OBX Market Update – November Trends & Year-to-Date

It was another tough month for residential real estate on the Outer Banks with an 18% decrease in units compared to last November. A total of 122 residential units were sold, marking the fifth consecutive month with sales below 150 units. On a positive note, prices are remaining stable with both the Average and Median Sales Prices rising by 17% and 8%, respectively, compared to November of 2022!

November highlights:

• For the 3^rd month in a row, the Median Sold Price was above $600k
• This was the 2^nd month in a row where the Average Sales Price was above $750k
• 28% were cash transactions
• On average, property sold for 94% of the original asking price
• 143 price changes
• 26% of the November listings have either sold (4) or are under contract (36) as of today (12/6)
• Listings were down compared to the previous month. 156 in November compared to 178 in October.
• 47 properties sold for $500,000 and under
• 14 properties sold for $1,500,00 and higher including 6 selling for $2.1 Million and higher
• A 10-bedroom oceanfront home sold in Kill Devil Hills for $3.4 Million, making it the largest sale for the month!

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

Based on information from the Outer Banks Association of Realtors MLS 11.1.23 – 11.30.23

Year-to-Date

With one month left to go, it looks like 2023 will see roughly 30% drops in both units and sales volume for the year. The Outer Banks has not witnessed unit numbers as low as this year since 2015. This can be attributed to the lack of inventory versus the lack of buyers. Mortgage rates have been on a downward trend in recent weeks (refer to the article below), which may contribute to favorable conditions for both buyers and sellers to make a move in 2024!

YTD Fun Facts:

• Our Average Sales Price of $716,676 is just down 4% year over year
• This will be the 2^nd year in a row with the Average Sales Price over $700k!
• Average Days on Market is just 51. Back in 2020 the Average DOM was over 100!
• Active inventory is down 35% in Dare and 15% in Currituck County
• Dare County currently has a 3.4 months supply of inventory for single-family homes. A supply of less than 4 months is deemed a strong seller’s market!
• Currituck County currently has 3.7 months supply (Single Family)

Based on information from the Outer Banks Association of Realtors MLS 1.1.23 – 11.30.23