Outer Banks Real Estate Market February 2020

Outer Banks Real Estate Market February 2020

The big news this month is the number of listings that are under contract. This is the first time since the MLS has been keeping records that the number of listings under contract has exceeded 500 units - in any month of the year. 

• Sales - Total unit sales were up 15 percent this month when compared with 2019 - with residential unit sales up 19% and lot / land unit sales up 5%. 

• Inventory - Residential inventory is down from last year by 15% and total inventory is down by 10% 

Below is the median selling prices of homes in select Outer Banks towns. 

Corolla - $471,000 

Duck - $470,000 

Southern Shores - $394,832 

Kitty Hawk - $394,050 

Kill Devil Hills - $343,500 

Colington - $303,500 

Nags Head - $384,950 

All Hatteras - $350,500 

Roanoke Island - $306,250 

Currituck Mainland - $270,055 

Ocracoke Island - $372,000  

2020 Real Estate Property Assessments 

North Carolina is required to conduct a countywide property revaluation at least every 8 years. Dare County chose to advance the effective date a year earlier, resulting in a seven-year cycle. Dare County's last revaluation was effective January 1, 2013, and this revaluation was effective January 1, 2020.Many homeowners were shocked to see their assessment report and the huge increase in their property value. The average increase for properties in Dare County was 26% and Wachese saw the highest increase in property values at 47%. 

The average annual increase is 3.71% over the last 7 years. Not a bad return on your investment. Yes, many homeowners may pay more real estate taxes later this year but they also participated in one of the best Outer Banks real estate markets in a long time. 

Based on information from the Outer Banks Association of REALTORS® MLS. Information contained herein is deemed reliable but not guaranteed and may not reflect all real estate activity in the market. Opinions expressed are solely my own and do not express the views or opinions of my firm.

Steven Donald Headshot
Phone: 252-489-0982
Dated: March 13th 2020
Views: 429
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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