COR O LLA TO NAGS H EAD TO CO LUM B I A
W I N TE R 2 0 2 3 – 2 0 2 4
V R O BX . CO M
2023 Outer Banks Real Estate Market Review ed World’s To Ranackation Rental Companpie5s 0 V
2021
COROLLA 877.513.9053 VACATION RENTALS
The story for 2023 was one of high interest rates and low inventory, driving unit sales down by 609 or 27%, and sales volume down by $540M or 31%. At first glance, one would think there was a lack of desire for homes in our market, but this is not the case. In 2021, the average interest rate was 2.96% and in 2022 it was 5.41%. In 2023 we saw interest rates as high as 8%, knocking many buyers
Sales by Year
Rentals@vrobx.com REAL ESTATE SALES
CorollaS@vrobx.com
DUCK
877.482.4242 VACATION RENTALS
DuckRentals@vrobx.com REAL ESTATE SALES
DuckSales@vrobx.com
NAGS HEAD 877.482.4242 VACATION RENTALS
Rentals@vrobx.com REAL ESTATE SALES
NagsHead@vrobx.com ASSOCIATION MANAGEMENT
Residential Sales*
877.796.5263
REAL ESTATE SALES & LONG-TERM RENTALS
ColumbiaSales@vrobx.com affiliated with
Ocracoke Island Realty 877.218.9986 VACATION RENTALS
Rentals@OcracokeIslandRealty.com REAL ESTATE SALES
Sales@OcracokeIslandRealty.com
2019
2020
2021
2022
2023
Units Sold
2,142
3,091
3,386
2,470
1,791
Volume Sold
$861,092,179
$1,473,783,183
$2,097,300,391
$1,761,311,005
$1,220,330,417
Average Price
$402,003
$476,798
$619,403
$713,081
$683,174
Median Price
$330,000
$395,000
$480,000
$555,750
$550,000
115
110
52
36
51
Avg Days on Market
*1/1 through 12/31. Data obtained from the Outer Banks Association of Realtors.
The good news for home owners and/or sellers is that despite the slower market, the average price dropped slightly – 4% and 1% respectively. If you purchased a home here in 2021 or before, you have likely gained significant equity! But perhaps higher prices were another deterrent for buyers. Days on market was also
EmilyL@vrobx.com
COLUMBIA
out of the market. Couple this with continued low inventory and you get a considerably slower market. In January 2023, there were 455 residential homes on the market and 308 under contract or pending. As of January 1, 2024 there were 492 residential homes available but only 251 under contract. See Sales By Year below:
reasonable for 2023 with a home spending an average of 51 days on the market before selling. This is less than half of the time that we saw in 2019 and 2020 and demonstrates that nice homes sold quickly, sometimes getting above asking or at asking prices. See below for a comparison of median home prices by town:
Median Home Price Comparison by Town Town Corolla Duck Southern Shores Kitty Hawk Colington Kill Devil Hills Nags Head Hatteras Roanoke Island Currituck Mainland Ocracoke Island
2022 Full Year
2023 Full Year
% + or –
$846,000 $897,500 $780,000 $575,000 $490,000 $485,000 $761,500 $599,000 $452,500 $380,000
$810,000 $799,900 $737,450 $580,000 $470,00 $533,750 $680,000 $590,000 $487,000 $385,000
– 4% –11% – 5% 1% – 4% 10% –11% – 2% 8% 1%
$535,000
$485,000
– 9%