Forget what all the talking heads are saying. The real estate market is not crashing. It might be depressed in some areas but not in Kill devil Hills on the Outer Banks.
While the Kill Devil Hills Home Sales market size has contracted considerably, the prices for homes are continuing to go up. This might be because property owners have become reluctant to sell which is keeping the inventory low which always boosts real estate prices.
The number of home sales dropped 19% from 2021 to 2022 while at the same time, the median price went up 17% from$417,412 in 2021 to $525,730 in 2022.
| Kill Devil Hills Home Sales in 2022 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 1 | $607,000 | $607,000 | $607,000 | 46 |
| Conventional | 211 | $118,585,887 | $562,018 | $520,000 | 28 |
| FHA | 3 | $1,233,000 | $411,000 | $425,000 | 29 |
| VA | 5 | $2,342,218 | $468,444 | $445,000 | 57 |
| Cash | 59 | $43,853,832 | $743,285 | $586,357 | 19 |
| Owner Finance | 1 | $449,000 | $449,000 | $449,000 | 0 |
| Jumbo Loan | 2 | $3,100,000 | $1,550,000 | $1,550,000 | 78 |
| Analysis By Area | |||||
| Kill Devil Hills Oceanside | 14 | $27,019,900 | $1,929,993 | $1,875,000 | 48 |
| Kill Devil Hills b/w Hwys | 51 | $35,458,087 | $695,257 | $640,000 | 26 |
| Kill Devil Hills Westside | 217 | $107,692,950 | $496,281 | $475,000 | 26 |
| Totals | 282 | $170,170,937 | $603,443 | $525,730 | 27 |
| Non Co-op Sales | 33 | $16,930,000 | $513,030 | $451,000 | 20 |
| Co-op Sales | 249 | $153,240,937 | $615,425 | $535,000 | 28 |
| Total Sales | 282 | $170,170,937 | $603,443 | $525,730 | 27 |
| Kill Devil Hills Home Sales in 2021 | |||||
| No. of Listings | Dollar Volume | Average Price | Median Price | Average DOM | |
| RESIDENTIAL | |||||
| Other | 5 | $6,352,000 | $1,270,400 | $310,000 | 17 |
| Conventional | 260 | $124,177,140 | $477,604 | $425,000 | 25 |
| FHA | 8 | $2,796,250 | $349,531 | $361,375 | 19 |
| VA | 7 | $3,197,900 | $456,843 | $449,000 | 21 |
| Cash | 61 | $33,068,264 | $542,103 | $375,000 | 36 |
| Owner Finance | 3 | $800,000 | $266,667 | $225,000 | 100 |
| Jumbo Loan | 3 | $7,014,000 | $2,338,000 | $2,995,000 | 65 |
| USDA | 1 | $295,000 | $295,000 | $295,000 | 28 |
| Analysis By Area | |||||
| Kill Devil Hills Oceanside | 14 | $34,318,000 | $2,451,286 | $2,580,000 | 161 |
| Kill Devil Hills b/w Hwys | 78 | $42,034,405 | $538,903 | $490,500 | 33 |
| Kill Devil Hills Westside | 256 | $101,348,149 | $395,891 | $394,500 | 18 |
| Totals | 348 | $177,700,554 | $510,634 | $417,412 | 27 |
| Non Co-op Sales | 56 | $34,677,824 | $619,247 | $424,950 | 29 |
| Co-op Sales | 292 | $143,022,730 | $489,804 | $411,500 | 27 |
| Total Sales | 348 | $177,700,554 | $510,634 | $417,412 | 27 |
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