As soon as the real estate market in Nags Head Slowed down from an insanely crazy 10 offers on the first day of a house coming on the market for sale to a better than normal pace, everyone started calling it a crash, the Bubble Burst, the end of times is nigh!
The truth is, home prices are still going up in Nags Head and we are still getting multiple offers on properties and sales are still over asking price.
Buyers are still paying the high prices. Gone are the days of fierce competition between buyers with the goal of winning at any cost. This a is a win-win for both sides, the seller gets their price and buyers don't have to engage in a bidding war.
As you can see from the data below, we sold 30% less homes in 2022 than the previous year and at a price 25% higher than previously. Prices are the highest they've ever been.
Now is a good time to take advantage of the current market if you are thinking about selling your home in Nags Head in the near future.
| Homes Sold in Nags Head from July 2021 to July 2022 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 3 | $3,779,000 | $1,259,667 | $1,080,000 | 44 |
| Conventional | 174 | $147,592,745 | $848,234 | $686,500 | 28 |
| VA | 1 | $635,000 | $635,000 | $635,000 | 88 |
| Cash | 65 | $56,271,025 | $865,708 | $605,000 | 34 |
| Owner Finance | 1 | $501,000 | $501,000 | $501,000 | 6 |
| Jumbo Loan | 30 | $57,150,500 | $1,905,017 | $1,866,250 | 37 |
| Analysis By Area | |||||
| Nags Head Oceanside | 63 | $89,310,925 | $1,417,634 | $1,450,000 | 40 |
| S. N.H. East/Old Oregon R | 51 | $61,643,610 | $1,208,698 | $1,080,000 | 39 |
| Nags Head between hwys | 70 | $63,684,362 | $909,777 | $840,000 | 28 |
| S. N.H. West/Old Oregon R | 10 | $8,712,683 | $871,268 | $750,532 | 19 |
| Nags Head Westside | 80 | $42,577,690 | $532,221 | $498,500 | 21 |
| Totals | 274 | $265,929,270 | $970,545 | $707,500 | 31 |
| Non Co-op Sales | 42 | $36,503,871 | $869,140 | $620,072 | 29 |
| Co-op Sales | 232 | $229,425,399 | $988,903 | $745,000 | 31 |
| Total Sales | 274 | $265,929,270 | $970,545 | $707,500 | 31 |
| Homes Sold in Nags Head from July 2020 to July 2021 | ||||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | ||
| RESIDENTIAL | ||||||
| Other | 4 | $4,240,000 | $1,060,000 | $682,000 | 95 | |
| Conventional | 278 | $171,675,302 | $617,537 | $530,000 | 65 | |
| FHA | 1 | $335,000 | $335,000 | $335,000 | 9 | |
| VA | 5 | $2,209,800 | $441,960 | $380,000 | 90 | |
| Cash | 83 | $57,688,940 | $695,047 | $485,550 | 47 | |
| Private | 1 | $212,500 | $212,500 | $212,500 | 91 | |
| Jumbo Loan | 33 | $51,606,752 | $1,563,841 | $1,355,000 | 85 | |
| Analysis By Area | ||||||
| Nags Head Oceanside | 83 | $98,177,794 | $1,182,865 | $1,155,000 | 78 | |
| S. N.H. East/Old Oregon R | 63 | $52,965,783 | $840,727 | $630,000 | 78 | |
| Nags Head between hwys | 80 | $49,634,375 | $620,430 | $605,000 | 55 | |
| S. N.H. West/Old Oregon R | 30 | $19,101,584 | $636,719 | $612,000 | 80 | |
| Nags Head Westside | 149 | $68,088,758 | $456,972 | $410,000 | 50 | |
| Totals | 405 | $287,968,294 | $711,033 | $549,000 | 63 | |
| Non Co-op Sales | 63 | $45,109,007 | $716,016 | $520,000 | 57 | |
| Co-op Sales | 342 | $242,859,287 | $710,115 | $559,000 | 65 | |
| Total Sales | 405 | $287,968,294 | $711,033 | $549,000 | 63 | |
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