Nags Head Realt Estate Market Crash 2022 ???

By
Real Estate Broker/Owner with Shore Realty of the Outer Banks NC#127284

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  
Posted by

Greg Cremia

Broker/Owner

Shore Realty

Helping People Buy and Sell Outer Banks Real Estate Since 1989!

800-647-1868

greg@ShoreRealtyOBX.com

 

Search OBX MLS

 

OBX Home Valuation

 

Comments (0)