July 2026 OBX Market Update

After a brief hiatus, I am back with a steaming hot update for you all. And not just a weather report! Despite the heat wave keeping things hot, the real estate market has definitely cooled down in the last month or so.

4th of July Events

Here's a quick rundown of where and when to enjoy the fireworks celebrations for our Nation's 250th Celebration. I hope you all have a wonderful weekend celebrating with family and friends, and can still count to ten on Monday!

What fun!
https://www.beachrealtync.com/outer-banks-fireworks

Market Update

Now that we are mid-year, with two quarters complete, we can get a much better look at how 2026 is shaping up. So far, things seem pretty similar to last year, with no glaring differences. All signs are pointing to only minimal shifting for the second half of the year.

Read the full report here: Market Update.

Mid Currituck Bridge
(from OBAR)

On June 22, 2026, NC State Auditor Dave Boliek presented a special audit report on the Mid-Currituck Bridge to the Currituck Board of Commissioners.

The report included seven key findings:

The projected cost has more than doubled since the project received federal approval in 2019.
So far, $61 million has been spent on the project, even though no construction contract has been awarded.
The bridge faces a funding gap of more than $700 million under either delivery model.
Projected toll revenue over 50 years would not cover the project’s costs.
NCDOT’s traffic forecasts were overestimated.
The original financing plan is no longer feasible under current conditions.
The opportunity to move the project forward is narrowing.

Boliek noted that the report is intended to help NC Department of Transportation officials and the community evaluate the future of the Mid-Currituck Bridge.

The full report is available here: Click Here to Read More.

LOCAL GOVERNMENTS FY 2026-2027 BUDGETS

Currituck County – 2-cent tax rate decrease

Dare County – no tax increase

Manteo – 3-cent tax increase

Nags Head – no tax rate increase

Kitty Hawk – 1.5-cent increase for the Fire Apparatus Fund

Kill Devil Hills – no tax increase

Southern Shores – no tax increase

Duck – no tax increase

10% Down is Back for Second Homes

It has been quite a while since lenders have had a 10% down product to work with. I have one lender I work with who now offers this product again.

What’s Different About the New 10% Down Option?

The biggest difference is that this is no longer a two-loan structure.

Instead, the financing works much more like purchasing a primary residence with mortgage insurance, making this process much simpler.

The current program allows:

10% down with a purchase price up to $833,000
15% down on a purchase price up to $1,000,000

Overall, the product has stricter requirements with lower debt-to-income requirements; however, I honestly see this as a positive because clients need to be well qualified to prove they can make a slightly larger payment.

If you would like more information, let me know.

Ilona Matteson, REALTOR(r)

Beach Realty NC

4826 N Croatan Hwy

Kitty Hawk, NC 27949

Direct: (252) 619-5225

Office: (252) 261-3815

Keep your friends and family informed!

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