Real Estate February 9, 2024

Outer Banks January Real Estate Market Trends

In January, we saw an increase in listings and the return of multiple offers! This marked the second consecutive month of year-over-year improvement in listings.

Unit sales remained flat compared to last year, marking only the second instance in nearly three years (since June of 2021) where we observed either an increase or a flat year-over-year performance. This is a positive turning point in our market!

The buyers were ready to buy, sparking multiple offers, with some listings receiving three-plus offers at a time!

We had been hearing from buyers who were saying, ‘I’ll wait until the rates drop.’ However, now that the rates have indeed dropped, the market is becoming competitive once again. Buyers need to get ready for our spring market!

MLS Fun Facts:

  • The were 182 listings in January compared to 132 last January which is a 38% increase!
  • The Median Asking Price of all January listings was $627,000
  • 71 of the 182 January listings have either been sold (3) or are already pending (68)
  • Sales ranged from a $225,000 house in Colington Harbour to $1,850,000 for an oceanfront home in Waves
  • The Average Sales Price of $706,883 represented a 6% decrease year over year
  • On average, property sold for 93% of the original asking price
  • 33% were cash transactions
  • 96% of the residential land sales were cash transactions

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

*Based on information from the Outer Banks Association of Realtors MLS 1.1.24 – 1.31.24