Dare & Currituck County
Overall, 2018 was a good year for Outer Banks real estate market.
Sales volume for both single-family homes and condos/townhouses increased (+5%).
The average sales price for single-family homes ($450,204) increased by 8%, and the median sales price increased by 5% reaching $350,000 in 2018.
Despite the increase in both sales volume (+5%) and units (+12%), condos & townhomes experienced a downturn in the average sales price (-6%) and median sales price (-3%).
It was not the best year for land sales, but a good one for land sellers. Both units and sales volume were down: -21% and -7% respectively. However, due to the scarcity of supply, the average sales price on vacant land increased by 19% (!).
The average days on market indicator (DOM) became one of the most optimistic signs for the Outer Banks real estate market in 2018. The period of time from listing date to contract date reduced by 15% for residential properties and by 5% for vacant land. It took on average 3 weeks less for any sold residential property to go under contract and close in 2018.
Let’s hope for the best year yet to come!
2018 OBX Real Estate Sales by Area – Single Family Homes
DOM – Days on Market