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Exciting Outer Banks Real Estate Market Update: July 2024

Trending Insights: Dive into the Latest Numbers on Listings, Days on Market, and Prices

Hello, Outer Banks community! Trisha Midgett and Team here, bringing you the latest real estate market update. Whether you’re a property investor, homebuyer, or considering selling your home, we have some fascinating insights and trends to share from the May 2024 MLS report. Let’s dive into the highlights and see what’s happening in our beautiful coastal market.

Inventory Surge

Good news for buyers and investors! The overall inventory has seen a significant increase. Residential inventory is up by a remarkable 67% compared to May 2023 and 26% since January 2024. This rise in availability presents an excellent opportunity for buyers looking to find their dream home or investment property. Likewise, lot and land inventory have grown by 15% since May 2023 and 20% since the beginning of this year, giving those interested in building their custom homes more options.

Sales Trends

While the inventory is on the rise, we are noticing some seasonal declines in sales. Single-family detached home sales have decreased by 9% since May 2023 and by 2% since January 2024. However, condo sales tell a different story, with an 8% increase compared to last year, though they have dipped slightly by 3% since January.

Properties under contract are down by 19% compared to last year. This could indicate a more balanced market, giving buyers more leverage and options as they make decisions.

Days on Market

The average days on market (DOM) for residential properties have increased to 67 days, which is a 20% rise from last year. This extended timeframe can benefit buyers, providing them with more time to consider their options without the pressure of a rapidly moving market.

Town-Specific Insights

  • Corolla: Year-to-date sales are nearly steady with a slight 1% decrease. The median sales price has risen by 8% to $849,000, showing strong market confidence.
  • Duck: Sales are down by 4%, but the median sales price has increased by 7% to $912,500.
  • Southern Shores: Experiencing a larger decrease in sales by 36%, yet the median sales price is up by 11% to $815,000.
  • Kitty Hawk: Sales have decreased by 14%, with a modest 3% increase in median sales price to $585,000.
  • Kill Devil Hills: Showing a 12% increase in sales with a significant 12% rise in the median sales price to $557,450.

Opportunities for Investors

With the growing inventory and longer DOM, investors have a great chance to negotiate and find properties that meet their investment goals. The increasing condo sales also point to a lucrative segment for rental income opportunities.

Tips for Sellers

For homeowners considering selling, now is a crucial time to ensure your property stands out. With the rising inventory, staging your home and pricing it competitively will attract more potential buyers. Our team is here to provide personalized advice and strategies to help you make the most of the current market conditions.

Join Us for a Market Chat

We’re always here to help you navigate the Outer Banks real estate market. Whether you’re buying, selling, or investing, Trisha Midgett and Team are dedicated to providing you with the latest insights and personalized service. Feel free to reach out to us with any questions or to schedule a consultation.

Stay tuned for more updates, and let’s make the most of the opportunities in the Outer Banks real estate market together!

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