Market Commentary: Dec 2023

2023 year in review for the Outer Banks real estate market. The market certainly felt the effects of high interest rates as the year went on with the number of sales down 32% from 2022.  The beginning of the year saw the market continue its historic run of appreciation and number of homes sold in January and February with contracts left over from 2022. The rapid rise in interest started to take its toll on the market around summertime as buyers started to hold off buying. Even with high interest rates the average sold price for the year only dropped 2%.  Inventory is still very low, down 14% but in the last few months of the year more houses started coming on the market and staying on the market longer. There was not a lot of negotiations taking place with only a 3% difference in average sale price vs list price. While the buyer pool is drastically lower there are still those looking to invest in the Outer Banks especially cash buyers. This year we have seen a record number of all cash transactions, close to 40% of all sales.

Below are some of the stats for the areas that had the highest and lowest average sale price in 2023:

Biggest gainers:

Duck Westside   +32%
Frisco Soundside   26
Colington              21
Corolla Westside  21
Salvo Soundside   17
Salvo Oceanside   16
Frisco Oceanside   16
Martins Point       15
KH Oceanside      15

Biggest decline:
Waves Soundside -27%
NH Oceanside        26
Hatteras Oceanside 24
Rodanthe Oceanside 15
NH B/W Highways 14
Pirates Cove             14

The big questions going into 2024 are 1) Will prices drop, maintain or rise, 2) How long will it take for inventory to get back to normal levels, 3) When will interest rates drop to 6% or below?? Most of my lenders are telling me that we are done with rising interest rates and by summer 2024 we could see rates close to 6%.  Mortgage rates are holding steady around the 7% with more lending options now than in the past few years. Lenders are offering loan programs with 10% to 20% down and ARM options are offering some of the best rates. At this point I don’t see a huge price correction coming like 2008 when prices dropped 40%.  With so many buyers on the sidelines if rates do drop, I see buyers coming back in force which should keep prices level or rise next year. Inventory could take another 12-18 months to recover to normal levels if the buyers do show back up. Long term the market outlook is still very positive. Each year so many first-time visitors discover the Outer Banks, creating a new set of homebuyers, that will keep the market moving for years to come. Whether you are looking for a 2nd home, investment, primary, or retirement property there is a property out there for you.

If you are a seller, it’s still a great time to sell!! If you have a house to sell or know anyone that wants to sell now is the time. You may be surprised at what you can get for your property, and it does not cost you anything to list. Find out what I can sell your property for with a Free Home Valuation. If you are a buyer that wants to stay up to date on the market sign up for free Market Report for the town you are interested in. The Market Report is emailed to you each week with new listings, sold listings, and price changes. You can also sign up for a Listing Manager account where you can set your own search parameters for the properties you are interested in.

Since 2003 Matt ranks in the top 7% of all Realtors on the Outer Banks in total sales volume and number of houses sold. Contact Matt today to get the process started to find your Outer Banks property.

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 2023

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 01/01/2023 to 12/31/2023
# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1262 52 $640,000  $808,764 $7,007,077 $175,000
Sold Listings 01/01/2022 to 12/31/2022
# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
1845 37 $650,000  $822,435 $5,000,000 $130,250
Sold Listings 01/01/2021 to 012/31/2021
# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
2612 54 $545,000  $706,600 $6,000,000 $107,000
Sold Listings 01/01/2020 to 012/31/2020
# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
2434 118 $440,000  $533,624 $5,000,000 $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 01/01/2010 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 2023