Real Estate January 16, 2024

Outer Banks 2023 Real Estate Market Highlights

2023 Highlights

For the full year, the Average Sales Price of $724,922 reflected only a modest 3% decrease compared to the previous year. Despite a 22% decline in units and a substantial 32% decrease in sales volume for the year, this was indeed welcomed as positive news. The Median Sales Price, holding steady at $590,000, remained unchanged from 2022. Both these trends can be attributed to the persistent lack of inventory that has plagued our market throughout the year. Sellers continue to maintain control in our market!

In 2023, the number of units sold was the lowest since 2014, with a total of 1,497 units sold that year. Of course, back in 2014 the Average Sales Price was just $384,829! Total units sold in 2023 were down 29% and sales volume by 32%.

On average, it took 51 days for property to sell in 2023. This is still well below the average days on market of 117 in 2019!

Active inventory was down 14% in Dare and 14% in Currituck County, consistent with how they’ve been running all year.

High-end Market Recap ($2 Million and higher)

  • Although high-end sales dropped significantly compared to 2023, it was the 3rd best year for $2 million and higher sales!
  • 51 homes sold, including 10 sales for over $3 Million
  • The highest sale of the year was for a 28-bedroom oceanfront home in Kill Devil Hills which was listed for $8,088,888 and sold for $7,07,777. The Sellers & buyer must have had a thing for numbers!
  • Homes sold for 90% of the original asking price
  • 21 of the 51 (41%) were cash transactions
  • 14 were jumbo loans and 15 conventional, and one owner financed

Land Recap

  • 78% of all lot sales were cash transactions
  • Land sales decreased 27% for the year
  • The Average Sales Price of $190,973 represents a 6% increase year over year
  • 19 OF lots sold with prices ranging from $350,000 to $940,000

Average Sales Price Comparison to 2022

Areas with double-digit decreases in the Average Sales Price compared to 2022 (minimum 10 sales)

Areas with double-digit increases in the Average Sales Price compared to 2022 (minimum 10 sales)

5 Year Recap of Average and Median Sales Price and Days on Market

Curious about what your OBX property is worth in today’s market? Click HERE to receive a complementary market analysis.

All stats based on information from the Outer Banks Association of Realtors MLS 1.1.23 – 12.31.23 for residential, Dare & Currituck County