This article will be analyzing the real estate market in Nags Head on the Outer Banks by comparing the sales of single family homes during the first six months of 2016 and the first 6 months of 2017. The spreadsheets below break down the single family home sales in the 4 distinct geographic areas. Each of these areas has distinct qualities that require separate analysis.
Oceanside is the area of town located on the east side of RT12 (beach road) and consists mainly of the row of ocean front houses from 8th St to Whalebone Beaches, with a few exceptions where there is a sul de sac adding some none oceanfront properties into the equation. These homes are almost all oceanfront.
South Nags Head is the area south of Whalebone Beaches down to the towns border with the Cape Hatteras National Seashore. South Nags Head has no commercial development, except for the Outer Banks Pier, so the traffic is minimal and the beaches less crowded. Mostly rental and second homes.
Between the Roads is the area between Rt 12 and Rt 158 and parallels the ocean front. This area is mostly rental homes with a few weekend homes.
Westside or Soundside, is the area west of Rt 158 up to the Roanoke Sound. The sound side is made up of a mixture of year round residents, week end homes, and vacation rental homes.
Overall, the median price of single family homes in Nags Head is on the rise and the Days on the Market is coming down.
| Sold Market Nags Head Ocean-Side 1st Half 2017 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Conventional | 4 | $4,021,000 | $1,005,250 | $1,037,500 | 187 |
| Cash | 3 | $2,945,000 | $981,667 | $1,190,000 | 153 |
| Jumbo Loan | 2 | $1,875,000 | $937,500 | $937,500 | 237 |
| Analysis By Area | |||||
| Nags Head Oceanside | 9 | $8,841,000 | $982,333 | $1,100,000 | 187 |
| Totals | 9 | $8,841,000 | $982,333 | $1,100,000 | 187 |
| Non Co-op Sales | 1 | $725,000 | $725,000 | $725,000 | 342 |
| Co-op Sales | 8 | $8,116,000 | $1,014,500 | $1,125,000 | 167 |
| Total Sales | 9 | $8,841,000 | $982,333 | $1,100,000 | 187 |
| Sold Market Nags Head Ocean-Side 1st Half 2016 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $1,638,000 | $1,638,000 | $1,638,000 | 567 |
| Conventional | 2 | $2,272,000 | $1,136,000 | $1,136,000 | 132 |
| Cash | 4 | $3,885,000 | $971,250 | $895,000 | 412 |
| Jumbo Loan | 2 | $2,295,000 | $1,147,500 | $1,147,500 | 100 |
| Analysis By Area | |||||
| Nags Head Oceanside | 9 | $10,090,000 | $1,121,111 | $1,000,000 | 297 |
| Totals | 9 | $10,090,000 | $1,121,111 | $1,000,000 | 297 |
| Non Co-op Sales | 1 | $1,272,000 | $1,272,000 | $1,272,000 | 46 |
| Co-op Sales | 8 | $8,818,000 | $1,102,250 | $987,500 | 329 |
| Total Sales | 9 | $10,090,000 | $1,121,111 | $1,000,000 | 297 |
| Sold Market Nags Head Between The Roads 1st Half 2017 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Conventional | 21 | $9,930,025 | $472,858 | $507,500 | 143 |
| Cash | 5 | $2,691,000 | $538,200 | $515,000 | 200 |
| Analysis By Area | |||||
| Nags Head between hwys | 26 | $12,621,025 | $485,424 | $511,250 | 154 |
| Totals | 26 | $12,621,025 | $485,424 | $511,250 | 154 |
| Non Co-op Sales | 5 | $2,882,000 | $576,400 | $530,000 | 89 |
| Co-op Sales | 21 | $9,739,025 | $463,763 | $507,500 | 169 |
| Total Sales | 26 | $12,621,025 | $485,424 | $511,250 | 154 |
| Sold Market Nags Head Between The Roads 1st Half 2016 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $1,333,333 | $1,333,333 | $1,333,333 | 0 |
| Conventional | 21 | $9,069,100 | $431,862 | $480,000 | 223 |
| Cash | 3 | $1,988,000 | $662,667 | $787,000 | 59 |
| Jumbo Loan | 1 | $708,000 | $708,000 | $708,000 | 69 |
| Analysis By Area | |||||
| Nags Head between hwys | 26 | $13,098,433 | $503,786 | $486,000 | 190 |
| Totals | 26 | $13,098,433 | $503,786 | $486,000 | 190 |
| Non Co-op Sales | 3 | $2,067,000 | $689,000 | $787,000 | 98 |
| Co-op Sales | 23 | $11,031,433 | $479,628 | $480,000 | 202 |
| Total Sales | 26 | $13,098,433 | $503,786 | $486,000 | 190 |
| Sold Market Nags Head Sound Side 1st Half 2017 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $299,900 | $299,900 | $299,900 | 49 |
| Conventional | 31 | $11,160,000 | $360,000 | $345,000 | 146 |
| FHA | 1 | $287,000 | $287,000 | $287,000 | 182 |
| Cash | 5 | $1,426,750 | $285,350 | $290,000 | 97 |
| Analysis By Area | |||||
| Nags Head Westside | 38 | $13,173,650 | $346,675 | $321,000 | 138 |
| Totals | 38 | $13,173,650 | $346,675 | $321,000 | 138 |
| Non Co-op Sales | 5 | $1,452,500 | $290,500 | $250,000 | 266 |
| Co-op Sales | 33 | $11,721,150 | $355,186 | $345,000 | 118 |
| Total Sales | 38 | $13,173,650 | $346,675 | $321,000 | 138 |
| Sold Market Nags Head Sound Side 1st Half 2016 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Conventional | 32 | $11,046,235 | $345,195 | $314,100 | 166 |
| FHA | 1 | $330,000 | $330,000 | $330,000 | 213 |
| Cash | 6 | $1,846,000 | $307,667 | $345,000 | 329 |
| Owner Finance | 2 | $1,000,000 | $500,000 | $500,000 | 207 |
| Analysis By Area | |||||
| Nags Head Westside | 41 | $14,222,235 | $346,884 | $325,000 | 193 |
| Totals | 41 | $14,222,235 | $346,884 | $325,000 | 193 |
| Non Co-op Sales | 7 | $2,956,900 | $422,414 | $360,000 | 182 |
| Co-op Sales | 34 | $11,265,335 | $331,333 | $320,000 | 195 |
| Total Sales | 41 | $14,222,235 | $346,884 | $325,000 | 193 |
| Sold Market South Nags Head 1st Half 2016 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $701,000 | $701,000 | $701,000 | 41 |
| Conventional | 22 | $10,554,400 | $479,745 | $430,000 | 238 |
| Cash | 5 | $2,086,900 | $417,380 | $369,900 | 96 |
| Jumbo Loan | 1 | $1,080,000 | $1,080,000 | $1,080,000 | 287 |
| Analysis By Area | |||||
| S. N.H. East/Old Oregon R | 16 | $8,390,900 | $524,431 | $448,450 | 237 |
| S. N.H. West/Old Oregon R | 13 | $6,031,400 | $463,954 | $427,500 | 173 |
| Totals | 29 | $14,422,300 | $497,321 | $430,000 | 208 |
| Non Co-op Sales | 5 | $1,953,000 | $390,600 | $398,000 | 272 |
| Co-op Sales | 24 | $12,469,300 | $519,554 | $448,450 | 195 |
| Total Sales | 29 | $14,422,300 | $497,321 | $430,000 | 208 |
| Sold Market South Nags Head 1st Half 2016 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $179,000 | $179,000 | $179,000 | 444 |
| Conventional | 13 | $8,195,000 | $630,385 | $430,000 | 191 |
| VA | 2 | $955,000 | $477,500 | $477,500 | 95 |
| Cash | 3 | $1,763,500 | $587,833 | $268,500 | 191 |
| Jumbo Loan | 1 | $560,000 | $560,000 | $560,000 | 204 |
| Analysis By Area | |||||
| S. N.H. East/Old Oregon R | 9 | $7,063,500 | $784,833 | $840,000 | 184 |
| S. N.H. West/Old Oregon R | 11 | $4,589,000 | $417,182 | $385,000 | 204 |
| Totals | 20 | $11,652,500 | $582,625 | $426,000 | 195 |
| Non Co-op Sales | 3 | $1,375,000 | $458,333 | $430,000 | 191 |
| Co-op Sales | 17 | $10,277,500 | $604,559 | $422,000 | 195 |
| Total Sales | 20 | $11,652,500 | $582,625 | $426,000 | 195 |
Comments(0)