Before you read the next paragraph, think for a moment about what you think is the thing that most owners love most about their home. Here’s a hint – the answer is especially true for anyone who has owned their home for at least three years.
Before we give you the answer, here is an update on our local real estate market. The statistics are from Hampton Roads for November, courtesy of our local MLS, the Real Estate Information Network (REIN):
As you can see, the number of active listings are climbing and both the settled and pending (under contract) sales are following right behind for November 2024. Also, the median sale price was $350,000, up 6.06% from the same month last year. The median days on the market in November was 27 days, the same number as October 2024, but increased by 19 days compared to November 2023. Houses are staying on the market longer and despite the increase in the median sales price, some sellers tend to be reducing their initial listing prices. However, the all important MIS (month’s supply of inventory) was 2.23 in November 2024, showing that the market is still very much in the seller’s favor.
In case you need one more hint to the trivia answer, take a look at this chart put together by Peter Berezin with BCA Research:
Next month we will dust off our crystal ball and try to predict the direction of the real estate market. We will also see who our winner was from our year long trivia contest announced in January of 2024.
We appreciate the support and confidence you have shown in Cross Realty over this year and the 70 years that came before it. We are working hard to continue to earn your business! If you are thinking about selling, buying, or need help with property management, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk through your choices.
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What’s Happening in Suffolk
Festival of Lights
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New Years Eve: 25K Gold Gala
Ring in the New Year in style at our 25K Gold Gala! Celebrate with live music, cocktails, and golden vibes all night long!
