2023 OUTER BANKS MARKET REPORT

As of January 8th, 2024, there were 830 active listings in Dare and Currituck counties, which is 7% less than a year ago (888 active listings as of January 6th, 2023). With growing interest rates (+1.00%) and a smaller number of homes (-33%), condos/townhouses (-8%) and vacant land (-27%) sold in 2023, the inventory remained low and helped sellers to continue taking advantage of the real estate market conditions in Outer Banks.

In 2023 buyers had to pay pretty much the top price for a single-family home (-2%), up to 20% more for a condo or townhouse, and up to 9% more for a vacant land than a year before. Great news for those who sold their condo or townhouse last year!

Also, it took longer for a single-family home, condo, or townhouse to go under contract last year (49-53 days vs. 30-35 days in 2022). Although, residential vacant land was selling quicker (3.5 months in 2023 vs. 5 months in 2022 before going under contract).

Median sales price of a single-family home has increased in the following areas last year: Corolla (+7%), Duck (+6%), Kitty Hawk (+5%), Kill Devil Hills (+6%), Manteo (+9%), Rodanthe/Waves/Salvo (+3%), Buxton/Frisco (+5%).

Median sales price in Carova 4×4 area remained flat. At the same time Southern Shores (-5%), Nags Head (-9%), Colington (-5%), and Avon (-7%), all experienced a slight adjustment in median sales price last year. Hatteras Village was the only area that had the most significant median sales price correction in 2023 (-18%).

Fun fact: the highest sale of the year was for a 28-bedroom oceanfront home in Kill Devil Hills which was listed for $8,088,888 and sold for $7,007,777! Talking about numbers here…

2023 Single-Family Detached Homes Sales

A remarkable 33% growth of condo/townhouse median sales price in Corolla in 2023 contributed to a 20% increase in median sales price of an average OBX condo/townhouse last year.

In 2023, the median sales price of a condo/townhouse changed in all areas (with an exception of Kitty Hawk/Southern Shores): Corolla (+33%), Duck (+5%), Kill Devil Hills (+18%), Nags Head (-2%), Manteo (+12%), and Hatteras Island (+11%).

2023 Condo/Townhouse Sales

With 148 fewer residential vacant lots sold in 2023, the average sales price increased by 6%, while the median sales price gained 9%.

Median sales price of residential vacant land increased in the following areas: Carova 4×4 area (+35%), Duck (+47%), Southern Shores (+7%), Kill Devil Hills (+20%), Colington (+36%), Manteo (+27%), and Hatteras Island (+17%).

Corolla (-2%), Kitty Hawk (-24%), and Nags Head (-10%) all experienced a lower median sales price last year. A remarkable adjustment of a median sales price in Kitty Hawk was mostly due to the fact that no oceanside lots were sold there in 2023.

Here is what you can expect to pay for a piece of land in the Outer Banks right now:

2023 Residential Vacant Land Sales

Hopefully, we will not see any more interest rate hikes and might see the rates to go down in 2024. Lower rates will definitely help both buyers and sellers out there. With lower interest rates, we should see more inventory, more sales, and a slight change in the median sales price in 2024.

If you are interested in any particular town or neighborhood or just want to know more, feel free to reach out to me!

Happy New Year!

Best regards,

Russ Haranovich

Broker-In-Charge, Realtor®

Homeowner Realty OBX

Russ@HROBX.com

252-619-1919

 

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