2022 OUTER BANKS MARKET REPORT

Despite the significant interest rate increase in 2022 (+4.25%), Outer Banks still remained a SELLERS market. Even with fewer residential properties sold (28% fewer homes and 16% fewer condos), the demand remained strong and drove the sales price up to 16% higher over the previous year.

It took only about a month for a single-family home, condo, or townhouse to go under contract last year! Meanwhile, residential vacant land had to wait almost 5 months in average before going under contract.

The inventory is slowly recovering (+14%) from its lowest figures last year (888 active listings as of January 6th, 2023 vs. 779 active listings on January 7th, 2022). On one hand, low supply remained one of the main factors for growing sales price. On the other hand, it looks like an average sales price already passed the peak last summer. According to 2022 market absorption rate, we currently have two-month supply of residential single-family homes, condos/townhomes and five-month supply of vacant land.

Let’s get to the year review in details now. In 2022 we are finally done with breaking the previous years’ records: single-family homes sales volume decreased by 16% with 28% fewer transactions closed last year. Nevertheless, average sales price managed to add another 16% and median sales price grew 19% over the year.

Condo/townhouse average sales price and medium sales price both increased last year (+11% and +4% respectively), but were not as successful as single-family homes. With fewer deals closed (-16%), the sales volume of condos/townhomes also went down 7% last year.

Residential vacant land buyers last year were not as active as back in 2021. The number of transactions declined tremendously in comparing to the previous year (-33%). However, both average sales price and median sales price of residential land increased last year: +16% and +21% respectively

Here is a breakdown of single-family homes price range in towns and areas based on 2022 sales.

Average sales price of a single-family home has increased in all areas last year: Carova 4×4 area (+14%), Corolla (+19%), Duck (+23%), Southern Shores (+22%), Kitty Hawk (+20%), Kill Devil Hills (+19%), Colington (+36%), Nags Head (+23%), Manteo (+19%), Rodanthe/Waves/Salvo (+19%), Avon (+25%), Buxton/Frisco (+15%), and last but not least, Hatteras (+37%).

2022 Single-Family Detached Homes Sales

As it was mentioned before, there were 51 fewer condos and townhouses sold in 2022. Nevertheless, the average sales price increased in all areas: Corolla (+3%), Duck (+21%), Kitty Hawk/Southern Shores (+17%), Kill Devil Hills (+7%), Nags Head (+24%), Manteo (+9%), Hatteras Island (+31%).

2022 Condo And Townhouse Sales

After a great year of 2021 (+46% residential vacant land sales), the number of vacant land closings last year decreased by remarkable 33%. However, both average and median sales prices showed 16% and 21% increase respectively. Average sales price of vacant land increased significantly in the following areas: Corolla (+79%), Duck (+64%), Southern Shores (+44%), Kitty Hawk (+52%).

On the other hand, some areas were not as favorable as others last year: Carova 4×4 area (-20%), Kill Devil Hills (+2%), Colington (-8%), Nags Head (+1%). Here is what you can expect to pay for a piece of land on Outer Banks nowadays:

2022 Residential Vacant Land Sales

Finally, let’s take a look at 5-year appreciation of an average Outer Banks property:

For example, if you bought a single-family OBX home back in 2017, or around that time, you pretty much doubled your investment by now (+95%)!

For condo/townhouse owners and vacant land investors the news is not that great, but still heartwarming: +55% in equity over the last 5 years!

If you are interested in obtaining more information about any particular town or neighborhood, feel free to reach out to me. I will be happy to assist you with all your real estate needs in beautiful Outer Banks!

Best regards,

Russ Haranovich

Broker-In-Charge, Realtor®

Homeowner Realty OBX

Russ@HROBX.com

252-619-1919

 

 

 

 

 

 

 

 

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