Market Commentary: April 2024

Here are the latest OBX Real Estate Stats. The Outer Banks real estate market started off 2024 at a slow pace for sales however prices are up 4% from 2023. The market is certainly feeling the effects of high interest rates with the number of sales down 4% from 2023.  The rise in rates has buyers on the sidelines as they await the FED to lower rates. Inventory is still very low as those that bought while interest rates where 2-4%, are holding on to their properties.  The one bright spot for buyers is we are starting to see more price reductions and negotiations take place.  While the buyer pool is drastically lower there are still those looking to invest in the Outer Banks, especially cash buyers, representing approx. 30% of all sales.

The big questions as we move into the middle of 2024 are 1) Will prices continue to rise or will they finally start to come down 2) How long will it take for inventory to get back to normal levels 3) Will the FED finally drop interest rates this year?? Most of my lenders are telling me we could see 7% interest rates for the remainder of the year.  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 2024

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 01/01/2024 to 4/30/2024
# of Sold Listings Avg Days On Market Median Price Avg Price Max Price Min Price
426 56 $652,500  $854,393 $5,952,125 $53,000
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 2024