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September 2022 MLS Statistical Report

At first glance, real estate statistics appeared to decline in September 2022.  However, there are still some great statistics that prove real estate is still going well in the Outer Banks.

Overall sales declined 24% in September when compared to September 2021 (807 fewer units sold), but increased compared to August 2022 (224 more units sold).  Inventory also declined both compared to September 2021 (down 963 units) and August 2022 (down 56 units).

However, residential median sales price showed a significant increase.  Compared to August 2022, the median home price rose $85,000, and when compared to September 2021, it was up $100,000!

Again, while year-to-date residential sales were down 24% compared to September 2021, 173 more homes were sold compared to August 2022.  Lots/land did drop $2,878 compared to August 2022, but were up $16,595 compared to September 2021.  Dare County issued 40 more building permits compared to September 2021, and they issued 50 more permits compared to August 2022.

Town to Town Comparison

Kitty Hawk was the only town that had an increase in year-to-date residential sales compared to September 2021 which was a difference of 1 home, but 10 more homes sold compared to August 2022.  Kitty Hawk also had the lowest days on market at 21 compared to 34 days for all residential days on Market in September 2022.  Once again, Duck had the largest increase in median sales price compared to September 2021 at 39% which equaled $251,250.

While it appears that we are on a bit of a roller-coaster compared to both August 2022 and September 2021, there are still some amazing increases that are worth noting.  Most importantly, a total of $1.4 billion dollars has sold year-to-date through September.  That is an astounding $140 million more dollars sold than the same time period as last year.  So despite fewer sales, home and property owners are making much more money for their homes compared to last year.


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