Manteo, NC Real Estate Trends 2024
Discover the Evolving Market Dynamics
Explore the latest shifts in Manteo’s real estate market, from rising home prices to changing buyer demographics.
Market Overview
Current Real Estate Trends in Manteo, NC
Manteo, NC, located on Roanoke Island, has experienced significant changes in its real estate market over the past year. The town, known for its scenic beauty and historic charm, is attracting more homebuyers seeking coastal living. This overview delves into the latest trends, including rising home prices, market competition, and migration patterns.
As of May 2024, the median sales price of homes in Manteo has surged to $511,000, marking a 19.1% increase from the previous year. The median price per square foot has also seen a dramatic rise, up 37.3% to $418. This trend indicates a strong demand coupled with a limited supply of homes.
Key Market Statistics
- Increase in Median Sales Price 19.1%
- Rise in Median Price per Square Foot 37.3%
- Average Days on Market 41%
Rising Home Prices
Significant Increase in Manteo Home Prices
Manteo, NC has experienced a substantial rise in home prices over the past year. As of May 2024, the median sales price for homes in Manteo has reached $511,000, marking a 19.1% increase from the previous year. The median price per square foot has also seen a dramatic rise, up 37.3% to $418. This surge in prices is largely driven by a strong demand coupled with a limited supply of available homes.
Market Competitiveness
Manteo's Competitive Real Estate Market
The real estate market in Manteo is becoming increasingly competitive. Homes are now selling faster, with the average days on market dropping from 65 days last year to just 41 days. Additionally, 25% of homes are selling above their list price, a significant increase from the previous year. The average sale to list price ratio stands at an impressive 99.9%, indicating that buyers are frequently meeting or exceeding the asking prices set by sellers.
This heightened competition reflects the growing desirability of Manteo as a place to live, with many buyers eager to secure a home in this charming coastal town. The reduced time on market and higher sale prices are clear indicators of the strong demand and competitive nature of the current market.
Sales Volume Decline
Fewer Sales Despite Higher Prices
Despite the increase in home prices and faster sales, Manteo has seen a notable decline in the number of homes sold. In May 2024, only 4 homes were sold, compared to 10 homes in the same month last year, representing a 60% decrease in sales volume. This decline suggests a potential mismatch between the high demand and the limited supply of available homes.
The reduced sales volume, despite higher prices and quicker sales, indicates that there may not be enough homes to meet the demand from buyers. This situation underscores the need for more housing inventory to balance the market and accommodate the growing interest in Manteo’s real estate.
Migration Patterns
Relocation Trends in Manteo
Manteo, NC has been experiencing notable migration and relocation trends. Between March and May 2024, 27% of homebuyers in Manteo searched for homes outside the town, while a significant 73% focused their searches within the metro area. This indicates a strong local interest in Manteo’s real estate market. Additionally, a small but noteworthy percentage of buyers from major metropolitan areas such as Washington, DC, Richmond, VA, and Philadelphia, PA are considering Manteo for its unique coastal charm.
Environmental Considerations
Environmental Risks in Manteo
Buyers looking at Manteo, NC need to be aware of several environmental risks. The area is highly prone to flooding, with 99% of properties at risk over the next 30 years. Wildfires are also a significant concern, with 96% of properties at high risk. Additionally, all properties in Manteo are at extreme risk of severe wind events, and 76% of properties are at severe risk of heat over the next three decades. These factors are crucial for potential buyers, especially those new to coastal living, to consider when making their purchasing decisions.
Educational Resources
Manteo offers several public schools that are rated from average to good, providing essential educational resources for families. Manteo Elementary School, for instance, is rated 5/10 by GreatSchools and serves a large portion of the community’s younger students. This makes it a viable option for families considering a move to the area.
Local Amenities
In addition to its educational resources, Manteo boasts a variety of amenities that contribute to its livability. The town has grocery stores, coffee shops, restaurants, and pharmacies, ensuring that residents have access to essential services and conveniences. These amenities, combined with Manteo’s rich history and culture, make it an attractive place to live.
Community and Lifestyle
Manteo’s community and lifestyle are key factors that draw people to the area. The town’s small-town charm, coastal beauty, and historical significance create a unique living experience. Whether you’re looking for a quiet place to retire or a vibrant community to raise a family, Manteo offers a blend of both, making it a desirable location for many homebuyers.
Conclusion
Manteo, NC Real Estate Market Overview
The Manteo, NC real estate market in 2024 is a dynamic and evolving landscape. With a significant rise in home prices and a competitive market environment, buyers are finding themselves in a fast-paced and challenging market. The median sales price has surged, reflecting strong demand and limited supply, while homes are selling quicker and often above the asking price.
Migration trends indicate a growing interest from buyers in major metropolitan areas, attracted by Manteo’s unique coastal charm and small-town appeal. However, the market also faces a decline in sales volume, suggesting a potential imbalance between supply and demand.
While Manteo offers a desirable living environment with its rich history, cultural amenities, and scenic beauty, potential buyers must also weigh the environmental risks associated with coastal living. The high risk of flooding, wildfires, severe wind events, and heat over the next 30 years are critical considerations for anyone looking to invest in the area.
Overall, Manteo remains an attractive destination for homebuyers seeking a blend of coastal living and small-town charm. The market’s competitive nature and rising prices highlight its growing appeal, making it a market to watch closely in 2024. Buyers should approach with a balanced perspective, appreciating the town’s allure while being mindful of the environmental challenges.
