We’ve spent several newsletters examining the state or our local market and trying to determine if it is heating up or cooling down. This month, rather than exhausting the weather analogy, we are going to focus on the market trends.
For the last couple of months, the year over year numbers (comparing the same month in 2023 to 2024) have shown that the number of active listings have increased by over 30%. Last month, there were 4,641 active listings, compared to 3,452 in July of 2023. We think that it is fair to say that listings have been trending higher across Hampton Roads this year. Along with the number of active listings, the month’s supply of inventory (MSI) is also trending higher and was at 2.28 for July 2024, up from 1.54 in July 2023. Keep in mind, we have a long way to go before we reach a balanced market, especially in the category of homes priced under $400,000.
Here is the summary chart, courtesy of our local MLS the Real Estate Information Network (REIN):
The month of August is normally one the slowest times of year for real estate. September and October, however, tend to be much more active in terms of sales. There is a lot of a talk that interest rates may go down this fall and that will probably lead to more buyers entering the market.
Buying and selling real estate are both complex processes and we are here to help! 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.
Click HERE for previous editions of this newsletter
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
Summer Music Series at Outdoors @ The CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, an…
Suffolk Plein Air Festival
On Friday, September 13th from 6:00 – 9:30 PM, artists and patrons will gather at the Suffolk Center for Cultural Arts for the much-anticipated ‘Wet Paint Sale & Soiree’. Att…
C.A.Y. Fall Concert Nights at Bridgeport
C.A.Y Nights are free and open to the public and fun for all ages. They will occur every other Friday starting September 13th, until October 25th. We’ll feature a new local band at every event, perf..
Taste of Suffolk
The 18th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 14, 2024, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, …
Raise a Glass 2 Art!
The Suffolk Art League is happy to welcome the Chrysler Museum of Art’s Mobile Glassblowing unit for one day only at the Suffolk Art Gallery. Please register on our website for your 15-minute timesl..
Great Dismal Swamp NWR 50th Anniversary Festival
50th Anniversary Festival scheduled for Saturday September 21 from 10:00am to 3:00pm at the new Jericho Lane Trailhead at 1330 White Marsh Road in Suffolk. The Festival is a free family event, with gu…
Saturday Cinema – Elemental
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
Masquerade Murder Mystery
Introducing ‘Downstairs at the Center’ – a fresh, intimate setting for our more ‘adult’ favorites, including Murder Mystery Dinners, JAZZ and Martini Nights, Dinner Theater, and Comedy. Cho…
The Purple Piano
Prince’s final performances were solo piano shows. “The Purple Piano” features Prince’s hits, masterfully delivered with vocals and solo piano. Live from his Las Vegas Residency, Marshal Cha…
16th Annual Mutt Strut Festival
Suffolk Humane Society’s biggest annual fundraiser, the Mutt Strut Dog Walk and Festival, is back for its 16th year! Join us at Bennett’s Creek Park for a day filled with exciting pet-related acti…
SUFFOLK VA FARMERS’ MARKET
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and…
