With property values up 9% and inventory surging, buyers, sellers, and investors have prime opportunities in the Outer Banks real estate market as 2024 wraps up.
As we move through the final months of 2024, the Outer Banks real estate market continues to show dynamic shifts. Whether you’re considering buying, selling, or investing, staying informed on the latest statistics can help you make the best decisions. Let’s break down the key takeaways from the recent Outer Banks Association of REALTORS® Q3 2024 Report and what it means for you.
Rising Property Values
Residential property values in the Outer Banks remain on the rise. The median sales price increased by 9% compared to Q3 2023 and has seen a 5% increase year-over-year. This steady appreciation benefits sellers, providing higher returns on their properties, while investors looking for long-term growth should take note of the sustained value increases.
Inventory and Opportunities for Buyers
Total housing inventory in the Outer Banks rose by 38% from Q3 2023 and 28% year-to-date, offering more options for buyers. While competition remains, this increased supply gives potential homebuyers a better chance to find their dream home or investment property. Plus, with days on market creeping up to 55 days on average, buyers have a bit more breathing room to make decisions compared to the fast-paced market of the past few years.
Sales Decline Creates Buying Opportunities
While inventory is up, total sales have dipped by 2% from Q3 2023 and by 9% year-to-date, meaning fewer transactions are closing. For buyers, this could mean more negotiating power as some properties sit on the market longer. Investors, especially, can use this to their advantage, capitalizing on a softer market to find deals.
Land and Lot Sales
For those looking to build, the lot and land market saw an 11% decline in sales this past quarter, while available land inventory increased by 33% year-to-date. This shift presents a great opportunity for investors and developers, particularly as Outer Banks land continues to be a valuable asset for vacation rentals or custom homes.
Looking Ahead: What Buyers, Sellers, and Investors Should Expect in 2025
Nationally, the outlook for 2025 is optimistic. Mortgage rates are expected to ease, potentially settling into the mid-to-high 5% range, making homeownership more affordable. As financing costs decrease and inventory continues to rise, we anticipate more activity in the market.
If you’re considering buying, selling, or investing in Outer Banks real estate, now is a crucial time to act. Sellers can still take advantage of rising home prices, while buyers and investors should prepare for more opportunities as inventory rises.
