Summer 2023 Inventory Update
In June 2023, we had 78% fewer active residential listings in the OBAR MLS than we had a decade prior in June 2013.
While inventory levels have been starting to increase ever so slightly over the past few months, overall inventory levels in the Outer Banks are still very low compared to pre-pandemic levels.
So what does low inventory mean?
It means that prices are going to remain elevated and are not likely to come back down in the near future.
Big picture:
If you're a seller: Now is a great time to sell because you have relatively little competition in the market.
And if you're a buyer.. well, you see the trend. Waiting for prices to drop back down may not be a great strategy.
If you're looking to sell your Outer Banks home OR to snag your spot on our beautiful barrier island, give me a shout! I'd love to help you come up with a strategic plan!
*Data per Outer Banks Association of Realtors' June 2023 MLS Statistical Report
