Welcome to this month’s Outer Banks real estate market report. Inventory levels for all property types continue to decline, sales are down for the month of January, and real estate activity for the month has slowed, which is typical of this time of year. Find out more about how Outer Banks real estate is beginning this year with this helpful report.
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Outer Banks Housing Stats
The median sale price for residential homes in Outer Banks ended the month of January at $591,932, a year-to-year increase of 38% from $430,000 at the end of the previous January and up from the $342,000 median sale price at the end of January 2020.
There is a total of 281 single-family homes on the market, inventory has dropped 37% compared to the previous January total of 443, and down significantly from the 1,330 listings available during January 2020.
There was a total of 221 residential property sales during the month of January, down 16% compared to 263 sales the previous January, but higher than the 148 sold during January 2020.
Homes in the Outer Banks are on the market for an average of 42 days before being sold, this is down from 92 days on the market one year ago.
The median price for land/lot properties in the Outer Banks at the end of January was $108,000, down 9% compared to the previous January. There were 53 land/lot sales during January, this also a drop in year to year activity of 22%.
Land/lots are on the market for an average of 106 days during January before being sold, this is well below the 184 days on the market average during the previous January.
Building permits for Dare County are up from one year ago, climbing from 276 to 340 last month. Building permits in Currituck are slightly below the number at this time last year, down from 493 to 483.
Median Sale Prices Of Outer Banks Areas
In the town of Corolla, the median sale price for residential homes is $412,500, up 12% from one year ago.
The median sale price for residential properties in Duck at the end of January 2022 was $786,000, up 21% from one year ago. The median sale price for homes in Southern Shores was $798,250, up 22% from this time last year.
In Kitty Hawk, the median sale price for homes at the end of January was $442,000, down 12% from one year ago.
The median sale price for residential properties on Colington at the end of last month was $499,450.
The Outer Banks community of Kill Devil Hills ended January with a median sale price of $415,000 for residential properties, this down just 1% from one year ago.
The median sale price for a residential property in Nags Head was $740,000 at the end of January 2022, this is up 18% from the previous January. The median price for homes in All Hatteras was $499,000 during this same period, down just 5% from one year ago.
The median sale price for homes in Roanoke Island ended the month of January at $465,750, up 9% from one year ago. Homes in the Currituck Mainland had a median sale price of $335,000 last month, up 1% year to year.
The median sale price for homes in Ocracoke Island at the end of January 2022 was $662,000, which is a year-to-year increase of 53% from $431,750 at the end of January 2021.
What Does This Mean For Buyers?
If you are planning on buying a home or land parcel in the Outer Banks area expect higher prices and less inventory available. Buyers should be aware that interest rates are starting to increase; also buyers should have financing in place and be ready to act when a property is found. Time is not a friend of buyers, each day prices of properties increase and buyers should prevent being priced out of their budget.
If you are thinking of buying a home in the Outer Banks this year give us a call. We are the local experts in our market and while buyers may face some challenges finding the perfect home, we put our expertise and knowledge to work for you. We put our leverage to work for you to find you the perfect home for your budget.
What Does This Mean For Sellers?
If you have seen your property values rise and are considering selling, now is the time to get your property listed. While winter months historically sees a slowdown in buying activity, strong demand has continued over the winter months. Real estate prices are increasing and sellers may want to take advantage of this opportunity to cash in their investment.
Demand for homes in the Outer Banks is expected to continue this year, and if interest rates remain attractive to buyers, sellers can expect their homes to sell quickly. If you are ready to sell your property, give us a call. We will price your home accurately, market it to the most qualified of buyers, and get your home listed and sold as fast as possible. Don’t hesitate, 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!