Sales by Town…

This representation is based in whole or in part on data supplied by, and to the Subscribers of the Outer Banks Association of REALTORS® Multiple Listing Service. Information contained herein is deemed reliable but not guaranteed. Data maintained by the OBAR MLS is for its own use and may not reflect all real estate activity in the market. Based on information from the Outer Banks Association of REALTORS® for the period (3/1/2022) through (2/28/2023).

Wrap-up… So, what does it mean for you?

• There is still demand for OBX real estate but low inventory and high interest rates continue to impact sales

• Residential Sales are down 42% and Land Sales are also down 38% over February 2022!

• Under Contract listings are up 7% since last month but are down 40% over last year. They are at 430 units as of March 1, 2023.

• MLS Inventory has been creeping up recently and is up 14% over 2022. Home prices remain high!

Ø Residential inventory is up by 43% over last year and is at only 372 units with the Median home price at $470,000! (See individual pages by town).

Ø Lots/Land inventory is down 1% over last year and is at 382 units

• Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 4 months and Land was at 8 months as of March1, 2023 . Representative of a moderate Seller’s Market!

• The average Days on Market (DOM) is also trending up - 60 days for homes and 149 days for land

• Appraisers, Inspectors, Surveyors, and Attorneys remain busy but are back to a normal pace

• 2022 vacation rentals had another banner year and it is now easier to show homes.

• Home inventory is beginning to increase and we expect more in the Spring.. There are also considerations for buying land and building new. The price of lumber and other building supplies, supply chain issues, and many builders are booked for the next 18 – 24 months.

• Seller’s –It remains a great time to sell! Nice homes that are priced correctly are going under contract in a reasonable amount of time. Multiple offers are not as prevalent as they were a few months ago and not as many are selling over asking price. DOM has increased but is still reasonable. We are holding steady with a moderate seller’s market overall. Inventory is starting to slowly creep up. We will continue to keep a close eye on inventory!