Current Market Commentary May 2017: 

The Outer Banks real estate market is really hot right now!! For the 2nd consecutive year a new record was set for the number of closed sales (single family, condo's, and townhouses) on the Outer Banks with total sales up 4.5% in 2016 from  2015. In 2017 the average sale price is up 7% and total sales up 19% from 2016. The avearage days on market for houses listed in 2017 is just 50!! Inventory is very low and good houses new to the market are selling in 30 to 60 days. For the last 3 years, new construction in all price ranges has been exploding and there are no signs of a slowdown. Right now the average sold price is the highest its been in 8 years.  
 

Now is a great time of the year to buy on the Outer Banks. Buying now during the rental season begins will ensure that you can get up to 50-60% of the rental income for 2017 but only pay  less than 6 months or less of expenses. Also, many rental houses already have weeks booked for the summer. When you buy now and close you will receive a check at closing for all the rental monies that have been received by the management company. This really helps with cash flow for the first year. I can provide an estimated cash flow for any rental property to help with the decision-making process.  Rates have already moved above 4% for both 30yr fixed conventional and jumbo loans. As rates move up purchasing power is decreased.

 

There is also great news on flood insurance rates for homeowners from Corolla to Hatteras. New flood maps are currently being adopted and once accepted a large portion of properties that are in the AE flood zone will be moved to the X zone which means no flood insurance is required. A good percentage located in the VE or Cobra zones, the highest risk areas, are also being downgraded to the AE zone. This will lead to premium savings, some huge, for all homeowners. The updated maps for Currituck County are scheduled to go into effect in 2017 with Dare County in 2018.  In other Outer Banks news, the new Oregon Inlet and New Inlet bridges are starting to come to life with construction staying on schedule. The Mid-Currituck Bridge is supposed to start construction sometime in 2017 with no official start date announced. With the new governor taking office this project may still be delayed so we must wait and see what happens.

 

Now is the time to get the process started and schedule a trip to look at houses. For 13 years, I have been working with buyers and sellers from Corolla to Hatteras. I am available 7 days a week to answer any questions you have about the buying process from the initial steps of what to expect, getting pre-qualified, to showing you houses, to the closing process. I can be reached at 252-480-9283 or matt@obxrealtygroup.com 

Disclaimer: This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service.  Information contained herein is deemed reliable but not guaranteed.  Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Data provided from 2003 to 2017


Outer Banks Real Estate Statistics


For those of you that love numbers this page on the website is dedicated to you!!
Check back each month for the latest stats on the Outer Banks Real Estate Market.
Due to recent additions of areas outside of the Outer Banks being added to the 
OBAR MLS the information below has been adjusted to reflect only data from
the Outer Banks. The areas reflected in the numbers include the towns of Corolla,
Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Pirates Cove,
Rodanthe, Waves, Salvo, Avon, Buxton, Frisco, and Hatteras. The stats are for
residential properties including condo's and townhomes.Land and Commercial are not included.   

 

Sold Listings 01/01/2017 to 5/31/2017

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
635 197 $339,000  $433,322 $2,900,000 $42,000

 

Sold Listings 01/01/2016 to 12/31/2016

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1415 210 $325,000  $403,155 $2,825,000 $62,000

 

Sold Listings 01/01/2015 to 12/31/2015

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1350 225 $325,000  $412,791 $4.900,000 $30,500

 

Sold Listings 01/01/2014 to 12/31/2014

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1194 218 $319,500  $420,884 $5,000,000 $54,900

 

Sold Listings 01/01/2013 to 12/31/2013

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1163 236 $321,000  $402,890 $3,175,000 $23,000

 

Sold Listings 01/01/2012 to 12/31/2012

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1209 230 $330,000  $420,245 $3,750,000 $55,000 

 

Sold Listings 01/01/2011 to 12/31/2011

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1075 238 $315,000  $411,915 $2,820,000  $32,000 

 

Sold Listings 01/01/2010 to 12/31/2010

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1108 217 $335,000 $407,068 $3,650,000 $49,000

 

Sold Listings 01/01/2009 to 12/31/2009
 

# of Sold  Listings Avg Days On Market Median Price Avg Price Max Price Min Price
874 208 $340,000 $426,875 $3,100,000 $77,500


 Sold Listings 01/01/2008 to 12/31/2008
 

 # of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
802 210 $385,000 $483,712 $3,675,000 $92,450

 

Sold Listings 01/01/2007 to 12/31/2007
 

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
958 192 $405,00 $527,007 $4,500,000 $115,000

 

 

Sold Listings -1/01/2006 to 12/31/2006
 

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
982 163 $434,000 $556,090 $3,940,000 $129,000
 
 

Disclaimer: This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service.  Information contained herein is deemed reliable but not guaranteed.  Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Data provided from 2003 to 2017