Fall is here on the Outer Banks, and while the temperatures may be dropping, the Outer Banks real estate market is definitely heating up! If you’ve ever thought of buying an OBX long-term rental investment property, now may be the perfect time!
The total number of under-contract listings on the Outer Banks has skyrocketed this year – they are up 41% since October of last year and the number is at its highest since April 2015. Total sales are up 3% with residential sales up 5%, Lot and Land sales down 8% and commercial sales up 56%. Overall inventory is up 1% with Residential inventory down 3%, Lots and Land inventory up 7%, and Commercial inventory up 16%.
Here we’ll break down the numbers by town so that you can see exactly what is happening with the OBX real estate market:
Corolla tops the list with the most houses currently listed for sale. There are 295 residential properties for sale in Corolla right with 51 residential properties are currently under contract. A total of 199 residential properties have sold so far this year in Corolla. The average number of days on the market is holding at 143 days. Sellers are getting an average of 92% of asking price, and the average sale price in Corolla is $705,257.
Duck has 133 residential properties currently for sale with 19 residential properties under contract. So far this year, 107 residential properties have sold. Sellers are getting an average of 92% of their asking price, and houses are spending an average of 135 days on the market. The average sale price is $580,569.
Southern Shores has 59 residential properties for sale currently and another 19 residential properties under contract. A total of 87 residential properties have sold this year. Sellers are getting an average of 92% of their asking price, and the average sale price is $626,742. Houses in Southern Shores are spending an average of 119 days on the market.
Martin’s Point has 11 residential properties currently for sale with 3 residential properties under contract. So far, 18 residential properties have sold this year. Sellers are getting 92% of their asking price and the average sale price is $682,044. Houses are spending an average of 134 days on the market. Kitty Hawk has 34 residential properties currently for sale with 18 residential properties under contract. 115 residential properties have sold so far this year. Sellers are getting 93% of asking price with an average sale price is $409,818. Houses in Kitty Hawk are spending an average of only 88 days on the market.
Kill Devil Hills has had 285 residential properties that have sold this year, the most in the Outer Banks. There are 119 residential properties currently for sale with 56 residential properties under contract. Sellers are getting an average of 95% of their asking price with an average sale price is $343,578. Houses in Kitty Hawk are spending an average of 81 days on the market.
Nags Head has 142 residential properties currently for sale with 38 residential properties under contract. So far this year, 186 residential properties have sold in Nags Head. Sellers in Nags Head are getting an average of 94% of their asking price with an average sale price is $528,377. Houses in Nags Head are spending an average of 109 days on the market.
As you can see, the real estate market is hot on the Outer Banks! Right now may be the time for you to purchase your income-producing long-term beach rental property!
OBX Housing is the best Outer Banks long term residential home property management team. Once you find the perfect investment property, let the experts at OBX Housing maximize your property’s earning potential!
If you have any questions about buying or selling on the Outer Banks, please be in touch! We would love to help! Edith Rowe & Catherine Brown Strachan are THE
OBX Real Estate Resource, Realtors contact them here.