Outer Banks Real Estate Market Update – YTD March 2024

Hello, Outer Banks community and prospective newcomers! As your go-to source for local real estate insights, I’m excited to dive into the latest trends and numbers from our beautiful coastal area. The spring season is blooming and so is our market—with changes that might just be in your favor whether you’re buying or selling. Let’s take a closer look at how each area is performing as of March 2024.

Overall Market Trends

Our market is showing signs of vibrant activity with significant changes in inventory and sales prices across various sectors:

  • Total Inventory: We've seen a 28% increase compared to last March, rising from 759 to 969 listings. This growth is a breath of fresh air for buyers searching for that perfect beachfront home or a quaint hideaway.

  • Residential Sales: Year-to-date, residential sales are slightly down by 8% compared to last year, aligning with a total of 178 properties sold.

Spotlight on Residential Properties

  • Inventory Upswing: There’s good news for home seekers—residential inventory has surged by 58% over last year, now standing at 563 properties. More options mean more opportunities to find your dream home!

  • Median Sale Price Rise: The median sale price for single-family detached homes has grown by 7% over the past year. For those eyeing a simpler lifestyle or perhaps a vacation getaway, condo prices have jumped even higher, showing a 12% increase.

Days on Market

  • The average days on market for residential properties has decreased by 19%, now at about 52 days. This quicker turnaround indicates a market that’s gaining momentum and interest.

Lots and Land

  • Stable Growth: The lots and land sector remains stable with a modest 1% increase in inventory compared to last year. Whether you’re thinking about building from scratch or investing, now might be a good time to start looking at plots.

Distressed Properties

  • While not a large segment of our market, distressed property sales and inventory have seen slight fluctuations. Currently, there are 3 distressed properties on the market, which is a 50% increase from last year.

Town-by-Town Highlights

  • Duck: A significant 24% increase in sales this year, with a decrease in median sale price to $857,500.

  • Southern Shores: Sales down by 15%, but a notable rise in median sales price up to $815,000, showing a 12% increase.

  • Kill Devil Hills: Experiencing a 15% increase in sales, with median sales prices climbing to $550,000, reflecting a 7% growth.

This dynamic start to 2024 paints a promising picture for the Outer Banks real estate market. Whether you're planning to buy or sell, there seems to be an opportunity at every corner of our beloved coast.

As always, if you’re curious about specific areas or need advice on navigating the current market, don’t hesitate to reach out. I’m here to help make your real estate dreams a reality—let's chat about your perfect spot on the Outer Banks! 

 

Warm wishes and happy house hunting,

 

Michelle