Does January matter? Or, to be more specific, do January numbers matter? The statistics from Hampton Roads for January 2025, courtesy of our local MLS the Real Estate Information Network (REIN), show that the total number of listings are up almost 25%, the number of homes under contract (pending) are down 1%, and the number of homes that sold are down 5.51% when you compare January 2025 to January 2024. Here is the chart:
The median sales price was $340,000 in January 2025, which is up about 6% from January 2024, but down from $355,000 just a month earlier in December 2024. We know you must be thinking, wait a minute, last month you predicted, “the median sale price will inch up,” so is your prediction a bust? Our short answer is no. We think that, in the longer run, January numbers will not matter in terms of our prediction. Historically, January is one of the slowest months of year, and the median sales price typically dips some in the winter. For now, we are sticking to our prediction that by the end of 2025 median sales price will be higher than it was in 2024.
If you haven’t already, reply back to this email and give us your guess of the median sales price for 2025. The closest guess wins! If you win we will make a $100 donation to the charity of your choice in your honor.
If you are thinking about buying, selling, investing in real estate, 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.
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What’s Happening in Suffolk
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