The Outer Banks Real Estate market is hot right now.
The Outer Banks of NC opened up to visitors on May 16 and we have seen large numbers of visitors every week. No one had any insight as to how the Real Estate market was going to be once we allowed people back on the island, but we have learned quickly that the market was going to bounce back with gusto.
A Good Time to Buy on the OBX
Transactions are through the roof – listings and buyer meetings are up considerably. As of June 10, we had 621 properties on the OBX UNDER CONTRACT!
A few points of note:
- The market is up 30% over May 2019.
- Increase Contracts and Decreased Inventory = Good Appreciation. We are seeing a spike in contracts for property purchases and thus a decrease in the inventory here on the beach.
- Roughly a third of the contracts we have been doing is for people who are moving to the Outer Banks because they can work from home now and want to move. You can read our article about working remotely on the Outer Banks for more insight.
- Residential Rentals research is also through the roof: We have seen a 90% increase in web searches looking for Residential rentals on the beach. This is actually a sharper increase than even the number of sales. People are definitely researching moving to the Outer Banks right now!
Why you should use the Colony Realty Sales Search – (better than Zillow!)
We encourage you to use the Colony Realty Sales search tool to find your home on the Outer Banks. Zillow, Trulia, and Realtor.com are good tools, but they aren’t focused solely on the OBX market like we are. Here are a few advantages of using our tool. (We encourage you to do a featured property search)
- We will see it: Our team will know which properties you search and be able to provide up to date knowledge.
- We don’t use algorithms: The bigger search engines use algorithms that can sometimes use inaccurate or old information.
MLS data source: Our information comes directly from our MLS service, so is the MOST ACCURATE AND UP TO DATE information available.