Summer is a popular home improvement time and, based on a study completed last year by the National Association of Realtors, only one project came back with dollar for dollar return on the value of your home. We will go into more detail on the entire study next month. In the meantime, the first person to correctly guess the one project that is a true return on investment will receive a twenty-five dollar gift card to Lowes. A couple of hints – it is not painting or replacing flooring and calling it a remodeling project is not really fair (it is a small job). Just reply back to this email with your guess.
The latest numbers are in for Hampton Roads real estate market (see the chart below, courtesy of REIN):
As you can see, the number of homes for sale continues to rise along with the median sales price. The median sales price hit another all-time monthly high of $368,900 in May 2025. The number of homes pending (under contract) and sold are both within single digit percentages of where they were in the previous month (April 2025) and previous year (May 2024).
The Month’s Supply of Inventory is up to 2.59. It was 2.44 months in April 2025 and, while it is trending up, it still has a ways to go before we get into a truly balanced market. Economists typically describe a balanced real estate market as having between 5-7 months of inventory.
Don’t forget to reply back to this email with your trivia guess! If you are thinking about starting a home improvement project and don’t want to wait until next month, just give us a call and we will give you a sneak peek.
As always, 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
Capturing Music Exhibit
ON VIEW: June 12 – July 26, 2025 OPENING RECEPTION: Thursday, June 12, 2025, 6:00pm to 8:00pm, Free and open to the public. Enjoy a multi-sensory experience in which the energy of music melodies a…
Farmers Market Bennett’s Creek Pasture Road
Farmers Market start April 3rd and runs every Thursday thru Oct 30th 3-6 Starting vendors are Normas Produce, Omas tasty treats, Cheesecakes Unlimited, TNT Bartendars Services, James Water Ice, Mr Yum…
Suffolk Art League’s Open Members’ Show
Get ready for the art event of the year – our annual Open Exhibit is BACK, and it’s your chance to SHINE! Dust off your most dazzling creations from the last two years (nothing that’s al…
Friday After 5 at New Realm Brewing – Suffolk
Smooth sips, easy vibes, and ice-cold beer. Cruise into the weekend this #FridayAfter5 with yacht rock on deck and your favorite brew in hand – it’s all smooth sailing from here. Enjoy live yacht …
TGIF Summer Concert Series – Buckshot
Enjoy live music on Fridays in Suffolk at our Downtown Festival Park located at 215 W, Washington St. or at Bennett’s Creek Park located at 3000 Bennetts Creek Park Rd.! All concerts are free an…
Miss Lilly’s Trading Post Outdoor Open Market
Stop by Miss Lilly’s Trading Post for their Outdoor Open Market. Find unique artisan and craft gifts, shop at various vendors, and more from 10 a.m. to 2 p.m. For more information visit misslill…
Suffolk Farmers’ Market
The Suffolk Farmers’ Market is now offered year-round at the Suffolk Visitor Center Pavilion! The Suffolk Farmers’ Market is a hometown favorite, and features fresh locally grown fruits and vegeta…
