Welcome to this month’s Outer Banks area real estate market report. Are you thinking of buying or selling a home soon and are curious to know what the real estate market is like in the Outer Banks? Read this helpful report to get up to date.
Are you ready to buy a home soon? Start your search here to find homes in Outer Banks areas such as Corolla, Duck, Kitty Hawk, and Southern Shores become available so you don’t miss out on the perfect home!
Are you ready to sell your Outer Banks home but not sure for what price? Find out what your property may be worth by using our free home valuation tool. Simply enter the information needed and we will provide you with a comprehensive market summary of your home with a suggested list price to offer your home to potential buyers. 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 homes in the Outer Banks area at the end of November 2021 was $475,000, a year-to-year drop of 1% from $477,500.
There were 4,072 listings sold during November, an increase of 22% from 3,349 the previous November. There is a total of 887 property listings available to buyers in the Outer Banks, inventory is down 31% from 1,724 at the end of November 2020.
There were 377 residential single-family homes in the Outer Banks area that were sold during the month of November, this is a drop of 39% from 618 sold during the previous November. For the year so far there have been 2,866 properties sold, only 3% higher than at this time last year.
There is a total of 380 single-family listings available to buyers at the end of November 2021, this is down 59% year to year from 618. Single-family residential homes are on the market for an average of 53 days before being sold compared to 114 days one year ago.
There were 466 land listings sold during the month of November in the Outer Banks area, this is down 23% from 603 sold during the previous November.
The median sale price for land is $137,450, a year-to-year increase of 45% from $95,000. For the year so far there have been 892 plots of land sold, an increase of 40% from 549 sold at this time last year.
Land properties are on the market for an average of 168 days before being sold, down from 217 days before being sold during 2020.
The counties of Dare and Currituck saw a combined increase of building permits for 2021. Dare County has 275 new building permits this year, up from 226 the previous year, Currituck County has a total of 401 new building permits issued so far in 2021, up from 378 the previous year.
What Does This Mean For Buyers?
If you are looking for a home to buy in the Outer Banks area patience is a must. Inventory levels are at an all-time low, and there is a great deal of competition for homes. Buyers must be aware that time is not on their side, and may see their purchasing power decline as prices continue to increase.
Buyers can be optimistic in that building permits are on the rise, and as winter continues, competition may slow down a bit. Buyers should have financing in place and be ready to act as soon as a property is found.
If you are looking for a home in the Outer Banks area, give us a call at (252) 202-2156. We have the knowledge and expertise to find you the perfect home. We understand how our unique market here in North Carolina works and want to help you save time and money finding a new home. To get started, give us a call today!
What Does This Mean For Sellers?
If you are thinking of selling your home, now is a great time to get it on the market. Demand is strong, and as low-interest rates continue, sellers in most markets can expect their homes to sell quickly, as total sales volume for 2021 is close to $2 billion dollars.
If you are considering selling your home, give us a call at (252) 202-2156. The first step to selling your home is pricing it correctly. We then market your home and show off the most in-demand features to qualified and interested buyers. It takes more than just placing a sign in the yard to get your home sold. Find out how we help sellers in Outer Banks sell their homes to net the most money. Give us a call today to 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!