The Outer Banks features stunning beaches, exciting communities, and rows of gorgeous beachfront properties. It’s no surprise that the Outer Banks is also becoming one of the best real estate markets on the East Coast. But before you lock down the perfect investment property, you have to do the proper research. That’s why our team at Shoreline OBX has put together the ultimate guide to the Outer Banks real estate market statistics. Staying up to date on all of the latest market trends has never been easier. If you still have questions or want to start your search, don’t hesitate to reach out to our expert team of Outer Banks Realtors!
Top Outer Banks Real Estate Market Statistics
Outer Banks Population
According to the latest census, the Outer Banks population is 57,755. To put this in perspective, the Outer Banks is just under half the size of Charleston, South Carolina, and nearly one-tenth the size of Miami, Florida. In terms of traffic and overall density, the Outer Banks is less busy than its southern neighbors but still draws thousands of yearly visitors, making it a great place for an investment property.
Average Sale Price
According to this year’s MLS report from the Outer Banks Association of REALTORS®, the average sale price for homes in the Outer Banks in 2017 was $450,000, which is level compared to 2018’s 4.5% increase. This means median Outer Banks Real Estate values are continuing to rise and hold their values. If you’re planning to purchase a home in the Outer Banks, now is a good time to act as this momentum is not expected to slow down.
Number of Houses Sold
In 2018, 1555 houses were sold in the Outer Banks. For the past five years, each year has exceeded the previous year in the number of houses sold. So far in 2019, this number is on track to exceed last year. High buyer demand and comparatively low inventory is a good indicator that property values will continue to rise.
Flood Insurance Rates
Due to new flood maps predicted to take effect in late 2018, a large percentage of properties in the Outer Banks will be taken out of the flood zone. As a result, flood insurance rates will decrease for many of these properties meaning less out-of-pocket insurance costs and higher home values. This is great news for potential home buyers!
Is Outer Banks a Good Investment?
Considering the market statistics, it’s easy to see why buying property in the Outer Banks is always a good idea. Whether you’re searching for a personal vacation home, a retirement home, or an investment property, we have several wonderful homes for sale in the Outer Bank that are guaranteed to get you excited about your next investment. Use our property search tool to find the perfect home in no time at all. Your dream beach home is just one click away!