As we begin the month of November, let us consider the words of American novelist William Arthur Ward: “Gratitude can transform common days into Thanksgiving, routine jobs into joy, and ordinary opportunities into blessings.” This season invites us to pause, think, and enjoy the small pleasures that enhance our lives. May this month be full of gratitude, warmth, and meaningful moments spent with loved ones. Wishing you and your loved ones a very Happy Thanksgiving from the OBX Homes Team!
In local news, Dare County will be updating property values with a new reappraisal effective January 1, 2025. In North Carolina, each county must reappraise the value of all real estate, like land and buildings, at least every 8 years to ensure fair property values. Counties can choose to do it sooner or adjust the schedule with approval from their county board. Dare County’s last reappraisal was on January 1, 2020, making this a five-year cycle. Given recent market trends over the past several years, there is a strong chance that property values will increase with this reappraisal.
The October 2024 MLS Statistical Report indicates steady trends in the Outer Banks real estate market, with rising inventory levels amid a slight decline in overall sales. Residential inventory has grown by 45%, while lots and land inventory has increased by 31% over previous months. Year-to-date data show a 7% dip in total sales, with residential sales down by 4% and a larger 22% drop in lot and land sales. However, October brought encouraging news with a 24% boost in residential sales, though lot/land sales saw a 46% decrease.
The OBX Homes Team is cautiously optimistic about the fourth quarter of 2024, especially as we enter the off-season, when home showings become more accessible for buyers. With the election and hurricane season now behind us, market conditions may stabilize as buyers and investors have a clearer outlook on future policies related to taxes, interest rates, and housing regulations. This added clarity can help those who were waiting for the election’s outcome make informed real estate decisions.
Hope everyone has a wonderful fall! Heather and Mandi
