March 2021 Real Estate Market on the OBX
OBX’s Record-Breaking Trends Continue
Talk to any real estate professional in the Outer Banks – across the nation, really – and they will tell you a similar story. The real estate market continues to shatter sales records with no end in sight to the on-fire seller’s market. OBX’s real estate market is lit, with new listings receiving multiple offers and continuing to sell at or above listing prices. With the median days on market for new listings in 2021 hovering right around 12, property is snatched up quickly by eager buyers tired of waiting for their turns.
Outer Banks Real Estate by the Numbers
Just when we think the Outer Banks real estate market cannot possibly shock us any more than it already has, it goes and proves us wrong. The March 2021 MLS Statistical Report boasts month-over-month sales that are up by 86 percent and continued tight inventory. Residential inventory is down 72 percent, with land inventory also decreased by 26 percent.
Other key data from the report includes:
- Residential sales are up 87 percent, and land/lot sales increased by 74 percent over 2020.
- Under contracts experienced a 100 percent increase over March 2020.
- After months trending for the lowest number of sales, Ocracoke Island is the new “king,” pushing Corolla off the number-one spot as the “hot ticket” area. Ocracoke’s March 2021 sales increased an impressive 400 percent over the same period last year. The median sales price there increased by 34 percent to $475,000.
- Corolla was the runner-up for sales, posting a 210 percent increase in sales over March 2020. The median sales price was 30 percent higher over last year’s March figures, at $727,500.
- Duck was the third most popular location, with a 183 percent increase in sales. The median sales price also showed a 17 percent boost over March 2020 figures, coming in at $609,200.
Kitty Hawk had a disappointing month, mostly due to low inventory for the area. It posted a 25 percent decrease in sales over March 2020, with only 6 properties sold. It is not all bad news for Kitty Hawk. It posted a 22 percent increase in median sales price at $480,000.
Future Forecast for OBX
The global pandemic has been both a blessing and a curse since March 2020. It interrupted the way real estate transactions were conducted, slowing down inspections and closings and changing the way prospective buyers could view properties on the marketplace.
Fast-forward to now, and things are starting to turn the corner. With people receiving vaccinations and travel restrictions loosening, our beautiful beaches are center focus once more. Toss in the flexibility of more people working from home, and beachfront properties are a hotter commodity than ever. If you are looking for a second home or wish to relocate your primary residence to the Outer Banks, now is the best time to make the change. If you already live here and are considering selling, now is the best time to put your property on the market. With a hot seller’s market showing no end in sight, you are guaranteed to get every penny – and more out of your property.
