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 (8/1/2022) through (7/31/2023).

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 32% and Land Sales are down 34% over July 2022!

• Under Contract listings are down 24% over last year. There are 373 units under contract as of August 1, 2023.

• MLS Inventory is down 22% and home prices remain high!

Ø Residential inventory is down 19% over last year and is at 456 units with the Median home price at $559,499! (See individual pages by town).

Ø Lots/Land inventory is down 24% over last year and is at 352 units

• Absorption is a direct reflection of inventory for both homes and land. Home absorption was at 4 months and Land was at 9 months as of August 1, 2023 . Representative of a moderate Seller’s Market!

• The average Days on Market (DOM) dropped slightly to 53 days for homes and 89 days for land

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

• It is harder to show homes with the rental season in full swing

• Low inventory appears to have stabilized as a “new normal” with slight increases recently. There are still 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 reasonably short amount of time. Multiple offers are not as prevalent as they were during the market peak and not as many are selling over asking price but it still happens. DOM dropped slightly and isreasonable. We are holding steady with a moderate seller’s market overall. Numbers are similar to 2020. We will continue to keep a close eye on inventory!