Market Update-Jan 2018

While the last 4 years has seen the momentum building I can say with strong confidence that the Outer Banks market is back!! In 2017 the market was hot from start to finish ending with a 5% increase in the average sale price from 2016, the highest it’s been since 2009. The number of houses sold in 2017 broke the record again making it 5 years in a row that's happened. The average days on market for a house listed in 2017 was an astonishing 52! I had no idea that number was so low and shows the market appears to be headed for a nice run over the next few years. Mortgage rates are starting to move up with rates holding around 4% up from the mid 3% range last year. Jumbo rates for higher end properties continue to be under 4%. There is some good news on the mortgage front as the conventional/FHA loan limit in our area has been raised from $424,100 to $453,100 giving buyers the opportunity for more loan options with out having to go to a Jumbo loan. New construction has been booming with lot sales up 6% in 2017. A lot of things happened in 2017 that helped the market the most vital being beach nourishment finally getting done in parts of Duck, Southern Shores, Kill Devil Hills, Buxton and all of Kitty Hawk, The new Oregon Inlet Bridge is almost halfway done and the new inlet bridge on Pea Island was completed providing more stable access to Hatteras Island. The new “jug handle” bridge from Pea Island to Rodanthe is scheduled to begin this year providing access around the "S Curves" in Rodanthe that continually get washed over. Flood insurance rates for a lot of properties will be going down with a large percentage taken out of the flood zone once the new flood maps come into effect. All this is supposed to happen late 2018 which will help with the pocket book and home values.

So far, the month of January has not slowed down which is a good indicator for the rest of the year. With buyer demand so high and inventory low I feel like property values will continue to rise in 2018. Now is the best time of the year to buy!! Why?? Buying before the rental season starts gives you the opportunity to get 100% of the rental income for 2018 with less than 9-10 months’ worth of expenses. If you are looking for a 2nd home, you get a chance to get the work out of the way so you can relax when the summer starts. Call today to get started and schedule your trip to look at property. For 14 years I have been working with buyers and sellers on the Outer Banks 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, showing you houses, to the closing process and beyond.

 

 

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 2018


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 1/01/2018 to 1/31/2018

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
89 181 $314,900  $460,867 $2,699,999 $74,000

 

Sold Listings 01/01/2017 to 12/31/2017

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1544 163 $342,700  $424,263 $3,250,000 $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