Shifting Trends: Longer Days on Market, More Price Reductions, and Growing Inventory—What It Means for Buyers and Seller
The Outer Banks real estate market is seeing some shifts as we head into 2025. While demand remains strong, homes are taking longer to sell, price reductions are increasing, and inventory is growing. Let’s take a closer look at what’s happening.
Homes Are Staying on the Market Longer
During the pandemic, homes in the Outer Banks were flying off the market, but that trend has slowed. The median days on market is now 82 days, reflecting a more balanced market where buyers have more time to make decisions. Sellers should be mindful that properly pricing a home is more important than ever.
Price Reductions Are on the Rise
With rising inventory and more competition, sellers are adjusting their expectations. In February, price reductions increased by 19% month-over-month. This signals that buyers now have more negotiating power, and sellers should price competitively to attract offers.
More Homes on the Market Means More Choices for Buyers
Inventory is up 31% compared to last year, and residential inventory alone has surged by 56%. This gives buyers more options and reduces some of the urgency that defined the market in recent years.
Sales Are Holding Steady Despite More Listings
Even with the increase in available homes, total sales have remained stable, showing a 3.9% year-over-year increase. This suggests that demand for Outer Banks homes is still strong.
Prices Are Still Rising
Even with more homes on the market, the median sale price continues to climb. Residential home prices are up 14% year-over-year, while lot and land prices have increased 8%.
What This Means for Buyers and Sellers
- Sellers: Proper pricing is key. Overpricing a home in today’s market could mean sitting on the market longer or facing price reductions later.
- Buyers: More inventory and stabilizing prices make this a great time to explore the market and find the right property.
If you’re thinking about buying or selling in the Outer Banks, my team and I are here to help. Reach out today to discuss your real estate goals.