As we review the numbers and trends over the last couple of months we are glad to report that we have good news for both buyers and sellers. Take a look at the numbers in the chart below. We’ll detail the positives we see for buyers and sellers in the following paragraph.
Buyers should be glad to see that interest rates are still down over a point from the fall and active listings (the numbers of homes on the market for sale) are up over 8% when comparing January 2023 to January 2024. The median days on the market was longer than a month for the first time in over 3 years, and the month’s supply of inventory came in at 1.72 months, up from 1.27 in January 2023. The bottom line is, while we are still firmly in a seller’s market, buyers are starting to have more choices, especially in higher price ranges.
Seller are happy that the median sales price is up almost 6% from January 2023 to January 2024, and seller’s know that a balanced market has a roughly 5 month supply of inventory. Since our local market is still under 2 months, sellers are still in control. Additionally, our local market is always slower over the winter, helping buyers who are willing to move their Christmas tree.
As we head into spring, if you are thinking about selling your property, now is the time to get started. Sellers often make the mistake of waiting to list in the summer, but statistics show that early spring is a much better time to get the ball rolling. Based on a study we did the five months with the highest number of homes going under contract were April, June, May, July, and March. Many people do move during the summer months but that is often because they listed their house in the spring, aiming for offers that might close 30 to 60 days later in time for a summer move. If you are considering selling, now is the time to start making plans and we are here to help.
Give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) and put our experience to work to help make you more money!
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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.
What’s Happening in Suffolk
Traveling Exhibit: “The Life and Legacy of the Marquis de Lafayette”
Suffolk Tourism is pleased to host the “The Life and Legacy of the Marquis De Lafayette,” an informational exhibit developed by The American Friends of Lafayette. On display at the Suffolk Visitor…
35th Annual Young Artists and Authors Showcase: “ClimateScape: Resilient Cities for Tomorrow’s Climate”
Suffolk Sister Cities International sponsors an annual Young Artists and Authors Showcase that help foster a sense of global citizenship and goodwill for young students. This year’s theme is “…
Silent Party
Get ready to dance to the beat of your own silent drum at Suffolk Parks & Recreation’s Silent Party! Join us at Kings Fork Recreation Center on Friday, March 1, from 7 – 10 p.m. for an…
2024 Suffolk Winter Farmers’ Market
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
Running with Riptide!
The Suffolk Public Library is turning the Holland Ballfield into a family fair for one afternoon! Booths will have all of your favorite games, challenges and prizes, and you might even learn along the…
Paws for the Arts 2024
The Suffolk Humane Society will host the Paws for the Arts Gala on March 2, 2024, at the Hilton Garden Inn Suffolk Riverfront from 5to 10pm. The Gala features live and silent auctions, artwork by loca…
40th Annual Juried Photography Exhibit
The Annual Juried Photography Exhibition returns to the Suffolk Art Gallery! Now in its 40th year, this exhibit is the largest and longest running juried exhibition of photographic works in Hampton Ro…
Paint and Sip
Join us for a relaxing, fun, carefree afternoon as we unleash our inner artists! Drawing and Painting Instructor, Darsey Whitlow, will be guiding you step-by-step to create an acrylic painting on canv…
Winter Family Movie Series at the Center: Puss In Boots – The Last Wish
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Winter Family Movie Series at the Center, three blockbuster family movies that enchanted wor…
Suffolk Mystery Authors Festival 2024
Join us for the Annual Mystery Authors Festival on Saturday, March 16, 2024, from 1-6pm, at the Suffolk Conference Center at the Hilton Garden Inn Suffolk Riverfront. This one-day festival will showca…
Matilda the Musical
“MATILDA THE MUSICAL” is presented by The Hurrah Players and tells the story of an extraordinary girl who, armed with a sharp mind and a vivid imagination, dares to take a stand to change her s…
St. Patrick’s Day at Decoys Seafood
Join Decoys Seafood on St. Patrick’s Day for some good ol’ Irish fun! They’ll have food specials, drinks specials, green beer, live music, and more! On top of that, wear your best S..
Murder Mystery Dinner Theater: “Death of a Gangster”
In this “Married to the Mob” event, you’ll never know who to trust. With the two families merging together, someone is bound to lose power, which means someone else will lose their life! Get on …
American Girl Program: Featuring Julie Albright
It’s the return of the popular American Girl Program, featuring Julie Albright, on Saturday, March 23, 2024, at Riddick’s Folly House Museum! When Julie Albright finds out that her new sch…
Spring Wine Fest at Decoys
Join us at our Spring Wine Fest for a delightful afternoon filled with the finest wines, live music, and good vibes-let’s raise our glasses! Join us at Decoys Seafood at the BLIND DUCK TIKI BA…
“Tangled Roots: A Celebration of Black Culture”
Join the Suffolk Center for Cultural Arts for the “Tangled Roots: A Celebration of Black Culture,” on March 24, 2024, beginning at 3pm. The Tangled Roots Black Expo is an exhibition dedica…
What’s In A Cup? Coffee Tasting at Café Davina
Cappuccino, macchiato, cortado, oh my! Join the baristas at Cafe Davina in Downtown Suffolk and learn about the different brew types and origins, what the difference is between a light and dark roast,…
