Sales continue to climb even as we approach winter. While residential sales only climbed 6% over the previous year, lots/land increased significantly by 72%, which equaled 824 more lot/land units sold year-to-date compared to this time in 2020.
Inventory is down across the board with residential units down 35% to 428. Lots/land was down 24% to 476 units.
The average days on market continues to decrease in many areas compared to this time last year. Overall, residential sales dropped from 116 to 53 days. Lots/land dropped from 217 to 165. While Kill Devil Hills had the lowest average days on market at 27 days, Corolla saw the largest drop from 144 to 44 which is a difference of 100 days.
Town to Town Comparison
Just like September, Ocracoke had the highest jump in year-to-date sales with a 160% increase compared to this time last year, but Hatteras actually had the largest amount of units sold at 141 more sold than this time last year. Furthermore, Hatteras had the largest increase in median sales price. On average, homes are selling 49% higher for a difference of $183,000 compared to last year.
Real estate continues to excel in the Outer Banks. Even with minor dips here and there, real estate is still on fire.
Credit: Original content published here.