Outer Banks Real Estate Market: May 2025
| As the Outer Banks Real Estate Market rolls into summer, the market finds itself flat with no clear direction for buyers and sellers. It looks like this may be the case for the rest of the summer as historically this is the slowest time of the year for sales.
Market Dynamics at a Glance: • Buyer Activity Slows: The initial run of buyers we had in the spring market has slowly started to disappear as we head into summer. High mortgage rates continue to keep many buyers on pause as we wait for rates to drop. Sales for 2025 continue to lag behind 2024. • What Are Sellers To Do: Recent sellers are handcuffed by flat prices. Days on market continue to climb leading to tough decisions for sellers. The choice is to either reduce price or hold steady until rates drop. There were over 300 price reductions in May with inventory is up 120% compared to 2023. • Balanced Expectations: Both buyers and sellers continue to wait and see where this market will shake out—buyers want prices to fall while sellers hope for lower rates to increase activity. The market is neither distinctly favoring buyers nor sellers. Which way will it go? The next 3 months should give us some insight into which direction we are headed. Mortgage Update: According to local lenders, 2nd home mortgage rates have come down recently to mid 6% to low 7% with Jumbo loan rates around 6.5 to 7%. This was an improvement over April’s rates Time to start your search? Schedule a time to see the options firsthand and find your ideal home or rental property. Can’t make the trip down just yet? Stay up to date with the Outer Banks real estate market by signing up for a Listing Manager account or receiving Market Reports. These tools will keep you informed on market trends and help you refine your search. For a personalized touch, share your search criteria, and I’ll create an automatic email search tailored to your preferences. Want to Sell Your Outer Banks Property If you’re considering selling your house—or know someone who might—Discover your property’s value today with a *Free Home Valuation* to help set the right price and attract more interest from serious buyers. Overpricing may deter potential buyers, leading to extended market time and possibly affecting the final sale price. Trust a Proven Realtor with Your Outer Banks Real Estate Needs With over two decades of experience, Matt ranks in the top 7% of all Outer Banks Realtors for total sales volume and the number of houses sold since 2003. His expertise and dedication make the selling process smooth and successful. Ready to take the next step? Contact Matt today and start your journey toward selling—or buying—your dream Outer Banks property. Is there something you want to see added to the monthly real report?? Different stats? More info about the OBX? Anything? Let me know I will be happy to try and add it to next month’s report. |
|
|
|
|
|
|
Current Listings:
