OBX Market Update | May 2026

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MOMENTUM BUILDS ON THE OUTER BANKS

May delivered another solid month for the Outer Banks, and the second quarter is shaping up to be a strong one. For the second consecutive month, both units sold and sales volume posted yearoveryear gains — a welcome sign of steady demand, along with seasonal buying, returning to the market! Prices also continued their upward climb. The average sales price rose 14%, while the median increased 7% compared to last May.

May MLS Fun Facts

• 218 properties were listed compared to 257 the previous month.  Of the 218, 61 are either pending (53) or have been sold (8).
• 175 went under contract in May, similar to the 179 in April.
• On average, properties sold for 95% of the original asking price and 36 sold for 100% or higher!
• 42 were cash transactions, 11 were VA/FHA and the majority of the rest were sold by conventional financing.
• Both Corolla and Nags Head (including S. NH) had the most units sold for the month with 22!
• 11 homes sold for over $2 Million, including two in Corolla that sold for over $3.7 Million.
• A 9-bedroom oceanfront home in the Pine Island Pud section of Corolla sold for $4,250,000 after just 3 days on the market. This was the highest sale of the month!
• 29 homes sold for less than $500k, including 13 under $400k

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YEAR TO DATE

The Average Sales Price continues to trend upward! The average sales price rose to $774,602, a 3% increase, while the median price of $610,000 remains 4% below last year. Overall activity remains steady, with units sold down by less than 1% and sales volume up 2% year over year.

Luxury homes continue to be the standout story of the year. So far, 33 homes priced above $2 million have sold — a dramatic jump from just 19 during the same period last year. Not only are more luxury properties selling, they’re selling much faster. The average Days on Market in this segment has dropped to 58 days, compared to 128 days at this time last year. This increase in highend activity is clearly helping lift the overall average sales price across the market.

Days on Market continues to improve. The average DOM is trending lower than last year, sitting at 66 days yeartodate, down from 73. But the most telling metric is this: for properties listed and sold within 2026, the average DOM is just 22 days. That’s a clear indicator that sellers who price to the market are being rewarded with fast contracts, eliminating the need for price reductions down the road. 

The Mid-Year Housing Market Update: Why Forecasts Changed in 2026. On a national level, industry experts have lowered their housing forecasts for the rest of the year.  Back at the end of 2025, economists were forecasting a much stronger housing market for 2026. They expected mortgage rates to come down, affordability to improve more dramatically, and home sales to rebound.

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LET'S WORK TOGETHER!