Welcome to April on the Outer Banks—where the wind softens, the sun lingers longer, and the coastline begins to stir from its quiet winter stretch.
As mentioned in a previous homeowner note, Dare County was conducting its 2025 countywide property revaluation, with updated assessment notices mailed in late March. This is the first reassessment since 2020 and only the second since 2013. As expected, the majority of Outer Banks properties have increased in value, reflecting continued strong demand. In fact, the county’s total tax base rose by 67%, from $16.4 billion to $27.4 billion. While this may result in slightly higher individual tax bills, it’s important to note that the proposed revenue-neutral tax rate—26.32 cents per $100 of assessed value, down from 40.05 cents—is intended to keep overall tax revenue consistent. This new rate is expected to take effect July 1, 2025, as part of the upcoming fiscal year.
Despite more than $9 million in new funding requests and growing service demands, Dare County has remained committed to a balanced and responsible budget—without raising overall revenue or reducing essential services. And for homeowners considering selling this year, increased property values could translate to stronger offers, as they reflect the continued strength and desirability of the Outer Banks real estate market.
If you believe your property has been over-assessed, you have the right to appeal. Informal appeals are currently being reviewed, and formal appeals to the Board of Equalization and Review will begin May 5, 2025. Further appeals may be submitted to the North Carolina Property Tax Commission if needed. For more information or appeal instructions, visit DareNC.gov/Revaluation or contact the Dare County Tax Department at 252-475-5940.
Spring still proves a good time for buyers, even though fall is usually the busiest season for new listings in the Outer Banks. Buying now is one of the last opportunities to optimize a full year of rental income as the temperature rises and the rental season draws near. Right now is an excellent chance for buyers to capitalize on opportunities in the market and use rental income to offset purchase costs, whether you’re looking for an investment property or a getaway vacation home. The OBAR quarterly report featured the following significant real estate news events. In the first quarter of 2025, residential sales dropped by 3% compared to the same period in 2024. Despite the dip in sales, total active inventory rose by 23% year over year. The median sales price for single-family homes increased to $621,250, a 13% rise from $550,000 in the first quarter of 2024. Homes are taking longer to sell in 2025, with the average days on market increasing from 56 to 72. Since our mid-March email, the OBX Home Team has seen a considerable uptick in buyer inquiries and agent questions regarding our listings, signaling increased interest in the local real estate market. We sense that the real estate market is gaining momentum again, with higher activity levels and positive outlook about the future.
Hope everyone is enjoying springtime so far! Heather and Mandi
