Outer Banks Real Estate Market Update: A Recap of 2024 and Insights for 2025
As we welcome 2025, let’s take a moment to reflect on the real estate trends and market performance in the Outer Banks of North Carolina throughout 2024. I’m John Head with Colony Realty, and if you’ve been following my OBX market updates, this post serves as a year-end recap of 2024. With insights from the Dare County Tourism Board and local market data, we’ll explore how the market fared last year and what it means moving forward.
Key Highlights from 2024
Residential Market Trends
- Home Sales: Total home sales in 2024 were down only 3% compared to 2023, which is a surprisingly positive outcome given initial forecasts. At the start of 2024, I anticipated an 8-12% drop, so a 3% decline is quite encouraging.
- Single-Family Homes: Sales increased by 2%, showcasing continued interest in these properties.
- Condos and Vacant Land: Sales of condos dropped by 16%, while vacant land sales declined by 21%.
Inventory and Pricing
- Residential Inventory: The end of 2024 saw an increase in inventory, a sign of a healthier market. A balanced inventory of three to five months is essential for a vibrant second-home and investment market like the Outer Banks.
- Median Sales Price: Across residential properties, the median sales price rose by 5%:
- Single-family homes: +4%
- Condos: -2%
- Lots: +5%
These figures highlight a generally resilient market, despite some softness in specific segments.
Tourism Insights
During a recent Dare County Tourism Board meeting, we reviewed data through November 2024. Here are the key takeaways:
- Occupancy Rates: Vacation rental occupancy rates were down 4.8% month-over-month for November and 2.8% year-over-year.
- Meals Tax Revenue: Despite fewer visitors, meals tax revenue rose by 8%, indicating strong local dining activity. Restaurants remain a vital part of the Outer Banks experience, and their popularity continues to thrive.
Looking Ahead to 2025
The Outer Banks real estate market remains an attractive destination for both vacationers and investors. If you’re considering buying or selling property in 2025, now is the time to start planning. With increased inventory and steady demand, opportunities abound for both buyers and sellers.
Ready to Navigate the Outer Banks Market?
Whether you’re looking to purchase your dream vacation home, invest in a rental property, or sell your current home, our team is here to help. Feel free to reach out to me, John Head, at john@colonyrealty.com or contact the agent who shared this post with you. We’re happy to provide tailored guidance and connect you with resources to make your real estate journey seamless.
New to the Buying Process?
If you’re exploring the idea of buying a vacation rental in the Outer Banks for the first time, let us guide you. From understanding market trends to navigating the purchasing process, we’re here to answer your questions and ensure a smooth experience.
Here’s to a successful and prosperous 2025! Until we see you at the beach, take care and Happy New Year.
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