Welcome to this month’s real estate market report for the Outer Banks, North Carolina area. Median sale prices for homes are up, inventory is still down compared to 2021, and while property sales increased month to month, they are still down significantly from one year ago. Get up to date with the Outer Banks real estate market with this helpful report.
Are you searching for a home to buy in the Outer Banks area? Start here by using our free home finder tool to locate properties by price, size, location, and more! Be sure you save your favorites to tour, then, sign up to be notified as soon as new properties become available so you don’t miss out!
Are you ready to sell your home in the Outer Banks but not sure for what price? Find out what your home may be worth by using our free home valuation tool. Simply enter some basic information about your property and we will provide you a competitive market summary with a suggested listing price for your home.
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Outer Banks Housing Stats
The median sale price for single-family residential properties of all Outer Banks communities at the end of September 2022 was $595,000, which is up 20% year to year. Median sale prices for single-family homes increased from $500,000 at the end of August.
There has been a total of 1,995 single-family residential properties sold so far in 2022, single-family home sales fell month to month, dropping from 200 during August to just 160 in September.
There was a total of 2,601 sales of all property types in the Outer Banks at the end of September, this is a drop of 24% compared to the previous September.
There are just 510 single-family residential properties for sale in the Outer Banks area at the end of September, this is a drop of 5% compared to this time one year ago.
Single-family homes are on the market for an average of 34 days before being sold, this is up from 30 days in August 2022, and up from 54 days at this time one year ago.
Outer Banks Land/Lot Stats
There have been 568 land/lot parcels sold so far in 2022, sales of land/lot parcels are down 24% compared to one year ago.
There is a total of 451 land/lot parcel listings in the Outer Banks at the end of September, listings are down 15% year to year.
Land/Lot parcels are on the market for an average of 147 days before being sold in 2022, this is down from 170 at this time in 2021.
Outer Banks Towns Median Sale Prices
Corolla: Single family home median price, $889,000, up 23% from one year ago.
Duck: Single family home median price, $901,250, up 39% from one year ago.
Southern Shores: Single family home median price, $766,000, up 17% from one year ago.
Kitty Hawk: Single family home median price, $575,000, up 15% from one year ago.
Colington: Single family home median price, $492,000, up 37% 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, $622,500, up 19% from one year ago.
All Hatteras: Single family home median price, $620,000, up 19% from one year ago.
Roanoke Island: Single family home median price, $455,037, up 6% from one year ago.
Currituck Mainland: Single family home median price, $390,000, up 17% 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?
If you are on the search for a new home or piece of land in the Outer Banks, expect higher prices, and slightly more inventory available. Buyers are not facing a very competitive market, homes are on the market for over 30 days before being bought. While land/lot parcels are higher this year, pricing varies by region, as some areas are more in demand than others, and therefore sell for a higher price. One bit of good news for buyers is that building permits are higher for 2022 than for 2021 which will give buyers more options and prices possibly dropping.
Buyers should have financing in place and be prepared to act when a property is found. Time is not on a buyer’s side and too much hesitation can cost you more money or the property that you wanted to buy.
What Does This Mean For Sellers?
Sellers of single-family homes and land/lot parcels in the Outer Banks can see their property values rise. However, sellers of homes or land/lot parcels should be patient. Higher interest rates and inflation are causing some buyers to put off their purchases, and this trend may continue over the winter season and into the spring of next year. While some areas may see prices continue to increase and properties sell very quickly.
While some reasons for the slowdown are due to seasonal trends, we expect a shift to continue well in to next year.
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!