Welcome to our comprehensive market update for Outer Banks and Northeastern North Carolina. The real estate landscape in this beautiful region continues to shift, and we’re here to provide you with the latest trends and statistics to help you navigate your buying or selling journey.
Dare County
In June 2024, Dare County’s real estate market showed signs of softening. The months of inventory were at 4.61, indicating a market that is nearing balance but still slightly favoring sellers. Homes sold relatively quickly, with a median days on market of 28. However, the list-to-sold price percentage decreased to 96.8%, reflecting a rise in price reductions. The median sold price was $618,750, pointing to a general softness in the market. The increase in inventory is leading to more price adjustments, with homes not priced correctly remaining on the market longer.
Currituck County
Currituck County experienced a robust real estate market in June. The months of inventory were low at 3.43, signifying a strong seller’s market. Properties sold swiftly, with a median days on market of 22. The list-to-sold price percentage was high at 99.2%, driven by the demand in the Moyock area, which benefits from a significant presence of military and government contractors. The median sold price in Currituck was $542,000, reflecting the strong demand. The area’s appeal is enhanced by lower taxes compared to Virginia, making it a popular choice for buyers.
Combined Trends for Dare and Currituck Counties
When combining Dare and Currituck Counties, June 2024 was noted as the slowest month of Q2 in terms of units sold and sales volume. Active residential listings exceeded 600, the highest in a long time. This increase in inventory, along with ongoing price reductions, is expected to continue. The average days on market decreased for the third consecutive month, with the average sold price for both counties combined at $802,320. There were 209 price changes in June, indicating that sellers and agents are adapting quickly. Of the 206 properties listed in June, 28% were already under contract. Properties sold for an average of 94% of the original asking price, emphasizing the importance of accurate pricing. Sales ranged from $244,000 to $3.64 million, showcasing a broad price range.
Camden County
Camden County’s real estate market showed a slight increase in inventory to 4.23 months, up 4% year-over-year. Homes are selling relatively quickly, with a median days on market of 38. The list-to-sold price percentage was 100.9%, indicating a competitive market. The median sold price in Camden was $369,000, driven by the area’s popularity due to excellent schools, proximity to beaches, and nearby military bases.
Pasquotank County
In Pasquotank County, including Elizabeth City, the inventory was very low at 2.07 months, reflecting high demand. Homes sold extremely quickly, with a median days on market of just 9. The list-to-sold price percentage was 98.3%, demonstrating a competitive market. The median sold price was $319,900, making the area attractive to buyers due to its lower prices compared to nearby regions. High demand is supported by the presence of the Coast Guard base, government contractors, new industries, and easy access to Virginia.
Overall, June 2024 revealed varied trends across these counties. While Dare and Currituck Counties experienced slower sales with rising inventory and price adjustments, Camden and Pasquotank Counties continued to show strong demand due to their strategic locations and favorable conditions.
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