Last month, we addressed one of our most frequently asked questions: “Is it a good time to buy or sell right now in Hampton Roads?” Our answer was not a simple yes or no. After analyzing that data over the past several years, we concluded that though the current market is not garnering the media attention it did a few years ago, it is still a good time to both buy and sell. You can find last month’s update HERE.
August, true to traditional real estate trends for our local market, was slower compared to other months this year but showed greater activity than August of 2024. In terms of active listings, there were 5,709 homes listed for sale last month. Despite August trends, this represents the highest number of active listings since June 2020. Courtesy of the Real Estate Information Network (REIN), here is the summary update chart:
As you can see, the other headline number from August was the median sales price of $370,000, which is 5% higher than August 2024, and even a tiny bit higher than July 2025. The takeaway from all of this is that, while more homes are being listed, sales prices are still staying strong and even showing slight increases.
Interest rates were trending down over the summer in expectation of the Federal Reserve’s rate cut (which did happen last week). Our local market normally stays strong through mid November, so we believe that it is a good time to buy or sell in most situations.
As always, if you are thinking about buying, selling, or 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!
Art of Wine Series Exhibition: James Alvin Harrison
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Suffolk Economic Development Salutes our local Military, Veterans & Citizens
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Suffolk…get ready to roll! We’re thrilled to announce that roller skating is coming to Downtown Festival Park at 215 W. Washington St.Beginning Wednesday, October 1, the rink will provide …
Known for its fun family activities, Suffolk Peanut Fest offers concerts, amusement rides, contests and competitions, a demolition derby, peanut cup race, motorcycle rally, fireworks and much more….
Join us join select Fridays in October for screenings of some of our favorite spooky films. We’ll kick off each feature with a pre-film experience, so be sure to come early. Synopsis Francis Ford Co…
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!
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…
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…
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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
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19th Annual Taste of Suffolk Downtown Street Festival
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Afternoon Conservations with H.H. Warner & Patent Medicines
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Congratulations goes to Angie White who was able to figure out the correct answer to last month’s trivia question – even though she and her family are currently living in Italy! The home improvement project that recoups the most cost recovery is a new front door. Thank you to all of you who submitted a guess. Interestingly, though we received a wide variety of guesses, many guessed new garage doors. To see how your answer ranked, and maybe to help you decide your next project, see the chart below from the study completed last year by the National Association of Realtors:
Where are the garage doors? Our guess is that they didn’t include new garage doors in the study, because it would make sense that if front doors score so well, then garage doors should be at least in the top 50%.
One thing to note is that this study only covers items that are considered upgrades or improvements. Most of these types of studies are based on upgrades, but we feel that leaves out an important part of the decision-making process when you are preparing your home for sale. Studies like these are based on the assumption that all of the major components of the home are functioning effectively. Theoretically, for example, if you have two identical homes but one has a brand new heating system and one has an older heating system, buyers will choose the home with the new heating system. Upgrades and improvements can be important and add value to the resale of your house, but the major components must be in good functioning order. A new front door is not more important than a functioning heating system or a roof that doesn’t leak.
As you can see, there are a lot of moving parts when it comes to deciding on what to repair or upgrade. It is very important to take into consideration your price range and competition when making these types of decisions. Buyers in higher price ranges would sometimes rather have a discount off of the price and do the work themselves, while buyers in the usual price-range for first and second time homeowners do not often have a lot of extra cash to make the repairs themselves.
Next month we will come back to our normal market updates. As always, if you are thinking about buying, selling, or 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!
Suffolk Art Gallery: “Marisa Stratton: Context Collapse”
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Join us for our first ever Crush Fest, Saturday August 2nd from noon til 10pm. Experience delicious thirst-quenching crushes, in partnership with Waterman’s Spirits, delicious and freshly prepared f…
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Summer Film Series at the Center ~ The Color Purple
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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…
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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
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Jefferson’s Bourbon Exclusive: Bourbon & Cigars on the Patio at Vintage Tavern
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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…
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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…
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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!
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.
