With over 100 miles of breathtaking shoreline just off the North Carolina coast, the Outer Banks has been attracting beach-lovers for decades. If you’re considering buying a house in the area, it’s important to familiarize yourself with some of the top Outer Banks real estate market trends. As OBX becomes an increasingly popular destination, the average value of homes and number of homes sold continue to rise. It’s hard to stay away from the stunning beaches, inviting atmosphere, and southern coastal charm of these barrier islands! Here, we’ve compiled an Outer Banks housing market outlook to help you understand the area’s most significant real estate trends.
After you’ve become acquainted with the area’s market trends, contact one of our agents at Shoreline OBX to assist you with any questions you have about the home-buying process. Our expert team of Realtors is here to help with everything from initial steps and navigating OBX MLS listings to choosing the right area and finding the perfect Outer Banks home.
Current Outer Banks Real Estate Market Trends – June 2018
Sales are Increasing
The Outer Banks real estate market has been steadily building over the last four years and has not slowed down in 2018. Here, we’ve compiled key findings on the market based on the End of Year Report released by the Outer Banks Association of Realtors. The first major trend is an increase in total units sold and total sales volume. The total number of houses sold in 2017 was 2,560 and total sales volume reached $766,057,072. These are the highest values since 2005, meaning home sales in the Outer Banks continue to rise. From the best sandy beaches to the beautiful lighthouses, the alluring attractions of the Outer Banks continue to captivate more and more people each year.
Prices Are Rising
The median price for homes in the Outer Banks for 2017 was $313,021. This is the highest median home price since 2014. If you have been thinking about buying an Outer Banks vacation home, investment property, or permanent home, now is the time to act as homes continue to rise in value!
Homes are Selling Quickly
The number of days an Outer Banks home remains on the market is rapidly decreasing, down 43% in December. The inventory of houses on the market is the lowest since 2010. With buyer demand high and inventory low, the property value will likely continue to rise in the coming years.
Mortgage Rates are Rising, but Loan Requirements are Relaxing
Mortgage rates are slightly rising as the 2018 year progresses. For a 30-year conventional loan, rates began this year around 4% and have now reached approximately 4.5%. Rates are projected to reach nearly 5% by the end of the year. Although higher rates are not good from a home-buying perspective, mortgage lenders have been relaxing loan requirements and offering larger loans for less money down, for qualified buyers. Contact us today for help finding a local mortgage lender.
Is Outer Banks A Good Investment?
It’s a great time to buy a home in the Outer Banks! If you’re considering purchasing an investment property or plan to rent your home during vacation season, buying a home now still provides a great opportunity to receive 70% of the rental income for the year. If you’re looking for a beach house or retirement home, you can complete the home-buying process early so that you’ll have the rest of the warm weather months to relax.
Find Your Perfect Property with Shoreline OBX
Browse our available homes for sale in the Outer Banks now, and you’ll be one step closer to finding the perfect beach house! We have homes for sale in Duck, Kitty Hawk, Kill Devil Hills, Corolla, and Southern Shores. Remember, our team at Shoreline OBX is here to help make your entire home-buying process smooth and stress-free!