Closing out 2024, the Hatteras Island real estate market has seen exciting opportunities for both buyers and sellers. While the market has remained steady, the increase in available properties and stable pricing make it a fantastic time to invest in our one-of-a-kind coastal community. Let’s take a closer look at the key market trends shaping our island.
More Homes on the Market – A Buyer’s Advantage!
One of the most encouraging trends of 2024 has been the increase in available homes. Residential inventory grew by 48.9% over last year, giving buyers more options to find their perfect island getaway or investment property. This expanded selection means new opportunities to purchase in a market where options have previously been limited!
While overall home sales were slightly lower than 2023 (down 5.1%), buyers continue to show strong interest in Hatteras Island real estate. Over the past two years, an average of 19 homes have sold per month, a testament to the island’s enduring appeal.
Home Prices Remain Strong & Steady
Unlike many markets experiencing fluctuations, home prices on Hatteras Island have remained steady—a sign of strength and resilience. The median sale price continues to hold in the $500,000 to $600,000 range, with an average of $588,000 since early 2023. This stability provides confidence for both buyers and sellers, ensuring a balanced and reliable market.
Lots of Potential in the Land Market
For those looking to build, 2024 brought an increase in available lots, up 78.2% from the previous year. With more choices than ever, this could be the perfect time to secure your dream homesite and build your ideal coastal retreat. While lot sales were slightly lower than in 2023, this creates a golden opportunity for buyers to invest in Hatteras Island’s future.
Tourism & Rentals: A Thriving Coastal Destination
Hatteras Island continues to be a beloved destination, and local business indicators reflect a steady tourism economy:
- Meal tax receipts remained consistent with 2023, highlighting strong support for local restaurants and dining experiences.
- Vacation rental opportunities abound! While occupancy tax receipts dipped 11.4%, this means new opportunities for savvy investors looking to enter the rental market or improve their existing offerings.
Looking to 2025: A Market Full of Possibilities
With a strong inventory, steady prices, and continued interest in Hatteras Island real estate, now is an exciting time to buy or sell. Whether you’re dreaming of a permanent island escape, an investment property, or a custom-built home, NC 12 Realty is here to help you find your perfect piece of paradise.
To view Tom’s Takeaways and explore Tom Hranicka’s 30 years of market knowledge click here.
**All stats obtained from the Outer Banks Association of Realtors.