October Real Estate Market Update: Outer Banks, North Carolina
The Outer Banks of North Carolina are breathtaking in the fall, and today, I’m bringing you a fresh market update straight from Waves, NC. As we enjoy the season’s sunshine, let’s dive into the October real estate trends and insights.
Key Market Trends for October
- Inventory Levels
- Residential Inventory: Up by 45%.
- Lot Inventory: Up by 31%.
- Sales Activity
- Total Sales for the Year: Down by 7%.
- Residential Sales: Decreased by 4%.
- Lot Sales: Dropped by 22%.
However, here’s some good news: October sales increased by 24% compared to last year, signaling a return to the pre-pandemic “normal” for fall. Historically, September through November tend to be strong months for properties going under contract, especially as buyers seek opportunities to close before the new year.
October Insights by Region
To provide a clearer picture, I focus on the beach market stretching from Corolla to Hatteras Village, including Roanoke Island. Here’s a breakdown:
- Beach Market Inventory:
- Current residential listings: 573 (compared to 746 in the broader market).
- Sales pace: ~5 months of inventory based on October’s 112 sales.
- Average Days on Market (DOM):
- Corolla: Improved to 54 days (down from 61 in 2023).
- Hatteras Island: Increased slightly to 75 days (up from 61).
- Nags Head: Now at 53 days (up from 35 in 2023).
Market Stability and Interest Rates
Despite fluctuations in inventory and sales, the market remains healthy, particularly for the second-home segment. While interest rates have crept up—currently hovering around 7.75% for second-home loans—buyers remain active. Sellers, however, should adjust expectations and prices competitively, as the days of overreaching are behind us.
Advice for Buyers and Sellers
- For Buyers: The fall market offers opportunities, particularly if you’re planning to rent your property in the upcoming season. Partner with a knowledgeable agent to navigate higher interest rates and secure the best terms.
- For Sellers: With inventory climbing and days on market slightly increasing, accurate pricing is crucial. Work with agents who provide transparent, data-driven insights to make informed decisions.
View OBX Beach Sold Listings Report
https://bit.ly/3OkWrmx
View OBX Beach Active Listings Report
https://bit.ly/4fYXMeQ
Whether you’re dreaming of owning a slice of paradise or considering selling, Colony Realty is here to guide you through every step of the process. From initial consultations to closing, our team ensures a seamless experience tailored to your needs.
Feel free to reach out directly with any questions at john@colonyrealtycorp.com.
Wishing you a wonderful fall season, and we look forward to helping you achieve your Outer Banks real estate goals!
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