The real estate market continued to slow down a bit in August on multiple fronts. This is normal for this time of year due to reduced access to homes during the busy visitor season. Overall, property sales were down 23% this August compared to August 2021. However, 264 more units were sold compared to July 2022.
Total inventory declined 5% compared to August 2021. It also declined almost 2% dropping from 1073 available units to 1055 units compared to July 2022.
There was a 24% decrease in residential sales compared to August 2021, but when compared to July 2022, 198 more residential homes were sold. While the residential median sales price increased $10,000 compared to August of 2021, when compared to July 2022, there was a $45,000 drop in residential median price. This can be attributed to multiple factors, and not necessarily an indication of rapidly falling home values.
Town to Town Comparison
Not only did Kitty Hawk have the lowest average days on market at 20 days, the town was also the only one that had an increase in residential sales year-to-date compared to August 2021 at 7%. Despite selling fewer homes in August 2022 compared to 2021, Duck continued to have the the highest median sales price compared to August 2021 at 40% which is an astounding $258,750 increase.
While there where definitely some nominal declines in August 2022 compared to August 2021 and July 2022, the real estate market is still healthy on the Outer Banks. It will be interesting to see how the statistics will change in September now that the busy tourist season is over.