Welcome to this month’s real estate market report for the area of Outer Banks, North Carolina. Real estate sales in the Outer Banks area have declined over the last couple of months, which according to realtors is due to a seasonal slowdown. Inventory levels while lower than the previous year, have actually increased each month during 2022. Read this report to get updates about the real estate market in Outer Banks, North Carolina.
If you are planning to buy a house in the Outer Banks area then you need to start your search here to find the perfect home. Locate properties by price, size, location, and more. Be sure to save your favorite properties to tour, then, sign up to be notified as soon as new listings that match your needs become available.
Are you thinking of selling your home or land but not sure for what price? Find out what your property may be worth by using our free home valuation tool. Simply enter some basic information about your property and we will provide you with a comprehensive market summary of your home or land and 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 single-family residential properties in the Outer Banks area at the end of June 2022 was $545,000, this is a year-to-year increase of 3%.
There were 225 single-family residential listings sold during June, this is a month-to-month drop in sales from 250 listings sold during May.
There are just 529 single-family residential listings available to buyers in the Outer Banks, North Carolina area, inventory is up 25% from year to year.
Single-family residential properties are on the market for an average of 25 days before being sold, this is a year-to-year decrease from 62.
The median sale price for lots/land in the Outer Banks area at the end of June was $120,650, this is a year-to-year increase of 18%.
There were approximately 50 land parcels sold in the Outer Banks during the month of June, this is a month-to-month drop in sales activity from 80 during May.
There are a total of 465 land/lot listings available to buyers, land/lot listings are up month to month from 420 in May.
Land/lot listings are on the market for an average of 176 days before being sold, just one less day than at this time one year ago.
Outer Banks Towns Pricing Stats
Corolla: Median sale price for single-family homes, $915,000, up 26% year to year.
Duck: Median sale price for single-family homes, $902,500, up 39% year to year.
Southern Shores: Median sale price for single-family homes, $780,000, up 19% year to year.
Kitty Hawk: Median sale price for single-family homes, $575,000, up 15% year to year.
Colington: Median sale price for single-family homes, $490,000, up 36% year to year.
Kill Devil Hills: Median sale price for single-family homes, $485,000, up 18% year to year.
Nags Head: Median sale price for single-family homes, $799,250, up 28% from one year ago.
All Hatteras: Median sale price for single-family homes, $620,000, up 19% year to year.
Roanoke Island: Median sale price for single-family homes, $450,000, up 5% year to year.
Currituck Mainland: Median sale price for single-family homes, $385,000, up 16% year to year.
Ocracoke Island: Median sale price for single-family homes, $535,000, up 24% year to year.
What Does This Mean For Buyers?
Buyers who are looking for properties in the Outer Banks can expect to see slightly more inventory, while inventory is down compared to last year, inventory levels have been increasing month to month since the beginning of the year. Now is a good time to look for a home to buy as the market is not as competitive at this time of year. Buyers who are searching for a home to buy should have financing in place and be ready to act as soon as a property is found.
What Does This Mean For Sellers?
Sellers of homes are enjoying favorable market conditions. Homes are in demand and prices are climbing higher. While we can expect a sellers-market through the summer, as interest rates and inflation concerns grow, a slow-down in the real estate market is expected. Sellers should take the opportunity to get their home listed in sold while market conditions are favoring sellers.
If you are ready to sell your home, give us a call today. We show you what the current market value of your home is, and how we market the best features of your property to the most qualified of buyers so your home sells quickly. Time is wasting, let’s get started!
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!