Welcome to the February 2024 Market Update for the picturesque Outerbanks region! Let’s delve into the latest insights from Dare County and Currituck County to understand the pulse of the real estate market in this coastal paradise.
Market Update for Dare County, Outer Banks, NC:
The month’s supply stands at 3.21, marking a 10.34% decrease from the previous month, indicating a tightening market. The median days on the market are now 34 days, down 5.56% month-over-month, reflecting swift property turnover. Homes are typically fetching 97% of their listing price, underlining strong seller positioning. However, overpriced properties face extended market exposure, with active listings averaging 76 days versus 25 days for new pending listings. The median sold price is at $592,500 which demonstrates robust market activity and sustained buyer interest.
Market Update for Currituck County, Outer Banks, NC:
With a month’s supply at 3.05, up by 2.69% from the previous month, the market is influenced by the influx of military families, particularly in Elizabeth City. Median days on the market have decreased significantly by 19.35%, now standing at 25 days, indicating accelerated sales velocity. Properties are selling close to their listing price, maintaining a healthy 97% list-to-sold ratio. The median sold price is at $521,750, which reflects strong demand and competitive buyer activity.
Highlight of 2023 Market Statistics:
In 2023, 30% of homes in the Outerbanks region required price reductions before selling, with an average selling time of 122 days. Conversely, 70% of homes priced accurately sold for 99.5% of their list price, within an average of just 36 days. These figures underscore the significance of experience in navigating the real estate landscape, emphasizing the importance of choosing the right professionals to facilitate your buying or selling journey.
Overall Market Trends:
Both Dare and Currituck counties exhibit characteristics of a seller’s market, with limited inventory and high demand. Buyers, with competition on the rise, decisive action is crucial in securing desired properties. Sellers, pricing your home appropriately relative to its value is paramount for a successful transaction.
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Your Path to the Perfect Home:
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Selling Your Home? Get a Competitive Edge:
- Free Home Valuation Tool: If you’re considering selling your Outer Banks home, use our free home valuation tool. Enter basic information about your property to receive a competitive market summary and a suggested listing price.
