While the overall number of Nags Head residential property sales is still down below the historic highs of the boom years, the prices in most areas of Nags Head have started to make a rebound.
The median prices for properties located between the roads in Nags Head is now higher than it was in 2005 and the average price is back at 2004 levels.
Likewise the median price for a residential property located on the west side of Nags Head is higher than it was in 2004, which was a banner year and the average price is almost where it was in 2005.
The Nags Head oceanfront continues to suffer both in sales volume and in price. Part of the problem has to do with the expense of the high end loans and part of the problem is the ongoing debate over beach nourishment. All of the publicity surrounding beach nourishment is scaring buyers away from some of the best beaches available.
There are still deals available but who knows how much longer before the high prices become the norm again. The statistics below are from the Outer Banks Association of REALTORS.
Nags Head Real Estate Sold Statistics (Between the Roads)
2008 saw 28 residential properties sell for a median price of $607,500 and an average price of $582,175
2007 saw 33 residential properties sell for a median price of $475,000 and an average price of $499,212
2006 saw 34 residential properties sell for a median price of $657,000 and an average price of $626,528
2005 saw 65 residential properties sell for a median price of $599,000 and an average price of $602,743
2004 saw 75 residential properties sell for a median price of $599,500 and an average price of $583,581
2003 saw 54 residential properties sell for a median price of $534,500 and an average price of $480,575
Nags Head Real Estate Sold Statistics (West side)
2008 saw 44 residential properties sell for a median price of $329,000 and an average price of $395,166
2007 saw 68 residential properties sell for a median price of $348,500 and an average price of $401,478
2006 saw 53 residential properties sell for a median price of $379,000 and an average price of $409,879
2005 saw 68 residential properties sell for a median price of $394,500 and an average price of $440,659
2004 saw 105 residential properties sell for a median price of $320,000 and an average price of $369,503
2003 saw 99 residential properties sell for a median price of $260,000 and an average price of $312,129
Nags Head Real Estate Sold Statistics (Ocean Side)
2008 saw 15 residential properties sell for a median price of $515,000 and an average price of $480,933
2007 saw 22 residential properties sell for a median price of $1,060,000 and an average price of $990,522
2006 saw 14 residential properties sell for a median price of $565,000 and an average price of $804,914
2005 saw 35 residential properties sell for a median price of $947,500 and an average price of $1,016,971
2004 saw 43 residential properties sell for a median price of $839,000 and an average price of $924,675
2003 saw 38 residential properties sell for a median price of $606,250 and an average price of $697,641
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