I was dreaming all December of snow falling for a white Christmas that we definitely did not get, but at least the interest rates have been falling over the last two months. Here is a chart from the St Louis Fed showing the 30-year mortgage rates since August 1st.

As you can see, interest rates have dropped over a point during the last two months, and that is good news for both buyers and sellers. This chart from the Real Estate Information Network (REIN, our local MLS) shows that the number of homes selling are still lower than last year, but the median sales price is up almost 10% when comparing November 2022 to November 2023. 

Last year we predicted that the number of sales would go down and that we didn’t expect the median sales price to change much. Our main point was that we disagreed with the opinions of many that the price of homes was likely to go down in 2023. When the final numbers come in for the year, we are almost certain to finish the year with fewer home sales across Hampton Roads but at an increased median sales price.

Last week the Cross Realty family celebrated together during the annual office Christmas party. It was my 22nd Christmas party as an employee of Cross Realty, and each year, my father, Harry, always talks about his father, my grandfather Harry Lee Cross, Jr. My grandfather loved the office Christmas party for many reasons, but for him, the most important thing it signified was that his small business had another successful year. This will be Cross Realty’s 70th year as a family business in Suffolk, and I am proud to be a part of ensuring that Harry Lee Cross Jr.’s legacy of serving as your trusted hometown professional continues. From all of us at Cross Realty, we appreciate you allowing us to be of service over the years and look forward to continuing to help you over the next 70 years! 

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Cross Realty Rental Property Management

Don’t forget, we manage rental properties and can help with your property management needs as well!

Check out the Rental Management section of our website, here.

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