Like other sectors along the Outer Banks, the real estate market appears to be trending towards a correction to pre-pandemic levels through the first six months of 2023.
And while prices have continued to rise, inventory has held mostly even with an uptick in available residential properties.
Currituck County saw an increase in residential new construction building permits through June when compared to last year, while Dare County experienced a decline.
According to the June 2023 MLS report from the Outer Banks Association of Relators, sales in Dare and Currituck counties and in Ocracoke dropped off by 17 percent over the last 12 months.
Through the end of last month, a total of 1,244 properties have been sold, down 34 percent (1,885 sales) from one year ago, and 48.1 percent lower than 2021 when a record 2,397 transactions had taken place.
A total of 969 residential properties were sold over the first six months of 2023, a 33 percent decline from 2022 (1,454) and 48.7 percent off from 2021’s record 1,889.
The median sale price of residential properties listed on the Outer Banks MLS that sold between Jan. 1 and June 30 was $590,900, up 8 percent from 2022 ($545,000) and 10 percent above 2021 ($529,000).
Lots and land year-to-date account for 261 transactions, down 35 percent from last year (404) and 46 percent below 2021 when 487 were purchased.
Median prices of lots/land was $125,000 through the end of June, four percent ahead of the $120,000 in 2022, and 23 percent above the $97,000 in 2021.
Total inventory was at 786, off 24 percent from the end of last June (1,039), and down 26 percent compared to 2021 (1,072). Residential inventory was at 410, down 22 percent from the 529 in 2022 and up 3 percent ahead of 2021 (422).
Median days on the market year-to-date for residential properties was 55, well ahead of 2022’s 36 days. And the number of properties in an Under Contact status is at their lowest level since December 2022.
New residential building permits issued in Dare County year-to-date have declined from 165 in 2022 to 111 this year. Hatteras Island has seen the most new residential permits in Dare County with 30, carrying a total value of $13,045,455 to lead the county.
Currituck County issued 230 new permits, up from 150 last year. Moyock had the majority of new permits in Currituck County with 112, while Corolla had the highest value at $28,022,577.
