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 the number of homes sold continue to rise. To help you make the right decision, we’ve compiled an Outer Banks housing market outlook to help you understand the area’s most significant real estate trends. If you still have questions, one of our expertly trained agents at Shoreline OBX is here to assist you with any questions that you may have about the home-buying process.
Current Outer Banks Real Estate Market Trends- January 2019
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. The first major trend is an increase in total units sold and total sales volume. Based on the Outer Banks Realty Group’s annual report, the total number of houses sold in 2018 was around 1700 with an average sale of $346,000. These are close to the second highest values since 2005, meaning home sales in the Outer Banks are continuing their upward trend from last year. 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! The average price of condominiums, houses, and townhomes in 2018 was up 4% compared to 2017 and prices are projected to continue on this upward trend.
Homes are Selling Quickly
The number of days an Outer Banks home remains on the market is rapidly decreasing, and demand is steadily increasing. 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. With over 7 million visitors coming to the Outer Banks every year, demand for houses is going nowhere but up.
Mortgage Rates are Rising, but Loan Requirements are Relaxing
Mortgage rates are slightly rising as we head into the new year. For a 30-year conventional loan, rates begin this year around 5.125% for a 30-year loan. Although higher rates are not ideal 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 the 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!
Do you still have questions? Our team of Outer Banks Realtors is just one call away. When it comes to Outer Banks Real Estate, no one knows the area better than our staff at Shoreline OBX. Finding the perfect beach home or selling your property has never been easier!