Welcome to this month’s real estate market report for the area of Outer Banks, North Carolina. Single family home sales have continued to fall for the fourth month in a row. Speculation is that home sales will pick up after the summer season as properties will become more accessible. Inventory continues to increase, but the housing supply is still well below 2021 levels. Find out more about the real estate market in the Outer Banks area in this helpful report.
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Outer Banks Housing Stats
At the end of July 2022, the median sale price for single family residential homes in the Outer Banks, North Carolina, area was $555,000, which is a year-to-year increase of 13%.
There were approximately 160 single family residential listings sold in the Outer Banks area during July, this is a month-to-month drop from 240 sold during June, and well below the 260 sold during July 2021.
There is a total of 560 single family residential properties available for sale in the Outer Banks area, inventory has increased 18% from one year ago.
For the year so far there has been a total of 1,624 single family residential properties sold, this is a year-to-year drop of 25%.
The total number of properties of all types sold so far in 2022 is 2,113, this is a year-to-year drop of 24% from 2,766 properties sold by this time in 2021.
Single family residential properties are on the market for an average of 35 days before being sold, this is down from a 59 day average at this time one year ago.
There is a total of 1,073 listings of all property types in the Outer Banks area, inventory is down 4% from one year ago.
The median sale price for lots/land in the Outer Banks area at the end of July was $124,529 which is a year-to-year increase of 21%.
There were 55 land properties sold during the month of July, which is a month-to-month increase from 45 sold during June.
There is a total of 467 land/lot parcels for sale in the Outer Banks area, which is a year-to-year drop in land/lot listings of 20%.
Outer Banks Towns Pricing Stats
Corolla: Single family home median price, $899,000, up 24% from one year ago.
Duck: Single family home median price, $930,000, up 43% from one year ago.
Southern Shores: Single family home median price, $780,000, up 19% from one year ago.
Kitty Hawk: Single family home median price, $596,210, up 19% from one year ago.
Colington: Single family home median price, $490,000, up 36% from one year ago.
Kill Devil Hills: Single family home median price, $485,000, up 18% from one year ago.
Nags Head: Single family home median price, $784,000, up 25% from one year ago.
All Hatteras: Single family home median price, $625,000, up 20% from one year ago.
Roanoke Island: Single family home median price, $450,000, up 5% from one year ago.
Currituck Mainland: Single family home median price, $385,000, up 16% from one year ago.
Ocracoke Island: Single family home median price, $540,000, up 25% from one year ago.
What Does This Mean For Buyers?
Buyers searching for properties in the Outer Banks area can expect to see more inventory available, as well as, higher prices for homes and lots. Buyers should be aware that the trend of higher home prices is expected to continue and that buyers should have financing in place and be ready to act when a property is found. Buyers should also be aware that time is not on their side, and if a buyer becomes too demanding with their housing needs they may lose out on the perfect home.
What Does This Mean For Sellers?
The market for real estate favors sellers at this time, however, due to a seasonal slowdown and higher listing prices for homes, sellers may see a slowdown in buying activity. The Outer Banks real estate market is unique and while home sales have slowed most of the year, a pickup in buying activity is expected over the coming months. Sellers who have been thinking about getting their property listed and on the market should go ahead and do so 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!