| The Outer Banks real estate market has experienced an unprecedented increase in home prices. The trend was sparked by a rapid increase in demand and speculation, and followed by an explosion of new construction that continued until late 2006. Today, the depleted buyer demand and the falling prices that have been the result create a unique opportunity for cash flow investors that are financial capable of buying in the $1 million plus range. The high end homes aren’t the only play. There are tremendous buying opportunities across the price spectrum. The majority of the homes in the Outer Banks are used as weekly vacation rentals and the gross rents continue to be strong. The number of visiting tourists the last 3 years has increased 10% to approximately 6 million annually. Because the Outer Banks is a day’s drive from 75% of the entire population on the east coast, it will continue to be one of the east coast’s top vacation destinations.
| |
New Listings |
#Sold |
Avg. Sale Price |
Days On Market |
% Of Sold Price Vs List Price |
| 2000 |
3778 |
2721 |
$176,374 |
216 |
98.33 |
| 2001 |
3691 |
2932 |
$192,140 |
217 |
97.01 |
| 2002 |
4372 |
3576 |
$254,435 |
169 |
97.58 |
| 2003 |
4510 |
3098 |
$337,086 |
152 |
97.37 |
| 2004 |
5212 |
3711 |
$402,928 |
150 |
97.04 |
| 2005 |
5914 |
3159 |
$463,657 |
150 |
96.51 |
| 2006 |
7154 |
1679 |
$445,785 |
179 |
94.88 |
| 2007 |
6729 |
1508 |
$427,199 |
190 |
93.25 |
| 2008 |
1751 |
336 |
$405,024 |
201 |
92.33 |
As of 4/15/08 177 listing are U/C with 4336 active listings
Data courtesy of OBAR. All information is deemed reliable but not guaranteed.
View full city profile
|
