Welcome to this month’s Outer Banks area real estate market report. Are you curious to know how the real estate market in Outer Banks, North Carolina performed during 2021? How much inventory is available to buyers at the start of this New Year? Were real estate sales higher this year than the previous year? Read this helpful report to get up to date!
Are you ready to buy a home in one of the many Outer Banks communities such as Kitty Hawk, Nags Head, or Colington? Start your search here to find properties by price, size, location, and more! Be sure you save your favorite properties to tour, then sign up to be notified as soon as new matching properties become available so you do not miss out! Then give us a call and we can answer all your questions about buying a home in the Outer Banks area.
If you are thinking of selling your home, but not sure for what price, you can find out what your home might be worth with our free home valuation tool. Simply enter some basic information about your home and we will provide you a competitive market summary with a suggested listing price for your home. It is important to price your home correctly so you get the most out of your investment. Give us a call today at (252) 202-2156 and we’ll get you started!
Outer Banks Housing Stats
At the end of 2021, the median sale price for single-family homes in the Outer Banks area was $485,454, up 16% from $418,902 in 2020.
There were 3,370 single-family residential properties sold during 2021, up only 9% from 3,089 during 2020.
Single-family residential inventory levels have fallen 44% year to year, down from 560 to 311 at the end of 2021, and well below the 1,341 at the end of 2019.
Homes in the Outer Banks were on the market for an average of 52 days for 2021, this is down by almost 50% from 110 days on the market before being sold in 2020.
The median sale price for lots/land in the Outer Banks for 2021 was $110,242, up 15% from $95,766 in 2020 and up from $82,563 during 2019.
There were 968 lots/land properties sold this year, up 54% from 629 sold during 2020, and up from 434 sold during 2019.
Inventory levels for lots/land have fallen year to year, dropping from 707 in 2019, to 541 in 2020, and ending with 411 properties available at the end of 2021. Lots/land properties are on the market for an average of 172 days before being sold, down from 199 during 2020.
Total sold volume for 2021 was up 45% compared to 2020, residential sales were up 42%, lots/land up 88%, and commercial real estate volume was up by 97% for 2021.
Outer Banks Areas Housing Prices
Breaking down some of the areas to show the median sale prices.
In the town of Corolla, the median sale price is $725,450, up 30% year to year.
Duck, median sale prices $650,000, up 25% year to year.
Southern Shores, median sale price $655,000, up 28% year to year.
Kitty Hawk, median sale price $500,000, up 27% year to year.
Colington, median sale price $360,000, up 20% year to year.
Kill Devil Hills, median sale price $410,000, up 24% year to year.
Nags Head, median sale price $625,000, up 30% year to year.
All Hatteras, median sale price $523,000, up 39% year to year.
Roanoke Island, median sale price $427,500, up 20% year to year.
Currituck Mainland, median sale price $333,022, up 21% year to year.
Ocracoke Island, median sale price $431,750, up 22% year to year.
What Does This Mean For Buyers?
If you are looking to buy a home in the Outer Banks area you should expect to see higher prices and very low levels of inventory available. In 2021 Outer Banks experienced a record number of real estate sales this past year, which has put upward pressure on home prices.
Buyers looking for a property should have financing in place and be prepared to act as soon as a property is found. Buyers of all property types; residential, land/lots, and commercial properties should expect to see competition when bidding for properties. As low-interest rates and buyer preferences shift expect these trends to continue.
What Does This Mean For Sellers?
If you have been waiting to sell your home, now is a good time to get it listed and on the market. As low-interest rates continue and buyer preferences shift, sellers of single-family homes can expect to see their property sell quickly.
It is important for sellers in the Outer Banks real estate market to price their homes correctly. With prices rising, sellers should work with a realtor who understands the dynamics of the Outer Banks market. If you are ready to sell, give us a call today! We have the experience and knowledge of our market that gives you the leverage to get your home sold quickly.
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!
