Outer Banks Real Estate Update: November Highlights and Market Trends
Greetings from the stunning Outer Banks of North Carolina! As we move through the holiday season, I hope you enjoyed a memorable Thanksgiving with loved ones and are looking forward to a joyful Christmas and a prosperous New Year. Here’s your monthly real estate update, brought to you by John Head at Colony Realty Sales.
In this update, I’ll share some insights into the current market trends, building activity, and tourism statistics for Dare County, which spans from Duck to Hatteras. Let’s dive in.
Real Estate Market Overview
The 2024 real estate market in the Outer Banks has maintained steady trends through the year. Here’s a snapshot of the current figures:
- Residential Inventory: Up 40% year-to-date.
- Overall Sales: Down 8% compared to last year.
While these shifts aren’t dramatic, they highlight the importance of understanding local dynamics.
Key Observations:
- Sales of existing homes remain strong, particularly for properties that are already built and move-in ready.
- Land sales, however, have slowed due to high building costs and elevated interest rates.
If you’re considering building, here’s the cost breakdown to keep in mind:
- Standard builds: Around $300 per square foot.
- Luxury builds: $325–$350 per square foot, especially for properties with upscale features like granite countertops, custom tile work, and hardwood flooring.
Building Activity
Construction activity has slightly tapered off, as seen in the reduction of building permits across Dare County.
- 2024 Building Permits: Declined slightly, with consistent numbers across individual towns.
Despite the pullback in new builds, there are still plenty of opportunities for buyers to find great lots in desirable locations, offering flexibility to design a dream home.
Tourism Trends in Dare County
Tourism plays a significant role in the Outer Banks’ economy, and the 2024 season showed resilience despite economic challenges like rising interest rates, gas prices, and overall inflation.
- Occupancy Tax Collections: Down just under 5% year-to-date, reflecting a slight decrease in visitors.
- Meals Tax Collections: Up by over 1%, indicating strong dining activity and support for local restaurants.
This year’s numbers reveal that while fewer people may have stayed overnight, those who visited still enjoyed dining out—a positive sign for the local hospitality industry.
Life at the Beach: A Quiet Season Ahead
As we enter the winter months, the Outer Banks slows down, offering a quieter, more serene coastal experience. The beaches, as you can see over my shoulder, are nearly empty—a perfect time for activities like beach fishing.
If you’re considering buying or selling in this unique market, now is a great time to connect with a trusted real estate professional to explore your options.
Season’s Greetings from the Outer Banks
As 2024 comes to a close, I want to wish you a Merry Christmas and a Happy New Year. Whether you’re planning a visit or contemplating a new property investment, we’re here to help make your Outer Banks dreams a reality.
Feel free to reach out with any questions about the market. Until we see you here at the beach, take care!
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