May Trends

The month of May was a little softer than April and it was the first month this year where we saw decreases in both units and dollars. However, the days on market was the lowest of the year and, on average, it took just 52 days for property to go under contract!

May was a month of extremes when it came to offers. Properties either received multiple offers shortly after being listed or experienced no showings or offers right away. With slightly more inventory available, buyers might not feel as pressured to make quick decisions.

We continue to see more sellers entering the market. May listings increased by 32% year over year and by 12% compared to the previous month.

May MLS Fun Facts:

• On average, property sold for 94% of the original asking price, including 39 that sold for 100% and higher!
• 48 sales were cash transactions, 8 were VA/FHA
• 254 properties were listed in May compared to 192 in May of 2023!
• 25% of the May listings are already under contract with an Average DOM of just 9!
• 8 properties sold for $2 Million and higher, compared to 6 last year

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

Disclaimer: Based on information from the Outer Banks Association of Realtors MLS 5.1.24 – 5.31.24

Did you know?

• There are now 79 single-family homes listed for $500,000 and under. This includes 34 priced at $400,00 and under and just 5 at $300,000 or less.