the Outer Banks be aware that inventory levels are very low and prices are climbing higher. While this time of the year in the Outer Banks is not very competitive, buyers cannot afford to be too picky. Buyers should be aware that time is not on their side, and the longer one might wait for the perfect home, the more money it may cost. Buyers should have financing in place and be prepared to act when a property is found.
What Does This Mean For Sellers?
Sellers of homes in the Outer Banks should expect this time of the year to be typically slower than any other time of the year. Sellers in some markets should be patient as it may take longer than average to sell your property. Sellers who are thinking of selling should go ahead and get their property listed and on the market.
While interest rate increases and higher prices have put some buyers on the sideline, there is still demand for homes in the Outer Banks. While we are going through a seasonal slowdown, sellers should expect an increase in buyer activity as we head into the fall season.
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!