Buyer TipsOuter Banks Market UpdateSeller Tips January 12, 2024

Recap of OBX Real Estate in 2023

One of my favorite OBX photos from winters past. ❄️

Here is a quick recap of how OBX real estate did in 2023…

  • For the full year, the Average Sales Price of $724,922 reflected only a modest 3% decrease compared to 2022.
  • While the average sales price only saw a slight decline, we saw a 22% decline in units and a substantial 32% decrease in sales volume for the year.
  • The Median Sales Price, holding steady at $590,000, remained unchanged from 2022.
  • Both these trends can be attributed to the persistent lack of inventory experienced in our market throughout the year.
  • In 2023, the number of units sold was the lowest since 2014, with a total of 1,497 units sold that year. Of course, back in 2014 the Average Sales Price was just $384,829.
  • Total units sold in 2023 were down 29% and sales volume by 32%.
  • On average, it took 51 days for property to sell in 2023. This is still well below the average days on market of 117 in 2019.
  • Active inventory was down 14% in Dare and 14% in Currituck County, consistent with how they’ve been running all year.

Message me anytime to kickstart your real estate goals for 2024!
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(All stats based on information from the Outer Banks Association of Realtors MLS 1.1.23 – 12.31.23 for residential, Dare & Currituck County)