We have seen a lot of national headlines this summer about a slowing real estate market. Locally, we are seeing some signs of that slow down as well, but determining if the market has truly slowed is much more nuanced. Are you judging the market based on total number of homes sold or on the median sale price? Let’s take a look at both of them:
Based on statistics from REIN, our local MLS, the total number of homes sold peaked in 2021 with 38,276 homes. Over the last two years, about 25,000 homes sold each year. Through July of this year, 14,658 homes have sold, so we are roughly in line with the last two years.
Again using REIN statistics, if you view the market through the median sale price, our local market is on the rise. The median sale price for the month of July alone was $368,250 and the current year median is $359,000. In 2021, when the total number of homes sold peaked, the median sale price was $289,900.
Back to the question in our title: Is it a good time to buy or sell? Based on the statistics from our local market for both homes sold and median sale price, we can make a reasonable argument that the answer can be yes to both. To be clear, the current market is not the screaming, multiple offers seller’s market it was a couple of years ago, nor is it a market where the buyers have all of the power like we experienced in 2009-2013. In our evaluation, neither buyers nor sellers have outmatched power in negotiations just by virtue of being on one side of the table or the other.
We are approaching a more balanced market. Homes are still selling, and selling for more than they were just a couple of years ago. Because there are more homes on the market, buyers are able to have some negotiation leverage and the majority of home sales do not have multiple offers (as was famously the case in the early 2020s). The biggest drawback for buyers is that interest rates are still high when compared with recent years, but they have been falling over the summer.
After this analysis, it is also important to note that August is normally one of the slower times of year in the real estate market. We will be following the market closely this fall, especially to see how any potential significant shift in interest rates could change local demand.
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!
Click HERE for previous editions of this newsletter
What’s Happening in Suffolk
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…
Jimmy Buffett Tribute at Decoys Seafood
Calling all Parrot Heads! Grab your fins and make your way to our annual Jimmy Buffett Tribute. Celebrate the music, legacy, and vibes of all things Jimmy Buffett. Enjoy delicious food & drink spe…
Fall Market at the Barn
It’s Fall Market Season!!! Hurray for pumpkins, cozy sweaters (soon) and the smell of a “All Hallows Eve” Candle burning. September 5th thru 7th at Refined Relics Antiques & Mercantile at 16…
Suffolk Plein Air Festival
The City of Suffolk, Virginia is gearing up for the 5th Annual Suffolk Plein Air Festival, September 9-13, 2025. The SPAF 2025 CASH AWARDS will be given for the Best In Show, $3,000, 2nd Place,…
6th Anniversary Party of Nansemond Brewing Station
Nansemond Brewing Station is Turning 6!Get ready for new beers, new merch, live music and food trucks!Live music from @schoonerorlaterlb and @codychristianmusicYard games, vendors and more!
19th Annual Taste of Suffolk Downtown Street Festival
he 19th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 13, 2025, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, …
Afternoon Conservations with H.H. Warner & Patent Medicines
In collaboration with the Suffolk Public Library, SNHS will be hosting the next Afternoon Conversations on September 16th from 2-3 pm at the Phillips-Dawson House. Steve Jackson will be our presenter…
