Imagine a place with world-class beaches, dunes the height of a three-story building, and some of the most stunning scenery in the southeastern United States. Now imagine this location surrounded by small beachfront communities without the bustle of most oceanside tourist destinations. Add in rich natural and cultural history with tales of buried treasure, lost colonies, aviation pioneers, and some of the last remaining wild horses in the eastern United States. It sounds like the perfect place to relocate or to find that next investment property.
North Carolina’s Outer Banks area features all this and more. On the northern boundary of the Cape Hatteras National Seashore, Kill Devil Hills, Nags Head, and Kitty Hawk feature top-notch dining, accommodations, and shopping alongside the Wright Brothers National Memorial and numerous other tourist destinations.
Traveling south, the protected seashore extends more than 70 miles south, winding through sleepy oceanside communities and sparsely populated beaches – some still only accessible via ferry. The Cape Hatteras Lighthouse and the Blackbeard Museum at Teach’s Hole are just a few of the attractions that drew more than three million visitors to this pristine stretch of shoreline in 2022.
Showing signs of a quick rebound
As the historic turnover and appreciation the Outer Banks real estate market experienced in 2021 and 2022 ended, many investors and agents prepared for a sluggish 2023. So far, sales have lagged behind the record pace of the previous two years (down 40% YOY), and prices have plateaued (down 4% YOY), but recent data is signaling this brief downturn may already be coming to an end.
Monthly residential sales have nearly doubled since January. While prices are still flat, these gains mean now is the time for buyers and investors to make a move before the market starts accelerating again.
An area on the rise
Popular communities in the Outer Banks
Kill Devil Hills
- Median home price: $512,450
- Year-on-Year change: +6%
- Average number of days on the market: 46
The Outer Banks’s largest town is also one of its more affordable for now, with median sale prices below many other oceanfront resort communities.
- Median home price: $503,000
- Year-on-Year change: -16%
- Average number of days on the market: 73
Despite its iconic beauty and the historically red-hot real estate markets of 2021 and 2022, Hatteras remains one of the more affordable beachfront resort areas in the southeast. With median residential prices dipping in recent months and short-term rental revenue continuing to accelerate year after year, Hatteras Island is likely to be a profitable real estate investment for both investors and those relocating to the island.
- Median home price: $665,000
- Year-on-Year change: -13%
- Average number of days on the market: 53
Duck and Southern Shores
- Median home price (Duck): $925,000
- Year-on-Year change (Duck): 3%
- Average number of days on the market (Duck): 103
- Median home price (Southern Shores): $730,000
- Year-on-Year change (Southern Shores): -6%
- Average number of days on the market (Southern Shores): 46
A top-tier investment
The experienced agents at Brad Beacham Group are ready to help buyers and investors get the most out of this investment. The team has more than 20 years of experience in the OBX real estate market and has consistently produced big results for clients.
The agency’s partnership with Landmark Sotheby's International Realty adds the recognition of an international brand known for luxury to BBG’s portfolio, which, coupled with local experience and expertise, makes Brad Beacham Group the perfect choice for anyone ready to explore the benefits of relocating to or investing in the Outer Banks.