Outer Banks Real Estate Market Update – January 2025
The Outer Banks real estate market is experiencing some exciting shifts as we step into 2025. Whether you’re thinking about buying or selling, now is the time to stay informed. The latest numbers indicate significant changes, and we’re here to break it all down for you.
Inventory Is on the Rise:
One of the biggest updates is the increase in available properties. Compared to this time last year:
- Total inventory is up 27%!
- Residential inventory has surged by 48%!
For buyers, this means more options to choose from. For sellers, it signals increased competition, making strategic pricing and marketing essential.
Sales Are Growing Alongside Inventory:
Despite the rise in available homes, properties are still selling quickly. Residential sales have climbed by 25%. Here’s a closer look:
- Single-family home sales are up 24%.
- Condo sales have skyrocketed by 46%!
This surge in activity suggests that buyers are motivated, and demand remains high. If you’re considering selling, the market is still in your favor.
Home Prices Continue to Appreciate:
Sellers will be pleased to know that median sale prices for residential homes have increased by 8%, ensuring strong returns on their investments. However, if you’re an investor or someone looking to build, there’s an opportunity in land purchases—median lot prices have dipped by 5%, making this a great time to buy.
Market Trends by Town:
Real estate activity varies across different towns in the Outer Banks, with some areas seeing remarkable growth:
- Duck: Median sale price up 24%, now exceeding $1.1 million.
- Nags Head: Sales up 43%, with prices increasing 10% to $908,000.
- Kill Devil Hills: Sales climbing 22%, with prices holding steady around $542,500.
- Hatteras: Sales up 13%, with median prices rising 17% to $665,000—a strong sign of demand in this beautiful coastal area.
What This Means for You:
For Sellers: With increased buyer activity and rising prices, now is a great time to list your property. Proper pricing and staging can make all the difference in a competitive market.
For Buyers: More homes on the market mean more choices, but with demand staying strong, hesitation could cost you your dream home. Acting quickly and having a solid plan in place is key.
Let’s Make Your Real Estate Dreams a Reality!
Whether you’re looking to buy or sell in the Outer Banks, Trisha Midgett and Team are here to help. With expert knowledge of the market and a passion for making real estate transactions smooth and successful, we’re ready to assist you every step of the way.
Reach out today, and let’s get started on making your real estate goals come true!
Stay tuned for next month’s update, and happy house hunting!