|
Dare County Real Estate Trends
Property taxes increased for Dare County owners in 2005.
The Dare County Appraisal Office completed a massive study
of the value of real property in that year and compiled
many interesting statistics and facts that may be of interest
to property owners and prospective Outer Banks home buyers.
Below are some highlights from the 2005 report. Many of
the trends from this report are still valid today.
Where do Dare property owners call home?
Almost half of the property in Dare County is owned by
Dare County residents. Just over 25% of the parcels are
owned by Virginia residents. 10% are owned by residents
of other North Carolina counties, and just over 15% are
owned by people from other states (primarily Maryland, Pennsylvania,
and New Jersey) or foreign countries.
What types of property are in Dare County?
Residential properties make up 83% of the tax base. Just
over 34,000 residential parcels total over $13 billion in
value, and have an average tax value of $386,202
Commercial properties comprise 12 % of the tax base.
Over 2500 commercial properties are worth more than $1.8
billion and have an average value of over $900,000. Condos,
co-ownerships and timeshares make up the remaining 5% of
the tax base.
How have property values changed in the last
7 years (1998-2005)?
The new tax base has a total value of $15.9 billion,
which is a 195% increase over the previous tax base (1998
market value). Land values increased 441% in seven years,
and the value of improvements increased 68%.
Individual property owners have seen dramatic gains.
16% of the parcels in Dare County increased in value by
more than 400%. 29% of parcels increased 201% to 400%. 25%
of parcels increased in value 147% to 200%. 29% increased
in value 1% to 146%.
Who are the really big winners?
Vacant land owners saw the largest increases in value.
“Ocean influence” parcels increased in assessed value on
average by more than 500%. Oceanfront parcels on Hatteras
Island increased a staggering 623%.
For developed single family residential properties, oceanfront
values increased 302% in the northern beaches.
How is the year round resident population changing?
According to the National Association of Realtors, in
2003, 1290 households moved to Dare County and 929 households
left Dare County. The income of the households arriving
was 21% higher than those leaving.
Most new Dare County residents relocated from Currituck
County (69 households moved in 2003). Many new residents
moved from the following areas as well: Hampton Roads, Washington
DC suburbs, and other cities in North Carolina (Raleigh,
Greenville, Wilmington).
Not surprisingly, Currituck County was the most popular
destination for departing Dare County households (155 moved
into Currituck). Hampton Roads and other North Carolina
cities are the primary destinations for departing families.
What does it all mean?
The Outer Banks is continues to become more popular each
year with vacation home buyers and year round residents.
Property values increased rapidly throughout the county
through 2005 and have since leveled in most market sectors.
|
