Real Estate September 12, 2023

Outer Banks August Market Trends

In August, both the number of units sold and the sales volume increased compared to the previous month and, for just the 3rd time this year, both the Average and Median Sales Price increased over last year. The Average Sales Price of $707,497 represents an 8% increase and the Median Sales Price of $550,000 increased 3% compared to August of 2022.

However, the Outer Banks real estate market continues to struggle compared to recent years. August was the 13th consecutive month where both the units and sales volume decreased compared to the previous year.

Year to date, listings are down 29% and this decline in inventory has had a significant impact on our business. We continue to be in a strong seller’s market!

Buyers are still buying and when property does come on the market, it sells! In August, the Average Days on Market (DOM) was only 40, marking the third consecutive month of decreasing DOM compared to the previous month.

August MLS Fun Facts

  • August units decreased 31% and sales volume by 25% compared to last August
  • On average, property sold for 96% of the original asking price
  • 40% of the August closings were cash closings!
  • A 28 bedroom, 28 bath oceanfront house in Kill Devil Hills sold for $7,007,777 making it the highest sale for the month and the highest residential sale of all time recorded in our MLS!
  • 6 oceanfront homes sold with an Average Sales Price of $2,459,629 and a Median Sales Price of $1,950,000 and on average, sold for just 89% of the original asking price. 3 of the 6 were cash sales.
  • There were 20 sales over $1 Million, compared to 17 the previous month
  • 33% of the property listed in August is either under contract (64) or has been sold (5) as of 9.7.23

*Based on information from the Outer Banks Association of Realtors MLS 8.1.23 -8.31.23 for Dare & Currituck County

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

Year to Date

  • Units are down 34% and sales volume by 38%
  • 105 oceanfront homes were sold compared to 209 last year at this time
  • There have been 31 sales for $2 Million and higher (compared to 77 last year)
  • The Average Sales Price of $710,997 represents a 7% decrease year over year but is 74% higher than in 2019 when the January – August Average Sales Price was just $408,896!

The Average Sales Price has seen an increase in 7 out of the past 10 years compared to the previous year!

The Average Sales Price for Dare & Currituck County is down 7% but there are areas where the average sales price has increased double digits. 

The chart below shows the top 5 areas with the highest increase in Average Sales Price, year over year.   

*Residential property with a minimum of 15 sales year-to-date