OBX Real Estate Market Stats

OBX Real Estate Market Stats-February 2024

The Outer Banks real estate market started off 2024 at a slow pace for sales however prices are up 1.5% from 2023. The market is certainly feeling the effects of high interest rates with sales down 4% from 2023.  The rise in rates has buyers on the sidelines as they await the FED to lower rates. Inventory is still very low as those that bought while rates where 2-4% are holding on to their properties.  The one bright spot for buyers is we are starting to see more price reductions and negotiations take place.  While the buyer pool is drastically lower there are still those looking to invest in the Outer Banks, especially cash buyers, representing 30% of all sales.

The big questions as we move into 2024 are 1) Will prices drop, maintain or rise, 2) How long will it take for inventory to get back to normal levels, 3) When will interest rates drop to 6% or below?? Most of my lenders are telling me that we are done with rising interest rates and by summer/fall 2024 we could see rates close to 6%.  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 or rise 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 are a seller, it’s still a great time to sell!! If you have a house to sell or know anyone that wants to sell now is the time. You may be surprised at what you can get for your property, and it does not cost you anything to list. 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. Check out all the of past OBX Real Estate Market Stats going back to 2006.

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.

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