Knowing when to sell your home could get you $27,000 more.

Buyers seeking homes will likely discover more on the market at the start of 2025 in a trend continuing for over a year, and while homes might take a bit longer to sell than they have recently, they are still moving faster than they were before the 2020 pandemic. 

National Association of Realtors (NAR) data also indicates median list prices are a bit lower, due in part to an increase in sales of smaller homes, which typically are cheaper in most regions of the country.

Are you ready to get into the housing market now? Start the process with a mortgage pre-approval or continue reading to learn more about the state of the housing market.

Read on

About the Revaluation

The most recent countywide revaluation was January 1, 2025.

The primary purpose of revaluation, mandated by North Carolina law, is to align property assessments with their fair market value, which is the most likely selling price in a competitive and open market. Since property values do not fluctuate uniformly, regular revaluations ensure that the assessed values reflect current market conditions, preventing disproportionate tax burdens on property owners.

Property taxes in Dare County are derived from two key components: the assessed value of the property and the tax rate per $100 of value, determined annually by elected county and municipal officials. These taxes constitute the county's largest revenue source, funding essential services such as public education, emergency medical services, public health, law enforcement, affordable housing and various community programs.  To read more, click here

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January 2025 MLS Statistical Report

The big news for January 2025 From the Outer Banks Association of REALTORS is that inventory is up 27% from this time last year. Most of that increase is due to a dramatic increase in residential inventory. Here is the breakdown:

• Residential inventory – up 48%

• Lots / Land inventory – up 1% Sales were also good in January 2025. Here is the breakdown:

• Residential sales – up 25% o Single Family Detached – 105 units vs 85 last year o Condo – 19 units vs 13 units last year

• Lots / Land sales – down 18% Median sale price showed mixed results. Here is the breakdown:

• Residential Median Sale Price – up 8%

• Lots / Land Median Sale Price – down 5%

On March 15, The National Association of REALTORS® (NAR) reached an agreement with plaintiffs that would, if approved by the court, end litigation of claims brought on behalf of home sellers related to broker commissions. The Settlement also includes some changes to real estate transactions, but importantly, consumers will continue to have choices regarding real estate services. These practice changes will go into effect on August 17, 2024:

•Real estate agents who use and list properties for sale on a Multiple Listing Service (MLS)—a local marketplace used by real estate professionals (both buyer brokers and listing brokers) to share information about inventory in a particular area—will be required to enter into written agreements with buyers before touring a home. Those written agreements must include:

-A specific and conspicuous disclosure of the amount or rate of compensation the real estate agent will receive or how this amount will be determined.

-Compensation that is objective (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be “buyer broker compensation shall be whatever the amount the seller is offering to the buyer”).

-A term that prohibits the agent from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and

-A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.

NAR has long encouraged its members to use written agreements with buyers because they help consumers understand exactly what services they have agreed to, the roles and responsibilities, and the amount. For this reason, several states already have laws requiring buyer agreements.

There are also changes to how and where real estate professionals may communicate with each other about offers of compensation. These offers are no longer allowed on Multiple Listing Service (MLS) platforms. Sellers can still offer compensation off an MLS. Sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs).

Things to know as a home buyer or seller:

•If you are a buyer and your agent is using an MLS, you will need to sign a written agreement with your agent before touring a home so you understand exactly what services will be provided, and for how much.

•Written agreements are required for both in-person and live virtual home tours.

•You do not need a written agreement if you are just speaking to an agent at an open house or asking them about their services.

•Agent compensation for home buyers and sellers continues to be fully negotiable.

•When finding an agent to work with, ask questions about their services, compensation and these written agreements.

If you have questions concerning any aspect of buying or selling real estate on the Outer Banks, just let me know. I am here to help! wende@allaboutobx.com, 252-207-1147.