The Outer Banks Real Estate Market continues to exceed expectations. Placing the area solidly in a seller’s market, the lack of inventory is the only factor keeping activity at a manageable level. For Sun Realty, December 2020 was the highest volume month of the year, as for the Outer Banks Market in general, that honor landed in October.
The average sales price increased by 17%. Due to the lack of inventory coupled with very attractive mortgage opportunities, the prices have been driven up. While home prices have increased, the buyer’s purchase power has also increased due to the low-interest rates, keeping the market very active.
Due to the increase in activity, services such as closing attornies, appraisers, surveys, and home inspections have been very busy and some are causing delays.
In this active market, it is more important than ever to have an experienced agent who can put you in a position to win a contract and get you to the closing table as scheduled.
To review the Outer Banks Market Report of Single Family Home activity in 2020 click here. If you have questions about condos, land, or commercial property, we can help with that too!