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Outer Banks Real Estate Market Report: Spring 2024 Update

Outer Banks Real Estate Market Report: Spring 2024 Update

With the arrival of spring, it’s time for another update on the Outer Banks real estate market. As the sunshine warms our shores, let’s delve into the latest statistics and trends shaping our coastal community. In the spirit of efficiency, you’ll find the Outer Banks MLS statistical update linked below for your reference. Allow me to highlight some key points:

Market Overview:

  • Total Listings: Currently, we have 877 active listings, marking an 11% increase.
  • Residential Inventory: Within the residential sector, listings have surged by 33%, totaling 496.
  • Lots and Land: Conversely, lots and land listings have decreased by 7%.

Absorption Rate Analysis:

One metric worth paying attention to is the absorption rate, a crucial indicator for real estate professionals. This metric assesses how long it takes, on average, to sell a property once it hits the market.

Year-over-Year Comparison:

  • Under Contracts: We’ve observed a 14% decrease compared to the previous year.
  • Sales: Similarly, sales have decreased by 12% year-over-year.

Current Active inventory Improved Residential (single family, Condo, Town homes) as of today March 15, #43291 day look cycle divided by 270 improved properties .33.
To get the current absorption rate you multiply the Active listing (in this case improved properties) 432 x.33 equals 142.56 divided by 30 and you have 4.7 months to absorb the current inventory.

90-Day Cycle Analysis:

Examining the past 90 days, from December 15th to March 15th, a trend towards market normalization becomes evident. Despite the slight extension beyond the typical 90-day period, encompassing 91 days, the data remains insightful.

Market Stability and Outlook:

Despite fluctuations, our market retains its stability. Presently, we’re witnessing a scenario where new listings outpace properties being placed under contract. This imbalance contributes to a healthy inventory, albeit with some challenges.

With 432 active residential properties and 270 homes sold within the same period, we calculate an average of 4.7 months of inventory. In real estate terms, this falls within the range of a healthy market, particularly in the second home segment.

Contextualizing Historical Trends:

It’s crucial to contextualize our current market dynamics within a broader historical perspective. While we’ve experienced robust seller conditions in recent years, characterized by low inventory levels, the current landscape differs significantly from the pre-recession era of 2008.

Looking Ahead:

As we navigate 2024, we anticipate a return to normalcy within the market. While we’ve observed inventory levels gradually rising, our market remains resilient. Whether you’re considering a purchase or sale, having more options is advantageous in any market scenario.


As we bask in the warmth of spring, envision yourself joining us here on the beautiful Outer Banks. Whether you’re seeking a second home, investment property, or a place to call your own, our market offers diverse opportunities.

Thank you for your continued interest in the Outer Banks real estate market. We look forward to assisting you and welcoming you to our coastal community soon.

For questions or further information, feel free to reach out to any of our incredible team members.

Make it a great day until we see you here at the beach.

View/Download OBAR’s Most Recent MLS Statistical Report 

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Our agents write often to give you the latest insights on owning a home or property in the The Outer Banks of North Carolina area.

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