OBX Real Estate Market Update
The latest data from the Outer Banks Association of Realtors MLS reveals a slight dip in OBX real estate sales through May compared to the same period in 2024. Meanwhile, inventory has risen by approximately 20%. But how do these figures stack up historically?
It has been roughly a decade since the MLS recorded such low sales numbers. However, inventory levels remain only about half of what they were before the pandemic. Despite the slower market, properties that are priced correctly continue to sell quickly, occasionally even attracting multiple offers. That said, these competitive scenarios are less common than they were just a few years ago.
Pricing remains a critical challenge in today’s market. With fewer sales to draw comparisons from, determining an ideal asking price that generates immediate interest and secures full market value can be difficult. Sellers should be prepared to adjust their pricing if recent comparable sales are scarce or if interest in their property is limited. Adjusting to the market can be key to closing the deal.
For buyers, if a property catches your eye but seems overpriced, consider making an offer that aligns with your budget. The worst that can happen? The seller declines. But you might just be pleasantly surprised by their response.
If you’re looking for more insights into the Outer Banks market or need detailed information about a specific property, don’t hesitate to reach out to Jeff, Maggie, Sandy, or Lori-Jo. We’d love to help—and hope to see you on the beach soon!
Featured Listing:
1060 Hampton Street Lot 550, Corolla