According to Elliot Eisenberg, Ph.D. a nationally acclaimed economist "sales of vacation homes are skyrocketing. Last year a record 1.13 million vacation properties sold, an amazing 21% of all sales and up 57.4% from 2013! Part of this is due to Boomers buying second homes to eventually retire to, while part is being fed by strong gains in financial markets. Meanwhile, sales of investment homes fell 7.4% to 1.02 million and owner-occupied purchases were 3.23 million, 60% of sales." The Outer Banks market has certainly contributed to those numbers with sales at an all time high over the last 5 years. The Outer Banks is a 160 mile barrier island with beautiful sand beaches that stretch from the Virginia line down to Hatteras Island. With over 7 million tourist visiting each year the Outer Banks is one of the most popular beach destinations anywhere along the east coast. The real estate market is primarily geared towards buyers looking for 2nd homes and investment rental property. The popular towns of Corolla, Duck, Southern Shores, Kitty Hawk, Kill Devil Hills, Nags Head, and Hatteras Island offers something for everyone with beautiful beaches, world class fishing and surfing. Price ranges for houses on the Outer Banks start around $200,000 and go up to $3,000,000+ for spectacular oceanfront homes.
To learn more about real estate on the Outer Banks check out www.matthuband.com
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