Welcome to the latest Outer Banks, North Carolina real estate market update – your go-to source for timely insights into the local housing scene. Stay informed about the latest trends with our exclusive market update for December 2023 where we dive into key insights, including rising median sale prices, inventory challenges, and the momentum in monthly property sales.
Market Update for Dare County, Outer Banks, NC:
In Dare County, the real estate market is displaying noteworthy trends as we transition into the new year. The months of inventory have decreased to 3.27%, marking a significant drop from November’s 7.63%, a shift attributed to the usual seasonality and holiday-related trends. Impressively, there’s been a substantial year-over-year increase in market trends, surging by 29.76%. Sellers in Dare County are finding success, achieving 96.9% of their original list prices, and the median days on the market have seen a notable drop of almost 12%, now standing at just 23 days. Over the past 12 months, Dare County has demonstrated a robust appreciation rate of 6.6%, reflecting the area’s desirability. The median sold price in Dare County stands at an impressive $689,000, further underlining the buoyancy of the local real estate market.
Market Update for Currituck County, Outer Banks, NC:
Currituck County’s real estate landscape continues to exhibit dynamic shifts, evident in the latest market updates. The current months supply of inventory stands at 3.01, reflecting a decrease of 1.31%, with a consistent downtrend seen over the past 12 months, culminating in almost a 1% reduction in overall inventory. Sellers in Currituck County are benefitting from a robust market, achieving an impressive 98.2% of their list prices, showcasing a notable uptick of almost 1%. Homes are swiftly making their mark in the market, with the median days on market decreasing by 13% month over month to an enviable 20 days. Despite a modest 3.1% decrease in the median sold price, now at $530,495, Currituck County has outpaced Dare County with an estimated appreciation rate of 7.2% over the last 12 months, signifying a thriving real estate landscape in the area.
Overall Market Trends:
In Dare and Currituck Counties, the real estate market is moving quickly and getting quite competitive, especially in certain areas where multiple offers are common. In this fast-paced environment, getting the pricing right is crucial. Homes with inaccurate values may stay on the market longer, requiring adjustments. To succeed in this dynamic market, sellers need to understand local market dynamics to position their properties effectively and take advantage of the high demand. For buyers in these lively markets, recognizing the importance of accurate pricing is key for a successful and timely transaction.
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