The past couple of months we have talked a lot about interest rates. While interest rates are arguably one of the most impactful factors in the real estate market, in our opinion supply and demand is the most important, followed closely by the state of the economy.
Last month our trivia question was: What month and year was the month’s supply of inventory higher than 1.76? The correct answer (Congratulations to Mike) was: October 2020.
We have been in a very low inventory market for years, and until that changes sellers will remain in the driver’s seat. Any time you are selling anything, the fewer items for sale the better. As you can see in this chart from the Real Estate Information Network (REIN, our local MLS), while the total number of homes sold has dropped almost 20% when comparing October 2023 to October 2022, the number of homes for sale is also slightly down which keeps demand strong and prices steady.
Over the last month, we have seen a lot of sellers reducing the prices of their listed homes. This is a change from recent years when price reductions were almost nonexistent because the demand from buyers was so high. The market is shifting, and while it is still considered a seller’s market, we do think you will see inventory increasing over the next couple of months.
If you are thinking about buying or selling, it is in your best interest to go ahead and 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.
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What’s Happening in Suffolk
Festival of Lights 2023
Welcome in the holidays with the 4th Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display is sure to put you in the festive spirit! The display is avail…
The 3rd Annual AIDS Walk: Suffolk
The 3rd Annual AIDS Walk: Suffolk is back for World AIDS Day, December 1, 2023! Join us as we walk to combat HIV/AIDS in Hampton Roads! Join us on Friday, December 1, 2023, for the 3rd Annual AIDS Wal…
Frosty’s Funland
Join us for a festive family evening at Bennett’s Creek Recreation Center! Get into the holiday spirit with us as we enjoy hot cocoa, indulge in delicious cookies, and dive into fun crafts and h…
Annual Artisan Gift Fair at the Pavilion
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Meet Santa at the Artisan Gift Fair
Bring the kiddos to meet jolly ol’ St. Nick! Bring your cameras for photos with Santa, during the Annual Artisan Gift Fair, from 10:30am to 1:30pm. Holiday décor makes this the ideal place to s…
Get ready for a winter wonderland adventure! Winter Wonderland will be a blast for all ages! Join us for a day of crafts, photo booth fun, festive face painting, karaoke, and more! All children need…
Jingle Mingle
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Around the World in 88 Sips: Crafting Teas & Sandwiches
Join us for an afternoon of creating our own “after-midnight” tea. Learn how to make tea sandwiches and freshly brewed tea from three different countries. For adults. Free to attend. Regis…
Holiday Market at Bridgeport
It’s the most wonderful time of the year! So join us on Saturday, December 2, 2023, from 4-8pm, as the Plaza at Bridgeport will come alive with holiday cheer! Begin your evening with the irresistib…
Queen Charlotte’s Court
For the fans of Bridgerton, you are cordially invited to an evening at Queen Charlotte’s Court. Enjoy an evening of frivolity with courtly dancing, good company, and light canapé hors d’o…
Wildlife Night Hike
This program will begin with a one-mile hike around a trail which borders our wildlife refuge area in Driver. Flashlights will be provided. This event is open to the public, but requires registration….
Great Dismal Swamp’s Underground Railroad Pavilion Tour
The Great Dismal Swamp has long been known for its impenetrability, as a place where travelers could easily lose their way. Yet in the early centuries of American history, many of the people who vanis…
How the Grinch Stole East Suffolk
The Grinch is coming to East Suffolk Recreation Center! The festivities for the evening will include arts and crafts, a hot cocoa bar, bounce house, giveaways, and a photo opportunity with the Grinch!.
Winter Exhibit: Stories in Stitches
Join the Suffolk Art Gallery for the Winter Exhibit: Stories in Stitches, a display of work from members of the 54-40 African American Quilters Guild of Virginia. Founded in March 1993, the group is t…
Candy Cane Carnival at Decoys Seafood
Decoys Seafood presents the 1st annual Candy Cane Carnival Blind Duck Tiki Bar with a FREE photo opportunity with Santa. Local Holiday vendors Christmas Raffles Games, coloring and kid activities LIVE…
Pictures with The Grinch
The Grinch has reluctantly agreed to do everyone a favor by being part of your Holiday card for a second year in a row. Don’t worry, we’ll have him fully committed by then. Tidewater Anima…
