PORTSMOUTH, Va. (WAVY) — Real estate sales are down along the Outer Banks, according to the August realty report.
Christi Bryant, president of the Outer Banks Association of Realtors, said even though the numbers show a slight decline in total sales, she does not think there is any reason to panic.
Overall sales are down by 1% since August of last year, while lot sales are down by 12% year-to-date compared to 2024. Still, Bryant is not too worried about these declines.
“Percentages get exaggerated because we are a smaller market,” Bryant said.
It is smaller and more unique since it’s a vacation home market. The barrier islands are not alone in these declines, with many other seasonal towns experiencing similar trends.
Home prices are still high from Corolla to Ocracoke. Despite this, Bryant said demand is still strong, noting sales are just happening at a slower pace. One noticeable change this year — they seem to have finally stabilized since the COVID-19 buying frenzy.
“I would not classify our market as being stagnant,” Bryant said. “I would classify our market as being stable. I would classify it as being normal.”
More than three dozen homes were decertified or destroyed by the ocean since Hurricane Erin. Due to the amount of time it takes to collect this data, the severity of how this impacts the real estate market is not clear.
“We’re a string of barrier islands,” Bryant said. “… That’s where it goes back to people who are purchasing here working with a local realtor.”
Condo sales are up by about 5% since August of last year. Residential inventory got a 12% boost.
