Outer Banks home prices near quarterly record, total inventory bouncing back
Median sales prices for homes on the Outer Banks neared record highs in the second quarter of 2024, while total inventory for the first half of the year is recovering.
According to the latest MLS report from the Outer Banks Association of Realtors, the residential median sales price for the months of April, May and June was $585,000.
That’s just shy of the all-time record set in the fourth quarter of 2023 of $600,000, and is the eighth quarter since the start of 2020 that the media sale price has topped $500,000.
Total residential transactions in quarter two totaled 485, a 10% drop from Q2 2023 (539) and a 39% from Q2 2022 (747).
The number of single family detached dwellings sold was down 34% from last year, with 294 sold over the second quarter 2024 compared to 444 in 2023. There were 646 sold in the same period of 2022.
Quarter two condo sales declined by 18%, with 54 in 2024, down from 66 in 2023. In 2022, there were 73 condos sold.
There have been 1,012 residential sales through the first half of the year, up 35% from the same three-month period last year (747), and nearly double the number of transactions from January to June 2022 (539).
Corolla led the way on the number of sales with 143, followed by Kill Devil Hills, 147, and Hatteras Island, 130.
Median home sale prices were topped by Duck at $987,242, Corolla $855,000, and Nags Head $839,900.
The number of residential properties on the market over the last three months was way ahead of a year ago.
“When compared with 2023, residential inventory is up 62% (January to June), lots/land inventory is up 22% and total inventory is up by 43%,” according to OBAR.
Year-to-date, the average home has spent 55 days on the market, one more than in 2023, and 25 median days on the market, up from 21 last year.
There were 111 residential building permits issued in Dare County through June, slightly ahead of last year’s 93.
Total value of the permits this year totals $49.64 million. Last year, the total value was $51.13 million.
Roanoke Island (outside Manteo town limits) had the most, 23, followed by Kill Devil Hills unincorporated (which includes Colington) with 22, Nags Head with 19, and Kill Devil Hills incorporated 18.
There has yet to be a residential building permit issued inside the Manteo town limits this year.
In Currituck County, 169 residential building permits have been issued so far this year, down from 189 at the same point in 2023.
Total value of the permits is $68.87 million in 2024, while the value was $68.79 million in 2023.
Moyock continues to outdistance the rest of the county with 98 new home permits, followed by Carova with 20, and Corolla with 13.
