Real Estate August 17, 2023

Outer Banks Market Update – July Trends

July was a soft month and the 2nd lowest month in units sold this year. In fact, I had to go all the way back to July of 2009 to find less than 110 units sold. A market’s true trends are not defined by a single month and there were a few good highlights in July. The Average Days on Market was the lowest we’ve seen since October of 2022 and 50 properties sold for 100% or higher of the original asking price.

The luxury market softened a bit in July with just 5 properties sold for $1.5 Million and higher compared to 14 the previous month. This contributed to a lower Average Sales Price for the month as well.

July MLS Fun Facts

  • On average, property sold for 104% of the original asking price!
  • 30% were cash transactions
  • The highest sale of the month was a soundfront home in Martins Point, which sold for $2,150,000
  • 95 of the 212 July listings are either under contract (92) or have sold (3) with an Average Days on Market of just 7!

Click to view our Monthly Market Video to see how the different areas of the OBX performed in July.

Year to date, the Average Sales Price of $711,992 represents an 8% decrease year over year. See below for a comparison of the Average Sales Price TY vs LY, broken down by area and sorted by highest to lowest: