OBX Real Estate July Market Stats

OBX Real Estate Market Stats-July 2024

Here are the latest OBX Real Estate Stats. As we reach the 2nd half of 2024 the Outer Banks real estate market has taken a breather from the frantic pace of the last few years.  The market is certainly feeling the effects of high interest rates with the number of sales down drastically down from 2023.  The rise in rates has buyers on the sidelines as they await the FED to lower rates. Inventory is starting to grow and the one bright spot for buyers is we are starting to see more price reductions and negotiations take place. Prices are coming down off the all-time highs from earlier this year. June and July saw a slight decrease in the average sold price for the first time in 5 years. We will have to wait and see if this is temporary or the beginning of a downward trend. While the buyer pool is drastically less than previous years. There are still those looking to invest in the Outer Banks, especially cash buyers, representing approx. 40% of all sales.

The big questions as we move into the end of 2024 are 1) Will prices continue to fall and by how much 2) How long will it take for inventory to get back to normal levels 3) Will the FED finally drop interest rates this year?? Most of my lenders are telling me we could see interest rates below 6% by the end of the year.  At this point I don’t see a huge price correction coming like 2008 when prices dropped 40%.  With so many buyers on the sidelines if rates do drop, I see buyers coming back in force which should keep prices level for the next year. Inventory could take another 12-18 months to recover to normal levels if the buyers do show back up. Long term the market outlook is still very positive. Each year so many first-time visitors discover the Outer Banks, creating a new set of homebuyers, that will keep the market moving for years to come. Whether you are looking for a 2nd home, investment, primary, or retirement property there is a property out there for you.

If you have a house to sell or know anyone that wants to sell now is the time. It does not cost you anything to find out what I can sell your property for with a Free Home Valuation. If you are a buyer that wants to stay up to date on the market sign up for free Market Report for the town you are interested in. The Market Report is emailed to you each week with new listings, sold listings, and price changes. You can also sign up for a Listing Manager account where you can set your own search parameters for the properties you are interested in.

Since 2003 Matt Huband-Broker/Owner of OBX Realty Group has ranked in the top 7% of all Realtors on the Outer Banks in totals sales and sales volume. With his years of experience and extensive area knowledge Matt can help you find the right property on the Outer Banks of NC.  To learn more about buying real estate on the Outer Banks contact Matt today.

Sold Listings 01/01/2024 to 7/31/2024

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