We have been writing this newsletter in various forms for over a decade. As we do most Januarys, we are making predictions about what the year will bring for the real estate market and asking the same trivia question we pose each year: What was the median sales price for homes across Hampton Roads for the previous calendar year? Congratulations to our winner from 2025 and his nonprofit choice of Suffolk Christian Fellowship. Suffolk Christian Fellowship is a leading downtown Suffolk foodbank, and more information can be found HERE. If you would like to guess what the 2026 number will be, reply back to this email and you’ll find out next January if you are correct! A $100 donation will be made to the nonprofit of the winner’s choice.
The median sales price was $360,000 in 2025. In 2024, the median sales price across Hampton Roads was $348,115, up a little over 5% from 2023’s median sale price of $330,000. The chart below shows the annual number of homes that sold each year compared to the median sales price and HUD estimated median household income:
Also, interestingly, for the third consecutive year, the total number of homes sold stayed within a percent or two of the previous year. We would have to go back to the years between 1998-2001 to find another three year timeframe when the number of homes sold were within that close of a range.
In case you are wondering or interested in past predictions, check out the links to the past three years of January newsletters: 2025, 2024, and 2023.
So, what are our predictions? Like last year, we don’t see prices falling and think they will continue to inch up in line with inflation. However, we do think the total number of sales will increase more in 2026 than in 2025. As of last month, there are now more homeowners with an annual interest rate of over 6% than there are at interest rates under 2.9%, according to a study from Realtor.com. If current interest rates continue to fall (they were in the 6% range when this newsletter was written), sellers will be more likely to trade in their 2.9% rate as rates trend downward. Additionally, the longer someone is in a home, the more likely they are to have a major life events that might necessitate a move. We think all of these forces will combine to keep prices trending up and push more sellers to list their homes for sale.
Of course, each individual property is different, so 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.
Don’t forget to email us back with your guess for the 2026 median sales price.
Click HERE for previous editions of this newsletter
What’s Happening in Suffolk
Harlem Nights: A Jazz Social – Visit Suffolk Virginia
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Art of Wine Series Opening Reception: Walt Smith – Visit Suffolk Virginia
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Paint & Snip – Visit Suffolk Virginia
Come enjoy tea while you make Victorian Era paper crafts together in the cozy Stillwater Tea House at Rose Cottage on January 31, 2026. Tickets are for 11:00 AM to 12:30 PM and include: One Chef’s Selection Tiny Tea: Cup of Tea, One Scone, One Spread, One Confection and Seasonal Fruit Victorian Era paper crafts: all supplies…
Exhibit of Excellence 2026 Suffolk Student Art Exhibit – Visit Suffolk Virginia
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Sips & Sounds: Global Listening Café: Southern Blues – Visit Suffolk Virginia
Southern Blues February 5 at Morgan Memorial From the American South, explore the history of the Blues while you sip on a haymaker’s punch and sweet iced tea! Southern Blues is part of our Black History Month celebration.
Galentine’s Party at New Realm Brewing Co – Suffolk – Visit Suffolk Virginia
Join Us for a Galentine’s Party! Mark your calendars for a fabulous Friday the 13th celebration at New Realm Suffolk! Join us from 7 PM to 10 PM for a night dedicated to friendship, fun, and a little bit of magic! This exciting event will take place in the cozy Suffolk Room, where you’ll find…
Symphony of the Senses: The Imagination Celebration! – Visit Suffolk Virginia
Step into a night of imagination and inspiration at Symphony of the Senses: The Imagination Celebration! Join us on Saturday, February 28, 2026 for an immersive evening where art, sound, taste, touch, and movement come together in a multisensory celebration of creativity. Experience live performances, interactive art, and sensory-inspired cuisine as each space invites you…
