The housing market is hot right now, but which areas are the hottest? Are there any locations where home price appreciation is still lagging behind? Soundfront or Oceanfront? What does the market look like so far in 2022? With all of the changes this year in the national real estate market, (notably skyrocketing interest rates and FHFA-driven changes to lending), you might be surprised to see that it still looks a lot like 2021.
Based on information from the Outer Banks Association of REALTORS® MLS for the period 1/1/2019 through 4/21/2022.
Which areas are the hottest?
If we look at the percentage gain in median home prices (2019 to 2021) by village, here are the rankings:
- Waves – up 68.46%
- Avon – up 59.65%
- Frisco and Hatteras – both up 43.3%
- Rodanthe – up 39%
- Salvo – up 33.7%
- Buxton – up 28.25%
Where is price appreciation a little behind?
Ready for an incredible statistic? Overall home prices went up 53.82% on all of Hatteras Island from 2019 to 2021. You might think that oceanfront and soundfront properties would lead the charge, but oceanfront properties were up 31.87%, while soundfront properties were only up 25.27%. With the growth in watersports like windsurfing, kiteboarding, and paddleboarding, it’s surprising to see soundfront properties appreciating at less than half of all Hatteras Island properties in this time period. There might be some potential on the sound!
What is the market like today?
So far in 2022, the median sales price for all of Hatteras Island is $585,500. The median sales price in 2021 was $523,000, so home prices are up 11.9% already. It will be hard for home prices to continue the surge that we’ve seen over the past three years, but it keeps trending up despite today’s higher interest rates. There was a total of 268 sales on all of Hatteras Island for the entire year in 2019. There have already been 144 sales so far as of April 21, 2022. This is a bit lower than 2021’s total during the same time period, but it’s still a very strong sales volume. We are still in a seller’s market – there are only 74 active single family home listings on Hatteras Island right now.
About the Author: Stephen Smith is an Outer Banks realtor with Coldwell Banker Seaside Realty. He was recognized in 2021 as one of the top 10% of Coldwell Banker agents worldwide. He has lived on the Outer Banks for nearly 20 years, and met his lovely wife on Hatteras Island. They currently reside in Nags Head with their daughter, but Hatteras Island is still home in many ways. For questions on the Hatteras or greater OBX real estate market, you can contact Stephen directly at firstname.lastname@example.org or 252-216-9230. His website is https://www.stephensmithobx.com or you can receive his weekly newsletter by signing up at https://mailchi.mp/43cd4a4bf1a6/obxnewsletter.