Market Commentary: March 2025
The latest OBX Real Estate Stats: As we finish off the first quarter of the year the Outer Banks real estate market has settled into a moderately slow pace for sales. The market is still feeling the effects of high interest rates as many buyers are still on the sidelines. As we move into the peak selling season (March-May) for the Outer Banks market, inventory is starting to increase as houses sit on the market longer. This is good news for buyers as we are starting to see more price reductions and negotiations taking place. While the average sold price in 2024 increased 2.5%, since June it’s been decreasing each month. The first quarter has continued that trend with prices 3% below 2024. The average days on market has reached a five year high as sales have slowed and more houses are on the market. For now, it looks like we may have reached the peak of the market on the Outer Banks and time will tell if this is temporary or the beginning of a downward trend.
The big questions as we move into 2025 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 mortgage rates finally come down close to 6%? At this point I don’t see a huge price correction coming like 2008 when prices dropped 40%. I do anticipate prices to continue declining for the foreseeable future until buyer demand picks back up. Inventory could take another 6-9 months to recover to normal levels if the buyers do show back up. My lenders are telling me that mortgage rates in the mid to high 6% range are here to stay for the next 6-9 months. There is a possibility rates will get below 6% in 2026. Long term the market outlook is still very positive. The Outer Banks market still offers a great value compared to other east coast beach destinations. With over 9 million visitors each year more and more people are discovering the Outer Banks. Those visitors, many first time, 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 ranks in the top 7% of all Realtors on the Outer Banks in total sales volume and number of houses sold. Contact Matt today to get the process started to find your Outer Banks property.
Disclaimer: 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. Data provided from 2003 to 2025
Outer Banks Real Estate Statistics
For those of you that love numbers this page is for you!! Check back each month for the latest stats on the Outer Banks Real Estate Market. The information below is for the towns of Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, Rodanthe, Waves, Salvo, Avon, Buxton, Frisco, Hatteras, and Pirates Cove. The stats are for single family residential properties, condo’s, and townhouses. Land and commercial properties are NOT included in these stats.
Sold Listings 01/01/2025 to 03/31/2025
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 286 | 74 | $675,000 | $801,945 | $4,750,000 | $192,500 |
Sold Listings 01/01/2024 to 12/31/2024
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1284 | 57 | $665,000 | $829,966 | $5,952,125 | $189,000 |
Sold Listings 01/01/2023 to 12/31/2023
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1221 | 52 | $640,000 | $807,394 | $7,077,777 | $175,000 |
Sold Listings 01/01/2022 to 12/31/2022
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1845 | 37 | $650,000 | $822,435 | $5,000,000 | $130,250 |
Sold Listings 01/01/2021 to 012/31/2021
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 2612 | 54 | $545,000 | $706,600 | $6,000,000 | $107,000 |
Sold Listings 01/01/2020 to 012/31/2020
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 2434 | 118 | $440,000 | $533,624 | $5,000,000 | $72,000 |
Sold Listings 1/01/2019 to 12/31/2019
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1648 | 126 | $362,500 | $448,294 | $3,250,000 | $49,000 |
Sold Listings 1/01/2018 to 12/31/2018
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1545 | 136 | $350,000 | $451,322 | $5,100,000 | $64,900 |
Sold Listings 01/01/2017 to 12/31/2017
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1544 | 163 | $342,700 | $424,263 | $3,250,000 | $42,000 |
Sold Listings 01/01/2016 to 12/31/2016
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1415 | 210 | $325,000 | $403,155 | $2,825,000 | $62,000 |
Sold Listings 01/01/2015 to 12/31/2015
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1350 | 225 | $325,000 | $412,791 | $4.900,000 | $30,500 |
Sold Listings 01/01/2014 to 12/31/2014
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1194 | 218 | $319,500 | $420,884 | $5,000,000 | $54,900 |
Sold Listings 01/01/2013 to 12/31/2013
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1163 | 236 | $321,000 | $402,890 | $3,175,000 | $23,000 |
Sold Listings 01/01/2012 to 12/31/2012
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1209 | 230 | $330,000 | $420,245 | $3,750,000 | $55,000 |
Sold Listings 01/01/2010 to 12/31/2010
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 1108 | 217 | $335,000 | $407,068 | $3,650,000 | $49,000 |
Sold Listings 01/01/2009 to 12/31/2009
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 874 | 208 | $340,000 | $426,875 | $3,100,000 | $77,500 |
Sold Listings 01/01/2008 to 12/31/2008
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 802 | 210 | $385,000 | $483,712 | $3,675,000 | $92,450 |
Sold Listings 01/01/2007 to 12/31/2007
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 958 | 192 | $405,00 | $527,007 | $4,500,000 | $115,000 |
Sold Listings -1/01/2006 to 12/31/2006
| # of Sold Listings | Avg Days On Market | Median Price | Avg Price | Max Price | Min Price |
| 982 | 163 | $434,000 | $556,090 | $3,940,000 | $129,000 |
Disclaimer: 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. Data provided from 2003 to 2024