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 …
As we get closer to winter, real estate sales historically start to slow after a busy summer and fall. Major events (like a national election) tend to cause potential buyers and sellers to wait on the sidelines until the dust settles. When you look at September numbers, courtesy of our local MLS the Real Estate Information Network (REIN) you will see that both the median sale price and number of active listings have increased along with the pending sales. Interestingly, the settled sales have decreased. As you look at the chart, keep in mind that they are year over year numbers comparing September 2023 to September 2024:
One thing we found interesting was that the median days on the market (how long it takes for a property to go under contract) was 25 in September, up from 21 in August and 17 days in September 2023, but the month’s supply of inventory was 2.31, which is down a hair from August. You would expect that if homes are taking longer to sell and more homes are being listed, the month’s supply would be increasing. The numbers from September 2024 suggest that, at least for that month, demand from buyers is still keeping up with supply.
We do think that the days on the market will be higher when the October numbers come in, and we still aren’t seeing any major market shifts. In fact, based on numbers through the end of September, the median sales price is up over 4% so far in 2024.
We expect the market to stay solid through Thanksgiving. If you are thinking about 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.
2024 ANNUAL JURIED EXHIBITION DATES: October 26 through December 6, 2024 ACCEPTABLE WORKS: This exhibit is open to artists working in all mediums. They must be over age 16. Artwork must not have been …
Kayak Excursion of Lone Star Lakes at Butler Tract
Located in the Chuckatuck Village of Northern Suffolk, these lakes were excavated for marl and later sold to the City of Suffolk for water supply and a public park. Explore Butler Tract, one of the ma…
The Tidewater Striders and RunSomeMo Present the 2024 Salute to Service 5K & 1 Miler Join us as we celebrate all of those who served our great country! COURSE: Fast, flat course in downtown Suffo…
Suffolk Humane Society’s biggest annual fundraiser, the Mutt Strut Dog Walk and Festival, is back for its 16th year! Join us at Bennett’s Creek Park for a day filled with exciting pet-related acti…
Come join us for a shuckin’ good time at the C.E.&H. Ruritan Club! Indulge in delicious oysters while enjoying live music and good company. This in-person event is a great opportunity to unw…
Come get in the Christmas Spirit, Sip & Shop by Christmas Lights and find a one of a kind gifts. Mulled Cider and hordoroves. Friday 3-8pm and Saturday 9-5pm.
Highlighting independently owned and operated restaurants that serve chef-inspired dishes with uncomplicated three-course and prix-fixe menus. More information to come closer to event dates
Bosley Artists Market is a curated luxury artist and artisan market. Presented by Suffolk Art League at the Suffolk Art Gallery, 118 Bosley Ave., Suffolk. Enjoy this opportunity to shop for unique gif…
Suffolk Parks & Recreation is proud to kick- off its holiday season with the annual Grand Illumination event on Friday, November 22, at 6 p.m. at The Suffolk Center for Cultural Arts, 110 W. Finne…
Join us for a unique special edition of the Suffolk Farmers’ Market showcasing baked goods, produce, meats, etc. The Farm-To-Table Market will be located at the Suffolk Visitor Center’s outdoor sp…
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…
Rockin’ Around the Barn: A Miss Lilly’s Holiday Event
Join us for a holly jolly good time at Rockin’ Around the Barn: A Holiday Event at Miss Lilly’s Trading Post on November 30th from 10am-5pm! Get Ready For:Photos with Santa and the GrinchDelicious…
Oyster Season is HERE! Come on out for our Annual Oyster Roast & Beer Fest. Ticket holders have access to ALL YOU CAN EAT Oysters & Brunswick Stew, ALL YOU CAN DRINK Select Beers, & Live M…
Celebrate Small Business Saturday with a delightful Vendor Fair under the twinkling lights in Downtown Suffolk’s Courthouse Park. Grab dinner or drinks at a nearby eatery, too! More details to b…
The Federal Reserve reduced the target rate by half a point this month. While the target rate influences all of the interest rates, it is different than the 30 year mortgage rate. The 30 year mortgage rate didn’t move much. Why? Because the Federal Reserve had been signaling for months that a rate cut was on the way, so the 30 year mortgage rate had already moved accordingly. Before this month’s rate cut, the Federal Reserve’s rate had not moved in over a year, but the mortgage rates were consistently trending down over the last year. Look at this chart from Freddie Mac showing the 15 and 30 year rates over the last seven years:
While it is way too early to say with any confidence what impact the direct results the rate cuts will have on the Hampton Roads real estate market, we can say that the August numbers, courtesy of our local MLS the Real Estate Information Network (REIN), showed a continued trend of more homes being available for sale.
The month’s supply of inventory is still under two and half months at 2.38. A balanced market is between 5 and 7 month’s supply of inventory, so based on the supply of local homes for sale, we still have a long way to go until we get back to a balanced market.
Historically, fall is a decent time for real estate sales, so if you are thinking about 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 choices.
Are you the most organized person you know? If so, then you might be the perfect candidate for this position. I (Lee Cross) am looking for someone to be the extremely organized backbone of my real estate sales and investment operation. Please share this opportunity or apply HERE.
What’s Happening in Suffolk
‘Colors of Royalty’ Art Exhibition
‘Colors of Royalty’ Art ExhibitionOPENING RECEPTION: Thursday, October 3, 5:30 – 7 PMON VIEW: September 26 – October 26, 2024 The Suffolk Center for Cultural Arts’ next exhibitio…
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, and…
Celebrate Suffolk’s shining young stars and support local charities, at the annual Suffolk Peanut Fest Queen’s Banquet and Fashions. The fun begins at 6pm with a silent auction and social hour, di…
Kick off the Annual Suffolk Peanut Fest with a festive parade through downtown historic Suffolk. The parade stages in the Lakeside neighborhood and proceeds down Washington Street, turning left onto N…
Celebrate Fall Y’all at Miss Lilly’s Trading Post! Join us on October 5th, 2024 from 10am-5pm for a day filed with seasonal fun! Dive into the spirit of the season with our vibrant Outdoor Market …
Stick around Downtown Suffolk after the Peanut Fest Parade for a round of putt putt and a DJ-led dance party at our Downtown Festival Park – 215 W. Washington. This event is free and open to the…
Shell-ebrating Suffolk’s Roots, From our Hearts to Our Boots” CELEBRATING 46 YEARS OF SUFFOLK PEANUT FEST Suffolk Festivals, Inc. is pleased to announce that the 46th Annual Suffolk Peanut Fest wi…
C.A.Y Nights are free and open to the public and fun for all ages. They will occur every other Friday starting September 13th, until October 25th. We’ll feature a new local band at every event, perf…
The Suffolk Division of Tourism wants to give you the fright of your life as they present a series of classic horror films at the Suffolk Center for Cultural Arts. On Friday, October 11, 2024, join us…
Relax, and Reset for the weekend with our Friday Free-Flow yoga sessions with instructor Stephanie Gwaltney. All levels are encouraged to attend, and please bring your own mat and a towel. Pre-registr…
Suffolk Business Women5th Annual Golf Tournament Registration and Lunch 11:30amShotgun Start 1:00pmAwards and Dinner ceremony immediately following completion.Come have fun with use while we raise mon…
Enjoy lots of activities for the family, live entertainment, fest food, the Sherri Parker Memorial Poker Run, and great shopping with the different vendors and Driver shops. Saturday hours: 10 am R…
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
A TAMA sponsored ride with a $25 donation per person and includes complimentary t-shirt for the first 150 registrants (pre-registered t-shirts can be picked up on-site registration on ride day). Poke
The Hurrah Players present Cinderella – a musical written for television but later played on stage, with music by Richard Rodgers and a book and lyrics by Oscar Hammerstein II. Saturday, October …
We’ve spent several newsletters examining the state or our local market and trying to determine if it is heating up or cooling down. This month, rather than exhausting the weather analogy, we are going to focus on the market trends.
For the last couple of months, the year over year numbers (comparing the same month in 2023 to 2024) have shown that the number of active listings have increased by over 30%. Last month, there were 4,641 active listings, compared to 3,452 in July of 2023. We think that it is fair to say that listings have been trending higher across Hampton Roads this year. Along with the number of active listings, the month’s supply of inventory (MSI) is also trending higher and was at 2.28 for July 2024, up from 1.54 in July 2023. Keep in mind, we have a long way to go before we reach a balanced market, especially in the category of homes priced under $400,000.
Here is the summary chart, courtesy of our local MLS the Real Estate Information Network (REIN):
The month of August is normally one the slowest times of year for real estate. September and October, however, tend to be much more active in terms of sales. There is a lot of a talk that interest rates may go down this fall and that will probably lead to more buyers entering the market.
Buying and selling real estate are both complex processes and we are here to help! 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. We love real estate and are always happy to talk.
Don’t forget, we manage rental properties and can help with your property management needs as well!
Check out the Rental Management section of our website, here.
What’s Happening in Suffolk
Summer Music Series at Outdoors @ The CENTER
Suffolk Center for Cultural Arts is excited to announce a new outdoor space, ‘Outdoors @ The CENTER’ featuring a new performance stage, green space, fire pit, lighting, landscaping, cash bar, an…
On Friday, September 13th from 6:00 – 9:30 PM, artists and patrons will gather at the Suffolk Center for Cultural Arts for the much-anticipated ‘Wet Paint Sale & Soiree’. Att…
C.A.Y Nights are free and open to the public and fun for all ages. They will occur every other Friday starting September 13th, until October 25th. We’ll feature a new local band at every event, perf..
The 18th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 14, 2024, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, …
The Suffolk Art League is happy to welcome the Chrysler Museum of Art’s Mobile Glassblowing unit for one day only at the Suffolk Art Gallery. Please register on our website for your 15-minute timesl..
50th Anniversary Festival scheduled for Saturday September 21 from 10:00am to 3:00pm at the new Jericho Lane Trailhead at 1330 White Marsh Road in Suffolk. The Festival is a free family event, with gu…
Get ready for an unforgettable night under the stars! Our Saturday Cinema event is back and better than ever! Join us for a magical evening of outdoor cinema, where we’ll be screening some of yo…
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…
Prince’s final performances were solo piano shows. “The Purple Piano” features Prince’s hits, masterfully delivered with vocals and solo piano. Live from his Las Vegas Residency, Marshal Cha…
Suffolk Humane Society’s biggest annual fundraiser, the Mutt Strut Dog Walk and Festival, is back for its 16th year! Join us at Bennett’s Creek Park for a day filled with exciting pet-related acti…
The Market offers an array of fresh local produce, beef, poultry, eggs, honey, baked goods, pickled vegetables, jams, plants and flowers, handmade soaps, candles, garden and farm décor, jewelry, and…
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.
