Despite/due to the pandemic, the Outer Banks real estate market broke many records both in sales volume and units sold last year. With a slow and frustrating beginning of the year, its second half turned out to be epic for the Outer Banks real estate. OBX officially became a SELLER’S MARKET with abnormally high demand and shrinking inventory.
Overall sales volume in Dare and Currituck Counties have seen an astronomical $1.52 BILLION with over $1.31 billion in single-family homes sales. Single-family homes sales have risen 75% in volume and 44% in units, which resulted in an average sales price increase (+21%).
Condo/Townhouse sales volume was up 59% with 57% more units sold than a year before (although the average sales price did not change much in this segment).
Residential vacant land sales were up 55% in volume and 39% in units. Both average sales price and median sales price of residential land increased last year: +11% and +18% respectfully.
Let’s take a look at single-family homes sales in particular areas and towns. The average sales price in 2020 has increased throughout the Outer Banks: Corolla (+20%), Duck (+1%), Southern Shores (+6%), Kitty Hawk (+14%), Kill Devil Hills (+16%), Nags Head (+14%), Manteo (+21%), Hatteras Island (+5%). Corolla experienced an unprecedented buyer activity in 2020 which resulted in 540 single-family homes sold last year (versus 251 units in 2019).
Residential vacant land sales were on fire as well, especially in Northern Outer Banks. The average sales price of vacant lots increased significantly in the following areas: Southern Shores (+18%), Duck (+21%), Corolla (+25%), and Carova 4-wheel drive area (+66%!).
Last but not least, customers looking for a condo or townhouse on the Outer Banks were as busy as those buying homes or land in 2020.
However, despite the abnormal demand, average sales prices on condos and townhouses did not change much in comparison to 2019: Corolla (+6%), Duck (+2%), Kitty Hawk (+6%), Kill Devil Hills (+6%), Nags Head (+10%), Manteo (0%), Hatteras Island (-6%).
Due to low inventory (only 1159 properties being active on January 5th, 2021), low-interest rates, and high demand from the buyers, the Outer Banks real estate market should remain a seller’s market for the whole year of 2021. If you own a property on the Outer Banks and thinking of selling it sometime soon, I would not wait any longer!