Discover the latest insights from the Outer Banks Association of REALTORS® and what they mean for buyers and sellers.
The Outer Banks real estate market continues to thrive, according to the 2024 Second Quarter Statistical Report from the Outer Banks Association of REALTORS®. Whether you’re a buyer, seller, or investor, understanding these trends is crucial for making informed decisions. Here’s a breakdown of the key highlights:
Residential Median Sales Price:
The median sales price for residential properties reached a record high in Q4 2023 and is nearing that peak again in Q2 2024. This trend indicates that property values in the Outer Banks are on the rise, making it an excellent time for investments.
Inventory Levels:
Good news for buyers! Residential inventory has increased by 62% compared to last year, offering more options on the market. Similarly, lots and land inventory is up by 22%. Overall, total inventory has grown by 43%, providing ample opportunities for finding your dream home or ideal vacation rental.
Sales Performance:
Year-to-date residential sales have surged by 35% from Q2 2023 to Q2 2024. While single-family detached and condo sales have seen a slight dip, the overall market activity remains robust.
Days on Market (DOM):
The average DOM for residential properties in 2024 is holding steady at around 55 days. Properties are moving quickly, which is excellent news for sellers looking to capitalize on high demand.
Lots and Land Sales:
Inventory for lots and land has increased by 22%, even though sales have slowed slightly. This scenario presents a fantastic opportunity for buyers interested in building custom homes in the Outer Banks.
Conclusion:
The Outer Banks real estate market is vibrant and growing. For sellers, it’s a prime time to list your property and benefit from high demand and rising prices. For buyers, the increased inventory means more choices and opportunities to find your perfect slice of paradise. If you have any questions or need personalized advice, feel free to reach out to Trisha Midgett and Team. We’re here to help you navigate the Outer Banks real estate market with ease and confidence.
