Welcome to this month’s real estate report for the Outer Banks, North Carolina areas of Corolla, Duck, Southern Shores, Kitty Hawk, Colington, Kill Devil Hills, Nags Head, All Hatteras, Roanoke Island, Currituck Mainland, and Ocracoke Island. While home sales have slowed over the last couple of months, prices for single-family homes and land prices have been climbing higher. Read the full report to find out how high prices have gone up over the last month.
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Outer Banks Housing Stats
The median sale price for single-family homes in the Outer Banks, North Carolina area at the end of May 2022 was $606,250, which is a year-to-year increase of 29%. For the year there have been 1,214 single-family residential units sold, which is down 22% from this time one year ago. There are currently just 412 single-family home listings available to buyers.
For the year so far there has been a total of 1,587 listings of all property types in the Outer Banks area. This is down 19% from 1,965 sold by this time last year. At the end of May, there were just 896 listings of all property types available, this is down 13% from 1,029 at this time last year.
There were 250 single-family homes sold in the Outer Banks area during May, this is a month-to-month drop from 260 during April, and down from 300 during the month of March.
Homes in the Outer Banks area are on the market for an average of 37 days before being sold so far in 2022, this is down from 66 days just one year ago.
The median sale price for land/lots in the Outer Banks area at the end of May was $121,730, which is up 17% from one year ago. In total there are just 435 land listings available to buyers.
There were 80 land units sold during the month of May, this is up from 75 in April, and the same number were sold during March. For the year there has been 348 land units sold, which, is 9% fewer than 382 sold by this time in 2021.
In the Outer Banks area, land/lot listings for sale are on the market for an average of 184 days before being sold, right in line with the average of 182 days before being sold at this time one year ago.
Outer Banks Towns Pricing Stats
Here are median sale prices for single-family residential homes in communities of the Outer Banks area at the end of May 2022.
Corolla: Median sales price is $892,250, up 23% from last year.
Duck: Median sale price is $915,000, up 41% from one year ago.
Southern Shores: Median sale price is $780,000, up 19% from one year ago.
Kitty Haw: Median sale price is $550,000, up 10% from one year ago.
Colington: Median sale price is $485,000, up 18% from last year.
Kill Devil Hills: Median sale price is $485,000, up 18% from one year ago.
Nags Head: Median sale price is $799,250, up 28% from one year ago.
All Hatteras: Median sale price is $621,500, up 19% from last year.
Roanoke Island: Median sale price is $465,000 up 9% from one year ago.
Currituck Mainland: Median sale price is $385,000, up 16% from one year ago.
Ocracoke Island: Median sale price is $535,000, up 24% from one year ago.
What Does This Mean For Buyers?
If you are looking to buy a home in the Outer Banks, North Carolina area, expect to see higher prices and fewer homes to choose from. However, inventory levels have climbed for the last three months. While the market is competitive, for the most part, buyers have been paying the full asking price or just a little under. Consistent overbidding for homes has not been happening in the Outer Banks area.
Buyers should have financing in place and be ready to act when a property is found. Buyers should work closely with their realtor to be aware of market conditions and to maintain realistic expectations. To find out how we can help you achieve your home or land buying goals, give us a call today!
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!