Halloween, in my opinion, is one of the top three favorite days of the year for a lot of kids (at least mine), so I decided to lean into the fun this month in the newsletter. If a Halloween themed update will give you a fright, it may be best to wait for next month as my house, and therefore my brain, is 100% on Halloween.
While it is true that our market isn’t scary yet, I would suggest you at least make sure you have a hand to hold or batteries in your flashlight. As you can see below, our local statistics from the Real Estate Information Network (REIN) show that our median sales price is up only 2.74%. That is one of the lower increases in recent memory, and it is down from August.
One more point on the median sale price that I think should be on your radar is inflation. When measured by the Consumer Price Index, inflation was 3.7% during this same timeframe. Based just on the median sales price, an argument could be made that homes have decreased in value by 1% when the impact of inflation is taken into consideration.
While it is true that sellers have been more willing to hand out treats instead of tricks to buyers, don’t let one month scare you. One month does not constitute a trend, and we do not have anywhere near the amount of data we would need to feel truly scared. Bottom line, real estate is continuing its slow shift to more of a balanced 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 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
Art of Wine Series: Regina DeVal Exhibit – Visit Suffolk Virginia
Regina DeVal “Cloud Cover-Under God’s Grand Sky” On view: November 5 – December 26, 2026 | 1st floor, Gallery Lounge Regina DeVal, a Suffolk, Virginia-based artist learning to stand fully in the calling God placed in her hands. Her art – through both painting and photography – celebrates the fullness of life: African American culture and…
Salute to Service 5K – Visit Suffolk Virginia
Join us at beautiful Downtown Festival Park in Suffolk, Virginia, as we celebrate all of those who have served our country. Course Information RACE TIMES:5k Run and Race Walk Starts at 8:00 AM1 Mile Starts at Approx 9:15 AM The Course:Join us on this fast, flat-ish course starting in Downtown Suffolk, and running through the.
