August 2024 Real Estate Market Update: A Return to Normalcy
As we move through mid-September, it’s time for a look back at the Outer Banks real estate market in August. At Colony Realty Sales, we aim to keep our clients informed without overwhelming them, so here’s a snapshot of where the market stands.
Inventory Trends: A Balanced Market
The most significant update is the increase in inventory. Residential inventory has risen by 51% compared to this time last year, and total inventory, which includes lots, land, new developments, and homes, is up 38%. This increase signals that the market is returning to a more balanced state.
When we examine specific areas such as Corolla, Roanoke Island, and Hatteras Village, we see 563 active listings, including single-family homes, condos, townhouses, and new builds. The average days on the market for these properties is 92 days, which is consistent with historical trends for the second-home market.
Pricing and Sales Insights
Prices remain strong, with the average property price exceeding $1 million, though the median price is slightly under that figure. In terms of sales, 88 homes sold in August with an average of just 48 days on the market, showing that well-priced homes continue to move quickly. If these trends persist, we anticipate maintaining around six months of inventory, a historically common timeframe for the Outer Banks market.
Market Predictions
Looking ahead, we could see more changes as interest rates fluctuate. There’s potential for rate reductions in the near future, which could influence buying decisions. Additionally, with 2025 on the horizon, there’s speculation that home prices may see a slight uptick. However, market dynamics can shift during election cycles, so we’ll be watching closely.
Stay Informed
If you have any questions about how this evolving market impacts your buying or selling decisions, feel free to reach out to one of our agents or contact me directly at 252-592-4629 or by email at john@colonyrealtycorp.com. Whether you’re considering purchasing a second home or selling your current property, our team is here to help you navigate the market.
Thank you for your time, and I look forward to seeing you here at the beach!
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