Outer Banks Real Estate Market October 2020

Outer Banks Real Estate Market October 2020

Highest Year to Date Sales Volume Since 2005 at $1.18 Billion! 

Records are being broken in the OBX real estate market. We have surpassed the 2005 record YTD total volume sold, having seen an astronomical $1.18 BILLION. October saw the highest monthly units sold at 456 which is an 104% increase compared to the YTD this time last year. Monthly under contracts were 97% higher than this time last year with 926 under contract. 

Inventory is down drastically with total inventory dropping 44% to 1,337 units, of which residential dropped 56% to a mere 656 units available. Even lots and land dropped to 627 compared to this time last year! Speaking of lots and land, sales were up a staggering 163% with 84 units sold. That is an increase of 52 lots! 

Another interesting record breaker deals with distressed inventory. Compared to October 2019, distressed inventory was down 95%.

In the town to town comparison, Corolla saw a jaw dropping 126% increase in units sold compared to October 2019.  Duck was not far behind as far as percent increase with a rise of 114% compared to October 2019. Nags Head saw the largest increase in median value with a 15% increase equaling an epic $60,100. 

We are in the height of an enormous sellers market. REALTORS® are clamoring for sellers. If you know of someone thinking of selling their home, NOW is the time!  Give me a call 252-489-0982.

Below are the median sales prices for selected towns on the OBX: 

Corolla - $522,000 

Duck - $490,000 

Southern Shores - $502,500 

Kitty Hawk - $385,000 

Kill Devil Hills - $325,000 

Colington - $299,000 

Nags Head - $460,000 

All Hatteras - $360,000 

Roanoke Island - $349,625 

Currituck Mainland - $280,758 

Ocracoke Island - $355,000 

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: November 13th 2020
Views: 166
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