Kitty Hawk NC Residential Home Sale Analysis For 2024

Kitty Hawk NC Residential Home Sale Analysis For 2024

1. Overview

Kitty Hawk, NC, demonstrates a robust residential real estate market with a total of 90 homes sold and a total dollar volume of $56,567,162. The average price stands at $628,524, while the median price is $592,500, indicating a balanced market with some higher-end sales pulling the average slightly above the median. The average days on market (DOM) is 38 days, suggesting healthy demand and timely sales.

2. Breakdown by Financing Method

Understanding financing methods gives insight into buyer profiles and preferences:

• Conventional Loans:

  • 54 homes sold with a total volume of $34,764,101.
  • Average price: $643,780; Median price: $625,000.
  • Average DOM: 40 days – a standard timeframe reflecting solid buyer activity.

• FHA Loans:

  • 1 home sold for $545,000 with an extended DOM of 236 days.
  • Limited FHA transactions suggest first-time buyers or lower down-payment buyers may face challenges.

• VA Loans:

  • 2 homes sold for a combined volume of $662,000, with an average price of $331,000.
  • Average DOM: 25 days, indicating strong demand for VA-eligible properties.

• Cash Sales:

  • 32 homes sold totaling $20,017,061.
  • Average price: $625,533; Median price: $590,000.
  • Average DOM: 29 days, the quickest sales method, emphasizing cash buyers' competitive edge.

• Jumbo Loans:

  • 1 home sold for $579,000, averaging only 5 days on market, suggesting high demand for high-value properties.

3. Analysis by Area

Each submarket within Kitty Hawk exhibits unique trends:

• Kitty Hawk Oceanside:

  • Only 2 sales for a total of $1,980,000.
  • Average price: $990,000; Median price: $990,000.
  • Average DOM: 23 days, indicating significant demand for premium coastal properties.

• Kitty Hawk Between Highways:

  • 23 sales for a total of $17,971,300.
  • Average price: $781,361; Median price: $690,000.
  • Average DOM: 55 days, showing a slightly slower market likely due to higher price points or unique property characteristics.

• Kitty Hawk Westside:

  • Dominates with 65 sales totaling $36,615,862.
  • Average price: $563,321; Median price: $521,250.
  • Average DOM: 32 days, suggesting strong demand for moderately priced homes.

4. Non-Co-op vs. Co-op Sales

• Non-Co-op Sales:

  • 10 transactions with a dollar volume of $6,231,272.
  • Average price: $623,127; Median price: $710,000.
  • Average DOM: 25 days, highlighting quicker sales for non-cooperative agreements.

• Co-op Sales:

  • 80 transactions totaling $50,335,890.
  • Average price: $629,199; Median price: $582,500.
  • Average DOM: 39 days, reflecting the broader market trends.

5. Market Insights

1. Demand Across Areas:

   • Kitty Hawk Westside leads in volume and activity, offering more affordable and appealing homes to a broad buyer base.
   • Oceanside commands the highest average price, catering to luxury buyers.

2. Financing Trends:

   • Conventional loans dominate, making up 60% of transactions, while cash buyers account for 36%.
   • FHA and VA loans play a minimal role, hinting at limited inventory or competition at lower price points.

3. Days on Market (DOM):

   • Properties financed with cash or jumbo loans tend to move faster, reflecting high liquidity and focused demand in these segments.

4. Median vs. Average Price:

   • A narrower gap between median and average prices across financing types and areas suggests a consistent pricing trend.

5. Opportunities and Challenges:

   • The Oceanside area and higher-priced properties could benefit from targeted marketing to luxury buyers.
   • Efforts to attract FHA and VA buyers may expand the market but could require seller concessions or incentives.