OBX Realty Group

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Market Update-August 2019

The Outer Banks market is still moving along in 2019. It took a while but the buyers showed up in full force and sales jumped substantially from May to July and are now sitting at just 1% below 2018. Mortgage rates have dropped below 4% and that should spur more sales as we close out summer and begin the fall selling season.  Year to date the average sold price for single family homes, condominium’s, and townhouses is down 2% vs 2018's 4.5% increase. Since the average sale price from to Corolla to Hatteras bottomed out in 2013 prices have rebounded appox. 11% in the last 5 years. The average days on market from the time a property is listed to closing is at the lowest point it’s been since 2006!! As stated above mortgage rates have plunged to below 4% and good news is that lenders are loosening up requirements. Lenders are now offering loans up to $650,000 with only 10% down and loans over that up to $1M with 15% down with no Private Mortgage Insurance to qualified buyers. That is huge for anyone looking to get into a beach house with a minimal down payment. The loan limit for conventional loans was raised for 2019 from $417,000 to $484,350. The average out of pocket expense to own a rental property is approx. $500 to $1000 a month. The rental income takes care of paying for the utilities, taxes, insurance, management fees, and part of your mortgage. With over 7 million people a year coming to the Outer Banks to vacation rental demand for houses is very high. For those looking for a 2nd home buying now gives you the opportunity to make the home yours, so you can come down and enjoy it for the rest of the year. With low mortgage rates plus strong rental returns home affordability on the Outer Banks is the best it’s been in years. 

 
 
 

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 2019

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 residential properties, condo’s, and townhouses. Land and commercial properties are NOT included in these stats.

Sold Listings 1/01/2019 to 8/31/2019

# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1071 127 $359,200  $441,129 $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 2003 to 2019