The insanity of the Outer Banks market continues. The almost full-year snapshot reveals some interesting things for sure!
Below, you’ll find each town broken down for SINGLE FAMILY HOME sales from January 1st to November 30th.
| Area | 2023 Sales | Median Price | 2022 Sales | Median Price | %Diff |
| Corolla | 197 | $930,000 | 310 | $895,000 | 36% |
| Duck | 60 | $1,087,500 | 99 | $1,050,000 | 39% |
| SShores | 74 | $743,000 | 105 | $780,000 | 29.50% |
| Kitty Hawk | 53 | $690,000 | 91 | $659,000 | 41% |
| KDH | 167 | $549,000 | 270 | $530,000 | 38% |
| Nags Head | 120 | $712,000 | 174 | $799,000 | 31% |
The strangest thing I’ve ever seen is a decreased demand by this much and ZERO effect on pricing. The only thing that is keeping it afloat is the continued lower inventory. If next spring we get the typical 30% spike in inventory and demand stays low or lower, you can expect falling prices almost immediately.
| Area | Active | 30% Increase | New Active | #Months Inventory |
| Corolla | 88 | 26 | 114 | 6 months |
| Duck | 21 | 6 | 27 | 5 months |
| SShores | 17 | 5 | 22 | 4 months |
| Kitty Hawk | 18 | 5 | 23 | 5 months |
| KDH | 60 | 18 | 78 | 5 months |
| Nags Head | 40 | 12 | 52 | 5 months |
As you can see, it won’t take many listings in each market to push the inventory to 5 or 6 months. And this is based on current demand numbers. If demand weakens more, it could push the absorption rate higher, creating even weaker conditions. Only time will tell, but we’ll be watching!
