Welcome to this month’s real estate market report for the Outer Banks, North Carolina area. Right now with low inventory and interest rates rising, the market may be starting to cool off. Find out what the market for homes is like in Outer Bank neighborhoods such as; Corolla, Duck, Kitty Hawk, Southern Shores, Kill Devil Hills, and more.
If you are looking for a home in the Outer Banks start searching here with our easy-to-use search page. Find properties by price, size, location, and more! Once you save your favorite properties to tour, then, be sure to sign up to be notified as soon as new listings that match your needs become available. Get started today!
Ready to sell your home but not sure at what price? Find out what your home may be worth by using our free home valuation tool. Simply enter some basic information about your home and we will provide you with a market summary of your home with a suggested list price. Don’t hesitate to click here to find out!
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Outer Banks Housing Stats
The median sale price for single-family residential homes in the Outer Banks area at the end of March 2022 is $575,000, this is a 27% year-to-year increase.
There were just 300 single-family residences sold in the Outer Banks area during the month of March this is down from the 375 sold during the previous March.
At the end of March, there are just 266 single-family residential listings in the Outer Banks area, inventory is down 30% from 380 at this time one year ago.
Overall inventory for all property types for the year is down 24% compared to this time in 2021. Residential inventory is down 30% compared to one year ago, land/lot inventory is down 24% from last year, and commercial inventory is down just 4% for the year.
Homes are on the market for an average of 42 days before being sold, this is down from 78 days on the market average one year ago.
The median sale price for land or lots in the Outer Banks area at the end of March 2022 is $116,417, up 7% from one year ago.
There were approximately 75 lots sold during the month of March, this is up from 60 sold during February of 2022.
There is a total of 424 lots for sale in the Outer Banks area at the end of March, inventory is down 26% compared to this time last year.
Land & lots are on the market for an average of 160 days before being sold, this is down from the 205-day average one year ago.
Outer Banks Towns Pricing Stats
Corolla, the median sale price for residential homes is $835,000, which is a year-to-year increase of 15% from $725,450.
Duck, the median sale price for residential homes is $900,000, a year-to-year increase of 38% from $650,000.
Southern Shores, the median sale price for residential homes is $780,000, up 19% from $655,000 at this time last year.
Kitty Hawk, the median sale price for homes is $450,000, which was down 10% from $500,000 one year ago.
Colington, the median sale price for homes is $450,000 which is a year-to-year increase of 25% from $360,000.
Kill Devil Hills, the median sale price for homes is $480,250, an increase of 17% from $410,000 at this time last year.
Nags Head, the median sale price for homes is $781,250, an increase of 25% from one year ago.
All Hatteras, the median sale price for homes is $530,000 which is just a 1% increase from $523,000 at this time one year ago.
Roanoke Island, the median sale price for homes is $462,500, a year-to-year increase of 8 %from $427,500.
Currituck Mainland, the median sale price for homes is $371,225, which is an increase of 11% from $333,022 one year ago.
Ocracoke Island, the median sale price for single-family residential homes is $535,000 which is a year to year increase of 24% from $431,750.
What Does This Mean For Buyers?
Buyers looking for a home to buy in the Outer Banks area should be aware of current market conditions, low inventory, climbing prices, and rising interest rates. Buyers should have financing in place before searching for a home. Only 50 residential listings in the MLS are priced at $400,000 or less. Buyers may find some relief in the way of less competition as some buyers get priced out of the market. Buyers can expect the trend of higher prices as the spring buying season continues.
Buyers may have to remove some must-have items in a home, being realistic with your expectations and a willingness to compromise will make for a better buying experience. Buyers should work closely with their realtor to make sure they are aware of new listings and to submit an offer that stands out among the competition. Give us a call today and we can answer all your home buying questions.
What Does This Mean For Sellers?
The Outer Banks real estate market currently favors sellers. Homes are selling for the above asking price and are selling quickly compared to previous years. There is strong demand for homes and this trend should continue. Sellers need to be aware of what could reverse this trend: rising interest rates and higher prices. Sellers should be realistic and have a plan in place if the market begins to shift.
Pricing your home correctly in the dynamic Outer Banks real estate market is critical, sellers do not want to give away too much. We understand the Outer Banks market and expect to see demand continue. If you are thinking of selling your home, give us a call today and we can show you how we sell homes quickly and net you the most amount of money possible!
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!