Wind, Rain, and Real Estate Reign: Outer Banks YTD & YOY Report - January 2024 Edition! Where Houses Stand Stronger Than Our Kids' Umbrellas!!!!

***I am reporting live from my kitchen table on 2/13/2024. Dare County Schools are closed today due to heavy rain and wind and my 3 kids are helping mom with her latest Blog. 

In this whirlwind edition of our January 2024 Outer Banks Real Estate Statistics, we dive into the latest YTD and YOY figures faster than our kids got blown out of school today! With winds howling louder than a beachfront bidding war and raindrops falling as thick as our property portfolios, it's clear that not even Mother Nature's mood swings can dampen the hot property market here in the Outer Banks. So, grab your windbreaker and join us on a gusty journey through the latest real estate trends – it's an adventure where the only thing more unpredictable than today's weather is the next exciting property opportunity!

  • New listings soared by 43% compared to January 2023, and a remarkable 79% from December 2023. This surge indicates a vibrant market, bustling with opportunities for buyers and sellers alike.
  • Under contract home sales increased by 14% from December 2023, signaling strong demand and buyer interest.
  • Total inventory rose by 9%, providing a wider array of choices for prospective buyers.
  • Notably, Dare County property foreclosures have been on an upward trend for the past five months, a crucial trend for investors and market analysts to monitor .

Understanding Median vs. Average Prices:

Median Price: This is the middle price in a list of property sales prices sorted from lowest to highest. It's less affected by outliers (extremely high or low prices) and often provides a more accurate picture of the market's central tendency.

Average Price: Calculated by adding all property sales prices and dividing by the number of sales. It gives a general sense of the market, but can be skewed by a few very high or low-priced properties.

These metrics are vital in understanding the health and direction of the real estate market. The median price often reflects the market's core, while the average price can indicate overall market trends and property values.

Here are some fascinating year-to-date (YTD) insights from January 2024, compared to the previous year:

  • Corolla: This picturesque town witnessed a slight decrease in YTD sales, with 5 units sold in 2024 compared to 7 in 2023. However, the median sales price saw a modest increase to $1,000,000 in 2024, up from $990,000 in 2023. The average days on the market (DOM) improved dramatically, dropping from 100 days in 2023 to just 38 in 2024
  • Duck: Known for its serene beaches, Duck experienced a 25% increase in YTD sales with 5 units sold in 2024. The median sales price also rose to $805,000 in 2024 from $737,450 in 2023. The average DOM improved significantly, dropping from 75 days in 2023 to only 14 in 2024 .
  • Southern Shores: This tranquil town saw a 25% increase in YTD sales with 5 units sold in 2024. The median sales price rose to $805,000 in 2024, a 9% increase from 2023. The average DOM saw a remarkable decrease from 75 days in 2023 to just 14 in 2024 .
  • Kitty Hawk: Famous for its rich history, Kitty Hawk had a stagnant Jan.YTD sales with 5 units in 2024. The median sales price decreased to $370,000 in 2024, down from $470,000 in 2023. The average DOM increased from 27 days in 2023 to 43 in 2024.
  • Kill Devil Hills: This vibrant town saw a 75% increase in YTD sales with 7 units sold in 2024. The median sales price also rose sharply to $839,900 in 2024, up from $665,000 in 2023. The average DOM decreased from 82 days in 2023 to 69 in 2024 .
  • Nags Head: This town, known for its beautiful beaches, 69 days average Jan. 2024 vs 82 days Jan. 2023, 7 units sold YTD Jan 2024 and Average Median Price $839,900 Jan. 2024 vs $665,000.00 Jan. 2023.
  • Roanoke Island: Steeped in history, Roanoke Island had steady YTD sales with 7 units sold in both 2023 and 2024. The median sales price skyrocketed to $1,022,000 in 2024, a significant increase from $465,000 in 2023. The average DOM decreased from 47 days in 2023 to 28 in 2024 .
  • Currituck Mainland: Known for its natural beauty, Currituck Mainland saw 8 units sold in 2024, a decrease from 11 in 2023. The median sales price increased to $379,500 in 2024, up 38% from 2023. The average DOM increased from 33 days in 2023 to 49 in 2024 .
  • Ocracoke Island: A hidden gem, Ocracoke Island saw 6 residential units sold, emphasizing its exclusivity .

Each town in the Outer Banks offers a unique real estate story, making it a diverse and dynamic market for buyers and sellers alike. Please reach out any time with questions about Real Estate in the Outer Banks and surrounding area. I am always happy to help!