September 2021 Real Estate Market on the Outer Banks, NC
Flat inventory, sales signal OBX market slowdown
It would seem as if the Outer Banks real estate market hit a bit of a lull for the month of September. Inventory was flat, as were sales of existing properties, according to the September 2021 MLS Statistical Report. The only bright note was a drop in the number of days residential properties spent on the marketplace before being snatched up by eager buyers.
Housing market trends in real estate markets across the U.S. for September 2021 indicate similar findings. Like so many other things about the real estate market over the last 18 months, the flat inventory and sales broke the usual mold for homebuying in September. Right as prospective homebuyers should be heading into the best time of year to buy a home, the number of homes for sale remains historically low for the Outer Banks and most of the U.S. real estate market.
Here today, gone tomorrow
When it comes to available inventory in the Outer Banks, not much has changed since June. Residential inventory for 2021 was 501 units, a decrease of 31 percent over the same period in 2020. Lot and land inventory did not fare much better. In 2021, 568 lot and land units were sold, a decrease of 14 percent over 2020’s figures for the same three months.
Without much inventory to showcase, sales showed only a modest 12 percent increase in 2021 for residential properties. On the flip side, lot and land sales increased 90 percent over 2020.
The news is not all bad for the month of September. As previously mentioned, homes continue to sell at a record pace. Residential properties spent just 55 days on the market this year versus the 114 days it took them to sell during the same period in 2020. Lot and land sales also moved more quickly this year, with an average of 170 days on the market compared with the 194 days they spent waiting for buyers last year.
Distressed inventory continues to remain low, with a 59 percent decrease in sales for September 2021 compared with last year’s figures. Dare County building permits for 2021 continue to be in demand compared with 2020. In September, the county issued 219 building permits compared with last September’s 168.
Top-performing OBX markets
When it comes to the OBX real estate market with the fastest-moving properties, Kitty Hawk easily rises into the frontrunner position. Residential units spent just 23 days on the market before selling in Kitty Hawk this year, down from 56 days in 2020. Median sales prices in Kitty Hawk also jumped 27 percent to $500,000.
Kill Devil Hills also fared well for the shortest number of days on the market before properties changed hands at just 25. In 2020, residential units moved more than twice as slow in Kill Devil Hills, with an average of 65 days on the open market.
Ocracoke Island residential properties were the slowest movers in 2021, with an average of 216 days. They still fared better than in 2020, when it took an average of 308 days for most homes there to sell.