At the very real risk of sounding like a broken record, our local real estate market is steady. Houses are continuing to sell, the median sale price is still drifting upwards when comparing year over year numbers, and the number of homes for sale is slowly increasing. The chart below shows our local statistics from the Real Estate Information Network (REIN):
Before we predict this steady market throughout the rest of the year, we need to keep in mind interest rates. Based on the Primary Mortgage Market Survey (which is complied by Freddie Mac), the rate for a 30 year mortgage averaged 7.03% last week. A year ago, it was 6.30%. This chart shows the rate as it has moved up and down over the year.
If you go back three years, you will find a 30 year mortgage rate of 7.79% which happened in late October 2023. The rate only stayed that high for about a week and then fell back down. By Christmas 2023 it was under 7%. Even if you go back 25 years to September 2001 you will find only a couple of times that the 30 year rate has been higher than 7%. Here is the chart showing the last twenty five years.
Interest rates above 7% will not kill our local housing market, but it certainly has the potential to slow it down. It will be an interesting fall in the real estate market.
If you are thinking about investing in real estate, need help with property management, buying, or selling, 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 individual needs and questions!
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What’s Happening in Suffolk
2026 Suffolk Farmers’ Market Season – Visit Suffolk Virginia
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 vegetables, baked goods, meats and eggs, jams and jellies, honey, pickles, and handmade artisan crafts. Live music, food trucks, and more.
48th Annual Suffolk Peanut Fest – Visit Suffolk Virginia
This year marks the 48th Anniversary of Suffolk, Virginia’s premier festival. This family-friendly event honors the city’s agriculture heritage and devotion to peanuts, our favorite legumes. Known for its fun family activities, Suffolk Peanut Fest offers concerts, amusement rides, contests and competitions, a demolition derby, shrimp feast, drone show, butterfly feeding, and more.
Suffolk Ruritan Club Annual Shrimp Feast – Visit Suffolk Virginia
Suffolk Ruritan Club Shrimp Feast Tickets on sale beginning August 1, 2026 Friday, October 9, 2026 | 3:00-7:00 pm Tickets $45 per person in advance ONLY. | Limit of 1,500 tickets sold. No tickets will be sold at the gate. | Checks payable to “Suffolk Ruritan Club.”
33rd Annual Driver Days Fall Festival – Visit Suffolk Virginia
Enjoy lots of activities for the kids, great entertainment, and good food at the 33rd Annual Driver Days! Two days of fabulous fun, including a parade, classic car show, Faith Recovery/Strongwill 5K Run, Twin Towers’ Steel Beam, crafters and food vendors, train rides, chili cook-off, the Sherri Parker Memorial Poker Run & Bike Show, pony…
18th Annual Mutt Strutt – Visit Suffolk Virginia
Join us for the 18th Annual Mutt Strut at Bennett’s Creek Park on Sunday, October 25, 2025 from 10-4pm! Join us for an afternoon filled with exciting pet-related activities for the whole family, including your furry friends!
