OBX Realty Group
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Cell: 252-480-9283 Email Matt

Market Update-July 2020

 

The Outer Banks real estate market has taken off since the summer started. Currently we are at an all time high for the number of listings under contract, up approx. 108% from 2019. Listings are going under contract in days many with multiple offers. Since May the average days on market from the time a house comes on the market to close is 72! The average sale price is at its highest point in 12 years and we are on pace to see 6+% increase in 2020. Inventory is at an all time low, down approx. 34% from 2019, as the number of buyers far outpace new listings. With that said if you are looking to sell your house or know someone who is please call me!! I have sold almost all my listings and need more!! Mortgage rates are around the 3% range making borrowing money ridiculously cheap. The near term outlook for the Outer Banks real estate market appears to be very strong as we finish off the year and well into 2021. The average out of pocket expense to own a rental property is approx. $600 to $1200 a month. The rental income takes care of paying for the utilities, taxes, insurance, management fees, and part of your mortgage. As stated, above mortgage rates are low and lenders are loosening up requirements. The near term outlook for the Outer Banks real estate market appears to be very strong as mortgage rates are forecasted to stay low.
 
With Covid restricting air travel and changing how people vacation tourists are flocking to the Outer Banks in record numbers. Many rental companies and hotels are at 100% capacity for the next few months. With historic low mortgage rates plus strong rental returns home affordability on the Outer Banks is the best it’s been in years. Want to sell and take advantage of record buyer demand and low inventory? Fill out the Property Valuation Form to find out what your beach house, condo, townhouse, or lot is worth.

 

Over the last 16yrs I rank in the top 10% of all Realtors on the Outer Banks in number of total sales and total volume sold. Contact me today to get the process started.

 

 

Matt Huband-Broker/Owner
252-480-9283
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 2020

Outer Banks Real Estate Statistics

For those of you that love numbers this page is for you!! Check back each month for the latest stats on the Outer Banks Real Estate Market. The information below is for the towns of Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Rodanthe, Waves, Salvo, Avon, Buxton, Frisco, Hatteras, and Pirates Cove. The stats are for single family residential properties, condo’s, and townhouses. Land and commercial properties are NOT included in these stats.

Sold Listings 01/01/2020 to 07/31/2020

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1049 121 $387,000  $478,377 $3,450,000 $72.000

 

Sold Listings 1/01/2019 to 12/31/2019

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1648 126 $362,500  $448,294 $3,250,000 $49,000

 

Sold Listings 1/01/2018 to 12/31/2018

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1545 136 $350,000  $451,322 $5,100,000 $64,900

 

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 2006 to 2020