A Market That’s Starting to Shift
We’re officially into March, which makes it the perfect time to look back at what happened in February and what it means for our Outer Banks real estate market.
Right now, the overall theme is a shift. Not a crash or anything dramatic, just a market that’s beginning to level out after the fast-paced few years we’ve had.
Inventory is actually down slightly compared to last year, about 3% for residential homes and around 7% for land, so we’re not flooded with listings.
At the same time, sales are down about 5% overall, and single-family homes are down closer to 11%. But condos saw a noticeable jump, which tells us buyers are still active, they’re just being more selective and a little more price conscious.
What’s Going On With Prices
The median residential price is down about 16.5% year over year.
That might sound like a big drop, but it really comes down to what’s selling. With more condos and lower price points in the mix, the median shifts down. It doesn’t necessarily mean values across the board are falling.
Homes are also taking a little longer to sell. Days on market has gone from about 68 days last year to around 83 days now, giving buyers a bit more breathing room.
Not All Areas Are Moving the Same
When you break things down by area, it’s a bit of a mixed bag.
Corolla and Duck are still seeing strong activity, while Nags Head and Hatteras have slowed a bit for now.
What This Means for Buyers and Sellers
For buyers, this is a great window. There’s more opportunity, more room to negotiate, and less pressure than we’ve seen in recent years.
For sellers, pricing correctly is everything right now. The homes that are priced right are still selling, while the ones that miss the mark are sitting longer and often need adjustments.
A More Balanced Market
Overall, we’re moving into a more balanced, normal market, which is honestly a really healthy place to be.
If you’ve been thinking about buying or selling, or just want to know what your home might be worth in today’s market, reach out anytime. We’re always happy to help.
