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
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 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…
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…
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 …
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…
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…
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…
Before we talk about this month’s update, we wanted to start with a short follow up from last month’s email. We answered one of our most frequently asked questions, “When is the best time to sell?” If you missed it, or just wanted to re-read it, you can find it on our blog HERE. Shortly after we sent that newsletter, our local MLS, the Real Estate Information Network (REIN), came out with this chart showing the change in the total number of sales from one month to the next from 2015-2024. As you can see, the number of sales increased each year from April to May, offering evidence to support the answer to our most FAQ we gave last month. Here is the chart:
Moving back to this month’s update, the total number of homes for sale continues to rise, and in fact the 4,980 homes that were for sale in April 2025 was the highest number of listings since August of 2020. Also, the MSI (month’s supply of inventory) was 2.44 months in April 2025 which is the highest number we have seen since May 2020. The median sales price for Hampton Roads was $350,000 which is up 1.74% from last April. Here is the chart, courtesy of REIN:
Keep in mind that while numbers are certainly trending in the buyer’s favor, based on the MSI we are still officially in a sellers’ market. It will be interesting to see what the rest of the summer brings.
Of course every situation is different, so 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.
The Suffolk Art Gallery and Suffolk Art League are excited to team up for 31 Women, a spring exhibition inspired by the first all-women’s art exhibition in the U.S. in 1943. Suffolk’s vers…
Grand Re-Opening of Refined Relics Antiques & Mercantile
Welcome to our First Friday Weekends at the Barn; a beautifully restored Peanut Barn. Open Friday & Saturday 10am to 5pm, and Sunday 11am to 4pm. We are so excited to see you all again and show yo…
Come out and enjoy a delightful evening filled with local artisans, delicious food, and refreshing drinks! It’s the perfect way to kick off summer and support our talented community. Bring your …
Jefferson’s Bourbon Exclusive: Bourbon & Cigars on the Patio at Vintage Tavern
Come enjoy a relaxing afternoon on our beautiful outdoor patio featuring a hand-selected lineup of Jefferson’s Bourbon expressions, chosen by our award-winning Bar Manager, Chandler Lacerte. These e…
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…
ON VIEW: June 12 – July 27, 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 …
Mark your calendars for a powerful weekend at East End Baptist Church 1056 Portsmouth Blvd, Suffolk, VA 23434 June 13, 2025 – Exhibit Premier Group Showings 10 AM – 4 PM June 14, 2025 – Communit…
Suffolk Tourism presents the 2025 feature film, “Twisters,” at 8pm on Friday, June 13, 2025, at the Suffolk Center for Cultural Arts (in the Birdsong Theater). General admission is free. R…
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…
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…
We decided to focus this month’s newsletter on one of our most frequently asked questions: “When is the best time to sell?” A recent national study by Realtor.com revealed that a home will sell about 9 days faster than the average time (and sell for 1.1% higher!) if it is listed in April rather than slower times of the year. The same study indicated that next week (April 13-19) is the ideal time to list.
We did a study a few years ago using the numbers from our local MLS to identify the month that the highest number of homes go under contract in Hampton Roads. The data showed that sellers are most likely to have their home under contract in April. The top five months for homes to go under contract in our area are, in order, April, June, May, July, and March. Our local study seems to match up with the national numbers! During that same study, we also looked at when the average seller lists their home in Hampton Roads. The top five months for listing are, in order, April, July, May, March, and June.
We feel a common mistake made by sellers is to assume that the best time to sell is in the summer. As you can infer from the information we have shared, the real estate market is still strong in June and July. However, August is one of the slowest real estate months in Hampton Roads. As a result, folks that wait to list until the middle or end of July often have to wait until September for buyers to come back from vacations before their house sells.
Of course every situation is different, so 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.
You’re invited! Celebrate the opening of Suffolk Art Gallery’s 41st Annual Juried Photography Exhibition on Saturday, March 8th from 4-6pm. This is the largest and longest running juried exhib…
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…
New DATE!!!!Due to inclement weather in Feb. we had to reschedule our event for April 12 and 13! This will be a great Spring Sale!!!! The Suffolk Art League will hold its 41st Annual Antiques Sho…
Join us for a Glow in the Dark Egg Hunt! A fun twist on the traditional egg hunt – happening after dark! Flashlights, bags, and glow sticks will be provided. Registration is required – spots are…
Easter Egg Hunt & Party at Jungle Jamz!** Hop on over for an **egg-citing** Easter celebration at **Jungle Jamz Play Cafe**! **Date:** Saturday, April 12 **Time:** 10:00 AM**Location:** Jungle…
A Storytime Adventure in the Park! (Lake Meade Park)
Bring your favorite stories to life with movement and imagination! Join us at the park as we listen to tales and explore our surroundings. Activities are designed for children age 5 and under with car…
Introducing ‘Downstairs at the Center’ – a fresh, intimate setting for our more ‘adult’ favorites, including Murder Mystery Dinners, JAZZ and Martini Nights, Dinner Theater, and Comedy. Cho…
Silos & Westside Adult Egg Hunt – Let the Hunt Begin! . Calling all adults who love a good challenge and tasty prizes! Join us for the Silos Bar & Westside Burgers Adult Egg Hunt, where th…
Westside & The Silos Family-Friendly Egg Hunt! . Hop on over for a fun-filled day at our Family-Friendly Egg Hunt! . Date: Sunday, April 13th Time: 11:00 AM – 2:00 PM Ticket for Hunt: $10/ch…
Artists of all levels are welcome to attend monthly meetups, where they can sit and create while enjoying good vibes, live music, food ruck munchies and great local beer! Bring your supplies. Each par…
Join us for a refreshing Earth Day hike as we celebrate our planet and connect with nature! Dress for the weather, bring your water bottle, and let’s celebrate Earth Day together! *We will do two lo…
The Suffolk Earth and Arts Festival is returning to downtown Suffolk on April 26, 2025, promising a day full of creativity, culture, and community. Organized by Keep Suffolk Beautiful and the Suffolk …
Join us at the Downtown Festival Park for Saturday Cinema! Tonight, we will be showing Wicked! The fun Begins at 6PM and the movie starts at 8PM! We look forward to seeing you there!
Does January matter? Or, to be more specific, do January numbers matter? The statistics from Hampton Roads for January 2025, courtesy of our local MLS the Real Estate Information Network (REIN), show that the total number of listings are up almost 25%, the number of homes under contract (pending) are down 1%, and the number of homes that sold are down 5.51% when you compare January 2025 to January 2024. Here is the chart:
The median sales price was $340,000 in January 2025, which is up about 6% from January 2024, but down from $355,000 just a month earlier in December 2024. We know you must be thinking, wait a minute, last month you predicted, “the median sale price will inch up,” so is your prediction a bust? Our short answer is no. We think that, in the longer run, January numbers will not matter in terms of our prediction. Historically, January is one of the slowest months of year, and the median sales price typically dips some in the winter. For now, we are sticking to our prediction that by the end of 2025 median sales price will be higher than it was in 2024.
If you haven’t already, reply back to this email and give us your guess of the median sales price for 2025. The closest guess wins! If you win we will make a $100 donation to the charity of your choice in your honor.
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.
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
Join us for an unforgettable dining experience where the culinary arts meet the visual arts and storytelling. This will include wine parings, dinner and a wonderful discussion with the featured artist…
We have added 6 FREE Yoga classes to our calendar to help you relax and unwind after a busy week! All skill levels are welcome! 6-7 pm You read right, it’s totally FREE!!! What to bring?! Mat, t…
Join us during Suffolk Art Gallery’s 41st Annual Juried Photography Show for an artist talk with award winning photographer, Shirley Whitenack. Light refreshments will be available.
Introducing ‘Downstairs at the Center’ – a fresh, intimate setting for our more ‘adult’ favorites, including Murder Mystery Dinners, JAZZ and Martini Nights, Dinner Theater, and Comedy. Cho…
ON VIEW: March 11 – April 8, 2025 OPENING RECEPTION: Thursday, March 11, 2025, 6:30pm – 8pm Suffolk Center’s award-winning Art Galleries are FREE and open to the public Tuesday – Saturday, 1…
SCCA is happy to announce a new student matinee program for our 2025 season! This March we will be hosting Virginia Stage’s Company’s educational touring production Greenbeats Live! Featuring mus…
The Hurrah Players present Frozen Jr. – story of true love and acceptance between sisters, Frozen JR. expands upon the emotional relationship and journey between Princesses Anna and Elsa. When fac…
Join the Suffolk Division of Tourism as they present the Annual Suffolk Authors Festival. Whether you are an avid or casual reader, aspiring writer or published author, you will find something enterta…
Artists of all levels are welcome to attend monthly meetups, where they can sit and create while enjoying good vibes, live music, food ruck munchies and great local beer! Bring your supplies. Each par…
Join us for our second annual Spring Wine Fest at Decoys Seafood. Sample 12 exquisite wines in a relaxing and scenic setting. Enjoy freshly prepared eats, specialty cocktails, live music, and more at …
Join us for a delightful afternoon of wine tasting at The Legacy at Willow Pond. Sip and savor a selection of exquisite wines as you mingle with fellow wine enthusiasts. This in-person event promises …
Dear Brides! Are you still searching for inspiration or assistance in planning your special day? Look no further! Join us at the Suffolk Conference Center on Sunday, March 30th, 2025. You’ll find a …
For the last couple of years, we have used our January newsletter to make predictions about the upcoming year. Here is a link to our newsletter from 2024 and here is 2023.
Just like last year, we will also run a trivia contest. To enter, reply back to this email with your best guess for what you think the median sales price for homes in Hampton Roads will be in 2025. The closest guess wins! If you win, we will make a $100 donation to the charity of your choice in your honor. Congratulations go to last year’s winner, Finn Host, and his charity of choice, the Portsmouth Museums Foundation.
Here are some updated numbers to help you with your guess:
For 2024 the median sales price across Hampton Roads was $348,115, which is up a little over 5% from 2023’s median sales price of $330,000. Here is the chart showing the annual number of homes that sold each year compared to the median sales price and HUD estimated median household income:
As you can see the number of homes sold was almost the same as 2023, but the median price continued to increase. When you look at the statistics from Hampton Roads for December, courtesy of our local MLS the Real Estate Information Network (REIN), you will see percentages and prices up almost across the board:
Interestingly, December’s median sales price is higher than the median sales price for the entire year. Also, the number of active listings, pending sales, and settled sales are up by double digit percentages. You may have seen some national headlines about the total number of homes sales going down. While those headlines are technically correct, the decrease in total sales nationally was less than one percent.
What are our thoughts? At the risk of sounding like a broken record, unless interest rates stay above 7% for the entire year, we think the median sales price will inch up again and the total number of sales will stay roughly in the same ballpark.
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 2025 median sales price.
Featuring original artwork from over 150 local and regional artists, there are affordable options for everyone – from fine art, handcrafted jewelry and pottery to glass art, sculptures and more…
Put on your best 20s attire and chassé down to the Harlem Nights Jazz Social! Highlighting important figures from the Harlem Renaissance, there will be jazz music from The Band Vontrelle, dancing, ap…
We have added 6 FREE Yoga classes to our calendar to help you relax and unwind after a busy week! All skill levels are welcome! 6-7 pm You read right, it’s totally FREE!!! What to bring?! Mat, t…
Join Miss Lilly’s Trading Post for Hearts & Helmets event on Saturday, February 8th from 10 a.m. – 5 p.m. Enjoy food from T.W. Bistro Food Truck, Touch of Twinkle Fair Hair and more.
The Exhibit of Excellence is a juried student art exhibit open for all students who live or attend school in Suffolk, grades 9-12. Interested students may submit up to 2 pieces of artwork for judging,…
Join us for Suffolk Tourism’s winter edition of the Suffolk Farmers’ Market! The winter market is an open-air gathering place featuring fresh, locally grown foods, jams/jellies, meats, and…
Join us for our Valentine’s Market on Saturday, February 8th, from 12 PM – 4 PM! Celebrate the season of love with delicious craft beer, mouthwatering food, and a variety of talented artisans …
Enjoy a Valentine’s Day Experience at the Suffolk Family YMCA and Camp Arrow Conference & Outdoor Center with culinary delights, live entertainment, engaging games, giveaways, child care ser…
Artists of all levels are welcome to attend monthly meetups, where they can sit and create while enjoying good vibes, live music, food ruck munchies and great local beer! Bring your supplies. Each par…
The Suffolk Art League will hold its 41st Annual Antiques Show and Sale at Kings Fork Middle School, 350 Kings Fork Road., on Feb. 22 & 23, 2025. Hours are 10 a.m. – 5 p.m. on Saturday ..
Welcome Ceremony, Suffolk Visitor Center and Riddick’s Folly
Sunday, February 23, 2025, 1:00 – 4:00 p.m. This family-friendly event, free and open to the public, will include costumed interpreters that will represent veterans of the American Revolution and th…
Lafayette Banquet, Hilton Garden Inn Suffolk Riverfront
Tuesday, February 25, 2025, 6:00 – 9:00 p.m. This ticketed event will echo the banquet at which Lafayette was entertained on February 25, 1825. The evening will be portrayed as if it is 1825. During…
Wednesday, February 26, 2025, 11:00 a.m. – 12:00 p.m. Lafayette (Mark Schneider) will be welcomed at the only building still standing in Suffolk that he visited 200 years ago. The day will be portra…
Before you read the next paragraph, think for a moment about what you think is the thing that most owners love most about their home. Here’s a hint – the answer is especially true for anyone who has owned their home for at least three years.
Before we give you the answer, here is an update on our local real estate market. The statistics are from Hampton Roads for November, courtesy of our local MLS, the Real Estate Information Network (REIN):
As you can see, the number of active listings are climbing and both the settled and pending (under contract) sales are following right behind for November 2024. Also, the median sale price was $350,000, up 6.06% from the same month last year. The median days on the market in November was 27 days, the same number as October 2024, but increased by 19 days compared to November 2023. Houses are staying on the market longer and despite the increase in the median sales price, some sellers tend to be reducing their initial listing prices. However, the all important MIS (month’s supply of inventory) was 2.23 in November 2024, showing that the market is still very much in the seller’s favor.
In case you need one more hint to the trivia answer, take a look at this chart put together by Peter Berezin with BCA Research:
Next month we will dust off our crystal ball and try to predict the direction of the real estate market. We will also see who our winner was from our year long trivia contest announced in January of 2024.
We appreciate the support and confidence you have shown in Cross Realty over this year and the 70 years that came before it. We are working hard to continue to earn your business! If you are thinking about selling, buying, 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 through your choices.
Celebrate the holidays at the annual Suffolk Festival of Lights at Sleepy Hole Park. Open 5-9 p.m. Friday-Sunday, November 29-December 1 Thursday-Sunday, December 5-8 Daily, December 12-23 Thursday-Mo…
Public skating available all December long, in one-hour sessions at 12:45 p.m., 2:15 p.m., or 3:45 p.m. on Saturdays and Sundays. 5:15 p.m. or 6:45 p.m. Thursday, Fridays & Saturdays. Each session…
Back to the Suffolk Center by popular demand, Masters of Soul present a new show “A Motown Christmas” featuring works from The Temptations, The Four Tops, Diana Ross and the Supremes, Smokey Robin…
Join us for carriage rides, s’mores, and outdoor holiday market, acoustic music, and more! The event begins at The Obici House and you’ll be able to ride a horse-drawn carriage to Sleepy H…
Celebrate the New Year a little early with a countdown, balloon drop, crafts, snacks, dancing and more! The party starts at 11AM and we will ring in the New Year at noon. For birth through age 5. Loca…
Nooner’s Year Eve! Come join us for a rockin’ celebration as we bid farewell to 2024 and welcome the new one with a bang! Get ready to dance, laugh, and have a blast at our Nooner’s …
Do you know what makes an agent successful? We do. Cross Realty welcomes queries from those who are interested in joining our award-winning team. Call Harry today at 757-434-9084 to schedule a confidential meeting.
Specializing in properties in South Hampton Roads, Virginia.
