Welcome to the latest real estate update from Jeff Scott at Scott Team Realty. If you’re in the market for a new home, here’s what you need to know about the Outer Banks (OBX) real estate scene:
Sales on the Outer Banks have been brisk over the last few months. At Scott Team Realty, we track both contracts and sales. According to the Outer Banks Association of Realtors’ MLS system, there were about 10% more contracts in April 2024 compared to the previous year. May’s numbers are still coming in, but it looks like they’ll match May 2023.
In the past seven weeks, we’ve seen a rise in sales of higher-priced homes. About 30% of the homes sold through our MLS system this year were priced over $750,000, up from 25% during the same period in 2023.
One notable change is the growing inventory. The number of properties for sale in our MLS exceeded 1,000 for the first time since November 2022, though this is still below our historical average. For context, in May 2019, the number was over 2,600. Most Realtors are happy to see this increase, as many buyers are waiting for the right property to be listed. However, if you’re considering selling, you might want to list now before more competition enters the market.
Featured Listing
221 W Cobbs Way, Lot 36, Nags Head, NC 27959
Check out this listing for more details.
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For more information or to discuss your real estate needs, contact Scott Team Realty.