Still Half Full
For several months we have emphasized that, despite the doom and gloom in the media about the national real estate market, our local market is still doing fine. In fact, across Hampton Roads we are still in a strong seller’s market.
The numbers from the Real Estate Information Network (REIN our local MLS) show that the median sales price continues to climb when comparing month to month and year over year numbers. The median sales price in February 2023 was $316,650 and increased to $320,000 in March 2023. Last year, the median sales was $300,000 in March 2022. The chart below reflects these numbers:
As you can see the total number of home sales is down and the total number of homes listed is rising. Even though interest rates have almost doubled, buyer demand is still very high and prices continue to climb. We will be happy to bet you lunch that when the statistics come out for April, the median sales price will show an increase again.
The local rental market is even stronger than the sales market. We manage nearly 300 units in Suffolk and the rents have been increasing at a higher percentage than sales prices. Despite the changes to the Landlord Tenant Act in Virginia (a response to COVID), we still feel it is a good time to be a landlord.
Based on both local and national studies, now is the time to start talking to us if you want to move this summer, or have someone move into a rental property you own. Don’t wait – the market slows considerably as the summer progresses. Of course, Every situation is different, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email, and we will be happy to talk through your individual situation. We love real estate and are always happy to talk.
What’s Happening in Suffolk
Great Dismal Swamp Birding Festival
The Great Dismal Swamp Birding Festival will have free guided bird walks in the Refuge: Jericho Lane Trailhead, Washington Ditch Trailhead, Wildlife Drive (by bus), and Dismal Swamp Canal (7am); family activities from 10am-2pm; interpretative nature walks and bus tours to Lake Drummond (10am and 1pm); guest speakers; live animals; and food trucks.
Suffolk Farmers’ Market Season Opening Celebration
The Suffolk Farmers’ Market kicks off the 2023 season on Saturday, May 6, in the Suffolk Visitor Center Pavilion at 524 North Main Street. The weekly market is enjoyed by locals and visitors searching for fresh locally grown fruits and vegetables, baked goods, meats and eggs, jellies, jams, honey, pickles and handmade artisan crafts.
Bridge And Games Luncheon
The Suffolk Art League, in cooperation with the Suffolk Art Gallery, will hold a Bridge and Games Luncheon on Monday, May 8, 2023, from 10am to 2pm, at the Suffolk Art Gallery. Tickets are $25 per person/$100 for a table of 4, and include a fun day of cards or games, a luncheon, beverages, and snacks.
Annual Holland Ruritan Club’s Custom Car, Truck & Motorcycle Show
On-site registration: 8-10am / Awards presented: 1:30pm Join the Holland Ruritan Club for their Annual Custom Car, Truck & Motorcycle Show on Saturday, May 13, 2023, from 8am to 2pm, at the Holland Village Ball Field 3. On-site registration will be from 8-10am and awards will be presented at 1:30pm.
Melissa Darden Odom Speaker Series: Ken Wright
FREE LECTURE! As part of the Melissa Darden Odom Speaker Series, the Suffolk Art League is happy to present local artist, Ken Wright, to speak at Lake Prince Woods Retirement Community, on Thursday, May 18, 2023, from 6-7pm. Ken is an abstract artist who draws his inspiration from his love and knowledge of American Black History and equine culture
Annual Holland Ruritan Founders Day Celebration
oin the Holland Ruritan Club as they present the 95th Annual Founders Day Celebration on Saturday, May 20, 2023! The Opening Ceremony begins at 10:30 AM, with the popular Annual Parade starting at 11:00 AM. Crafters, vendors, and kiddie fun will line the streets from 10:00 AM to 2:00 PM, and concessions will also be available for purchase.