OBX Real Estate 2024 Year in Review

OBX Real Estate Market Stats 2024 Year in Review

The latest OBX Real Estate Stats: As we close out 2024 the Outer Banks real estate market has taken a breather from the frantic pace of the last few years.  The market felt the effects of high interest rates with the number of houses sold only up 1.7% from 2023.  The rise in rates put buyers on the sidelines with the market drastically slowing down after the spring.  Inventory is low but starting to increase as houses sit on the market longer. One bright spot for buyers is we are starting to see more price reductions and negotiations take place on offers. While the average sold price in 2024 increased 2.5%, since June it’s been decreasing each month. For now, it looks like we have seen the peak of prices 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 see prices holding steady for the foreseeable future until inventory increases and buyer demand picks back up. Inventory could take another 12-18 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 low 6% range are here to stay for the next few years. 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 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.

Sold Listings 01/01/2024 to 12/31/2024