Welcome to this month’s Outer Banks, North Carolina real estate market report. As we head in to spring, the inventory of single-family homes available is well below last year’s levels, and sales have slowed down year to year in the Outer Banks area. Find out the latest real estate statistics with this helpful market report.
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Are you considering selling your Outer Banks property soon but are not sure what is a good price to sell for? Find out what your property may be worth by using our free home valuation tool. Simply enter some basic information about your home and we will provide you a market summary with a suggested list price. Give us a call today at (252) 202-2156 and we’ll get you started!
Outer Banks Housing Stats
The median sale price for residential single-family homes in the Outer Banks area at the end of February 2022 is $570,000, which is a year-to-year increase of 27% from $450,000.
The median sale price for lots/land parcels at the end of February was $110,242, an increase of 15% from one year ago.
There was a total of 175 residential properties sold last month, this is down from 270 sold the previous February. There was a total of 525 properties of all types sold during February 2022, this is down 17% from one year ago.
For the year there have been 401 single-family residential properties sold in the Outer Banks area, this is down 20% from 500 sold so at this in 2021.
At the end of February this year, a total of 261 single-family residential properties were available for sale in the Outer Banks area, this is down 37% from one year ago.
At the end of February 2022, there have been 694 listings of all properties so far this year, this is down 50% from last year’s pace of 1,050 properties listed for sale.
A total of 60 lots were sold during February, this is just up from 65 sold during January. There is a total of 385 lots/land parcels listed for sale in the Outer Banks area, this is a year-to-year decrease in inventory of 34%.
So far in 2022, there has been a total of 115 lots/land parcels available for sale, this is down 7% from 123 listings available at this point in 2021.
There is a total of just 694 listings of all property types for sale in the Outer Banks area, this is a year to year decrease of 34%.
Residential single-family homes are on the market for an average of 43 days before being sold, this is from 82 days just one year ago. Lots/land parcels are on the market an average of 155 days before being sold, this is down from 193 at this time one year ago.
Outer Banks Towns Pricing Stats
Corolla, median sale price $827500, up 14% from one year ago.
Duck, median sale price $879,000, up 35% from one year ago.
Southern Shores, median sale price $816,500, up 25% from one year ago.
Kitty Hawk, median sale price $444,000, down 11% from one year ago.
Colington, median sale price $449,000, up 25% from one year ago.
Kill Devil Hills, median sale price $436,000, up 6% from one year ago.
Nags Head, median sale price $792,500, up 27% from one year ago.
All Hatteras, median sale price $519,000 down 1% from one year ago.
Roanoke Island, median sale price $475,000, up 11% from one year ago.
Currituck Mainland, median sale price $355,000, up 7% from one year ago.
Ocracoke Island, median sale price $535,000, up 24% from one year ago.
What Does This Mean For Buyers?
If you are looking for a home in the Outer Banks area, be prepared for a market of decreased supply. Home prices have increased year to year, and buyers should be aware that interest rates are on the rise. There are fewer homes to choose from and less than 80 of the 262 single-family residential homes are priced below $400,000.
Buyers should financing in place and be prepared to act when a property is found. Overbidding is happening in areas and as prices rise, buyers should be prepared to submit an offer that stands out.
If you are searching for a one-of-a-kind home or lot to build on in the Outer Banks area give us a call. Put our experience and knowledge to work for you finding you the perfect home and saving you the most money possible!
What Does This Mean For Sellers?
If you are thinking of selling your Outer Banks property the time is now to get it listed and on the market. Demand for homes continues and as prices increase owners of single-family homes or land should take advantage of the timing to get the most from their investment.
Sellers should be aware that while interest rates are starting to rise, demand continues. While these trends should continue this, there may be a slowdown in activity and a cooling off of prices.
If you own a home or land parcel in the Outer Banks area and are thinking of selling give us a call. We are experts in pricing accurately to net you the most money and marketing your home to the most qualified buyers to sell your home quickly! Get started today!
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!