June 2022 Real Estate Market on the Outer Banks, NC￼
OBX Marketplace Posts Strong Performance
Strong is a good descriptor for the June 2022 marketplace trends for the Outer Banks. We’re continuing in one of the most robust seller’s markets in recent history here in the OBX. In addition, demand for existing properties and land purchases remains high, reflected by the increased prices for both.
Overall sales numbers have faltered a bit because of rising interest rates and the continued lack of inventory. Mortgage rates surged beyond 6 percent, hitting their highest levels since 2008. It may be a bit too soon to determine if the quickly rising rates can cool off the current hot OBX marketplace.
A tale of low inventory
One thing that has remained consistent since the spring of 2020 is a lack of available inventory. The Outer Banks Association of Realtors® June 2022 MLS Statistical Report hints at the typical seasonal decline we see every year here in the OBX, with total unit sales down by 22 percent. When broken down, the numbers reveal the decreases by category:
- Commercial unit sales are down 29 percent.
- Lots and land sales are down 17 percent.
- Residential unit sales are down 23 percent.
Although inventory remains low, there is a sliver of hope on the horizon. Total inventory may be down by 3 percent over last year, but residential inventory is up by 529 units or 25 percent.
Challenges continue for buyers
Challenging is not quite the right word to describe the marketplace for hopeful buyers. Record-low inventory has plagued the OBX for nearly two years, creating a competitive buyer environment. Getting preapproved and moving fast on properties the minute they become available are two ways buyers can increase their chances of success.
Some prospective buyers are purchasing properties sight unseen to boost their odds of placing the winning offer. They also have sweetened their proposals with Due Diligence Fees.
OBX by the numbers
Despite the many challenges the OBX marketplace has faced over the last two years, the MLS continues to provide hope to buyers and sellers. Let’s look at the other data gleaned from the MLS report to get the full picture of how things may progress for the remainder of 2022.
- The average median sales price for residential property continues to climb, up 3 percent to $545,000 for the year. Lots and land average pricing also has increased by 18 percent to $120,650. So it’s an excellent opportunity for anyone considering selling.
- The average number of days on the market for residential properties decreased to 25 from 62 the previous year.
- The Currituck Mainland was the only OBX area to post a year-to-date sales increase at a meager 2 percent. However, Currituck’s average days on the market increased from 33 to 35.
- Corolla was the worst performing OBX area for year-to-date residential sales, with a 41 percent decrease over 2021. Although sales were down, the average median home price increased by 26 percent to $915,000.
Navigating the OBX marketplace
Navigating the OBX marketplace can be challenging, regardless of whether you’re buying or selling. We can help sellers sort through multiple offers to get the best price for their homes. Likewise, buyers benefit from our years of experience assisting them in finding the perfect property, even during these competitive times. Reach out to us today to get the process started.