Outer Banks Real Estate Market May 2020

Outer Banks Real Estate Market May 2020

The Outer Banks lockdown has been lifted! Welcome back! 

May real estate results: 

 •Under Contract - Under Contracts are through the roof. With 549 listings under contract this is the highest number since the MLS started tracking this data. (As of June 8th the number of under contracts stands at 621; however, this number is not reflected in thisreport)

 • Although we are experiencing a record number of under contracts, getting these listing to closing has been hampered by the pandemic and the slowdown of real estate services - such as home inspectors, appraisers and attorneys. Appraisers have reported that theyare so overwhelmed that they are running up to 4 weeks behind. 

• Inventory has declined sharply in the past year - with residential inventory down 23% and land inventory down 12%. 

• Lot and Land Sales - Lot sales are down 23% with inventory down 12%. 

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

Corolla - $506,000 

Duck - $525,000 

Southern Shores - $450,000 

Kitty Hawk - $357,950 

Kill Devil Hills - $315,000 

Colington - $270,000 

Nags Head - $417,500 

All Hatteras - $342,500 

Roanoke Island - $309,000 

Currituck Mainland - $268,000 

Ocracoke Island - $321,900 

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: June 15th 2020
Views: 435
About Steven: Steve Donald and At The Beach Realty //// At the Beach Realty is a local firm located in Kitty ...

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at the beach realty llc
4802 Palmer Drive
kitty hawk, NC