It seems like the national headlines have been focusing on most things stocks, interest rates, and the price of gas going up and, in some places, the real estate market going down. This could catch your attention if you are thinking about selling, but we have good news. Based on the numbers from the Real Estate Information Network (REIN) comparing March 2026 to March 2025 in Hampton Roads, our local real estate market is certainly not in decline. As you can see in the chart below, all of the numbers for our market are up year over year:
One of the only statistics that is not higher and is not reflected in the numbers above is the median days on market (DOM). The DOM was 22 in March 2025 and was also 22 in March 2026. In February 2026, it was 30 days. Of course, if you are looking at the DOM from a seller’s perspective, you want the DOM to go down in the hopes of driving competition up.
While all of the numbers going up make for a fun subject and easier update to write, the chart showing increases across the board really is not unusual over the last five or so years. We decided to highlight the numbers this month because we are seeing more and more news stories about a slowing real estate market nationally. Based on the numbers we cite here and our own experiences over the past several months, we can confidently say that the market in Hampton Roads is not experiencing a decline.
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!
8th Annual Holland Ruritan Club’s Custom Car, Truck & Motorcycle Show – Visit Suffolk Virginia
Join the Holland Ruritans for the 8th Annual Car, Truck & Motorcycle Show on Saturday, May 9, 2026. 8:00am-1:00pmAwards at 12:30pmHolland Village Ball Field 3 On-site Registration: 8:00-10:00am $20 (advance by 5/1/26) or $25 (on-site) Free for Spectators35 Trophies Awarded Door Prizes | Music | Concessions Complimentary Dash Plaque for First 100 Show Vehicles ABOUT THE HOLLAND…
Mother’s Day Brunch & Bloom Market! Sip, shop local vendors, bites & bubbly-perfect day to treat Mom! Celebrate Mother’s Day with a beautiful Brunch & Bloom Market experience! Enjoy a delicious brunch menu featuring sweet and savory favorites, perfectly paired with bubbly cocktails and refreshing spring sips.
Get ready to travel the world without leaving Suffolk! Spend the day exploring traditions from around the world through music, dance, interactive experiences, and cultural showcases that highlight the diversity that makes our community so special. This family-friendly event is all about bringing people together to learn, experience, and celebrate different cultures in a fun…
Two-Day Naval Living History Encampment – Visit Suffolk Virginia
Step back in 1778 at the living history event – held at Riddick’s Folly House Museum – commemorating the sinking of the Galley, Norfolk Revenge at Bennetts Creek. Explore a Revolutionary War Navy campsite , meet costumed interpreters, and enjoy period music. Walk through camp, interact with soldiers, ask questions, and see authentic-style items for…
Before we talk about rentals, we have spent the last couple of months writing about our predictions of the direction of the real estate market in 2026. Based on the numbers from the Real Estate Information Network (REIN) comparing February 2026 to February 2025 our thinking remains on track. Below are the latest numbers from REIN, and, as always, if our thinking changes, we will let you know.
Over the years, you haven’t heard a lot from us about the local rental market, but we think that needs to change. Going forward, you can expect more periodic updates from us about the local rental market.
Today, the local rental market is still strong, and renters have a much wider variety of choices than they did five or ten years ago. Even in central Suffolk, you have multiple newer apartment complexes, apartments restricted to people over 55, and of course individual homes. The demand for homes for rent still outpaces the supply. Even though we manage hundreds of rental units, we don’t have one on our rental list today.
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!
Glow in the Dark Egg Hunt – Visit Suffolk Virginia
Experience a unique take on a traditional egg hunt at our Glow in the Dark Egg Hunt. Participants will search for illuminated eggs after dusk, adding a fun and engaging nighttime element to this seasonal activity. Families are encouraged to dress in bright or glow-friendly attire! Registration required, space limited.
UPAC Presents Black Girl Magic – Visit Suffolk Virginia
Underground Performing Arts Collective (UPAC) in Partnership with Suffolk Center for Cultural Arts Presents: Black Girl Magic Written and compiled by Sharon Cook, with original music composed by Roberta Lea, this production weaves poetry, monologues, dance, music, and cinematic storytelling into a compelling narrative.
Folk-It Fest at Sojourn Fermentory – Visit Suffolk Virginia
We’re bringing the music, the makers, and the good vibes together for a day that celebrates the creative spirit of our community. Join us as we re-release our Suffolk King Good Lager and fill the space with live music, local vendors, and art from some incredibly talented folks.
2026 Winter Suffolk Farmers Market – Visit Suffolk Virginia
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 baked goods. The first market will take place on Saturday, February 7, 2026, from 10am-1pm. Subsequent markets will be held on the second and fourth Saturdays of…
“Walk On The Wild Side” Exhibit – Visit Suffolk Virginia
On View: April 9 – May 9, 2026 Opening Reception: Thursday, April 9, 2026 from 5:30pm -7:00pm Description: Walk on the Wild side returns this year to depict furry animals. The thick and soft hair of fur resides on many animals, especially on our favorite domesticated pets of cats and dogs.
Mini M’Art Fine Art Fundraiser – Visit Suffolk Virginia
Our favorite fundraiser is back! The Mini M’Art Fine Art Fundraiser is officially returning to the Suffolk Art Gallery, and we want YOU to be a part of the celebration. The Concept: Local artists have been challenged to think small. Every single piece in this exhibit is exactly 8″ x 8″.
Suffolk Earth & Arts Festival 2026 – Visit Suffolk Virginia
Keep Suffolk Beautiful and the Suffolk Art League are proud to present the highly anticipated Suffolk Earth & Arts Festival. This annual event celebrates art, culture, and environmental stewardship and will take place in historic Downtown Suffolk on April 25, 2026, from 10 a.m. to 4 p.m.
Beyond the Call-Art By Military Service Members, Dependents and Veterans – Visit Suffolk Virginia
The Suffolk Art Gallery and Suffolk Art League are teaming up for their annual spring exhibition, this year in partnership with the U.S.O. to highlight the abundant creativity of active and reserve duty service members, their families, and veterans. Beyond the call to serve our nation, many of our military are inspired by a powerful…
In keeping with tradition, we wrote our annual 2026 real estate market forecast last month. It is far too early to know if we will be correct but, based solely on the numbers for January, we seem to be heading in the right direction. If you want to know about our predictions click HERE to read last month’s newsletter or HERE to watch Lee’s Wavy TV10 interview.
Here are the latest numbers from the Real Estate Information Network (REIN) comparing January 2026 to January 2025:
As you can see in the chart above, the number of listings, pending sales (under contract), and settled homes (sold) are up across the board. Keep in mind that most of the homes shown as settled sales really went under contract in December because it typically takes around forty-five days for a property to go from being under contract to closed.
As we head into March, we start the five months that are historically the busiest for real estate across Hampton Roads. While summer is often viewed as the best time for real estate, national and local studies point to spring being the ideal time for sellers to list their home.
If you are a buyer, and you haven’t found what you are looking for yet, fear not! As we enter the busiest season for our local market, more homes will be listed for sale so your options will increase!
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 through your individual needs and questions!
42nd Annual Antiques Show & Sale – Visit Suffolk Virginia
New Location!New Date! – The Suffolk Art League (SAL) is excited to announce the return of its largest annual fundraiser, the 42nd Annual Antique Show & Sale, featuring a new location and an exclusive reception to kick off the event. The show will take place from Saturday, March 7 through Sunday, March 8, 2026, at…
Once Upon a Realm Vintage Market – Visit Suffolk Virginia
Join us on March 1 from 12 PM to 4 PM for a delightful afternoon filled with unique treasures and timeless finds! Explore an array of vintage clothing, antiques, handmade crafts, and one-of-a-kind items from talented local vendors. Whether you’re a seasoned collector or just love the nostalgia of vintage charm, this market is the…
TADA Presents: The Murderous Mansion of Mr. Uno – Visit Suffolk Virginia
Presented by TADA School of Performing Arts. March 7 with showtimes at 1:30, 4:30 and 7:30. Murderous Mansion of Mr. Uno is a high-energy comedic mystery that invites performers and audiences alike into a world of secrets, surprises, and suspicious characters. When a group of eccentric guests is invited to the mansion of the mysterious…
Golden Gala: An Afternoon of Elegance – Visit Suffolk Virginia
Dress to the nines and step into an evening of timeless celebration at our Golden Gala. Dance to classic big band hits, enjoy delicious appetizers and capture the moment at our photobooth. Don’t forget to create your boutonniere and corsage while you’re here! For adults of all ages.
2026 Winter Suffolk Farmers Market – Visit Suffolk Virginia
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 baked goods. The first market will take place on Saturday, February 7, 2026, from 10am-1pm. Subsequent markets will be held on the second and fourth Saturdays of…
MySpace Adult Prom: A Thowback to Your Top 8 – Visit Suffolk Virginia
MySpace Adult Prom: A Throwback to Your Top 8 Dust off your scene hair, dig out that old eyeliner, and get ready to relive your internet glory days at the MySpace Adult Prom-where the top 8 is back and the drama is still delicious. Step into a decked-out gymnasium turned digital dreamscape, complete with throwback…
Suffolk Virginia Authors Festival – Visit Suffolk Virginia
Join the Suffolk Division of Tourism as they present the 12th Annual Suffolk Authors Festival. Whether you are an avid or casual reader, aspiring writer or published author, you will find something entertaining and intriguing at the Suffolk Authors Festival. This one-day FREE festival showcases best-selling authors from all featured genres.
Eggstravaganza – Visit Suffolk Virginia
Join us for our annual egg hunt! This event will have your kids hopping for joy. Enjoy a petting zoo, crafts, music & more. Peter Cottontail will arrive at 11:15 AM! Egg Hunts will be held at 11:45 a.m., 12:15 p.m.,12:45 p.m., and 1:15 p.m. Each time slot will host hunts for children 12 and…
The Great Suffolk Cleanup – Visit Suffolk Virginia
Keep Suffolk Beautiful is excited to announce the return of the 2026 Great Suffolk Cleanup, taking place on March 27th and 28th, 2026, throughout the city. This event is a powerful community-wide clean initiative aimed at removing litter and debris from our streets, neighborhoods, and parks. Registering is easy!
We have been writing this newsletter in various forms for over a decade. As we do most Januarys, we are making predictions about what the year will bring for the real estate market and asking the same trivia question we pose each year: What was the median sales price for homes across Hampton Roads for the previous calendar year? Congratulations to our winner from 2025 and his nonprofit choice of Suffolk Christian Fellowship. Suffolk Christian Fellowship is a leading downtown Suffolk foodbank, and more information can be found HERE. If you would like to guess what the 2026 number will be, reply back to this email and you’ll find out next January if you are correct! A $100 donation will be made to the nonprofit of the winner’s choice.
The median sales price was $360,000 in 2025. In 2024, the median sales price across Hampton Roads was $348,115, up a little over 5% from 2023’s median sale price of $330,000. The chart below shows the annual number of homes that sold each year compared to the median sales price and HUD estimated median household income:
Also, interestingly, for the third consecutive year, the total number of homes sold stayed within a percent or two of the previous year. We would have to go back to the years between 1998-2001 to find another three year timeframe when the number of homes sold were within that close of a range.
In case you are wondering or interested in past predictions, check out the links to the past three years of January newsletters: 2025, 2024, and 2023.
So, what are our predictions? Like last year, we don’t see prices falling and think they will continue to inch up in line with inflation. However, we do think the total number of sales will increase more in 2026 than in 2025. As of last month, there are now more homeowners with an annual interest rate of over 6% than there are at interest rates under 2.9%, according to a study from Realtor.com. If current interest rates continue to fall (they were in the 6% range when this newsletter was written), sellers will be more likely to trade in their 2.9% rate as rates trend downward. Additionally, the longer someone is in a home, the more likely they are to have a major life events that might necessitate a move. We think all of these forces will combine to keep prices trending up and push more sellers to list their homes for sale.
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 2026 median sales price.
Harlem Nights: A Jazz Social – Visit Suffolk Virginia
FREE Event: A Night of Jazz & Art! Step back in time and celebrate the rich history and culture of the Harlem Renaissance! The Suffolk Art League and the Suffolk Public Library are excited to invite you to a special, free community event: The Harlem Nights Jazz Social.
Art of Wine Series Opening Reception: Walt Smith – Visit Suffolk Virginia
The Art of Wine Series returns with featured artist Walt Smith, an emerging painter based in Portsmouth, Virginia. This multi-week exhibition pairs visual art with wine, conversation, and shared experience-inviting guests to engage with the artist’s work both in the gallery and at the table. Smith’s paintings draw inspiration from post-impressionist influences, particularly Vincent Van…
Come enjoy tea while you make Victorian Era paper crafts together in the cozy Stillwater Tea House at Rose Cottage on January 31, 2026. Tickets are for 11:00 AM to 12:30 PM and include: One Chef’s Selection Tiny Tea: Cup of Tea, One Scone, One Spread, One Confection and Seasonal Fruit Victorian Era paper crafts: all supplies…
Exhibit of Excellence 2026 Suffolk Student Art Exhibit – Visit Suffolk Virginia
Exhibit of ExcellenceThe purpose of this exhibit is to display the BEST artwork from Suffolk’s 9-12th grade students. The Exhibit of Excellence will recognize the talent of these students, encourage them, and promote them and their work.Eligible students: 9th – 12th-grade students who live or attend school in Suffolk for the ’25-’26 School Year including…
Sips & Sounds: Global Listening Café: Southern Blues – Visit Suffolk Virginia
Southern Blues February 5 at Morgan Memorial From the American South, explore the history of the Blues while you sip on a haymaker’s punch and sweet iced tea! Southern Blues is part of our Black History Month celebration.
Galentine’s Party at New Realm Brewing Co – Suffolk – Visit Suffolk Virginia
Join Us for a Galentine’s Party! Mark your calendars for a fabulous Friday the 13th celebration at New Realm Suffolk! Join us from 7 PM to 10 PM for a night dedicated to friendship, fun, and a little bit of magic! This exciting event will take place in the cozy Suffolk Room, where you’ll find…
Symphony of the Senses: The Imagination Celebration! – Visit Suffolk Virginia
Step into a night of imagination and inspiration at Symphony of the Senses: The Imagination Celebration! Join us on Saturday, February 28, 2026 for an immersive evening where art, sound, taste, touch, and movement come together in a multisensory celebration of creativity. Experience live performances, interactive art, and sensory-inspired cuisine as each space invites you…
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
Art of Wine Series Join us for an unforgettable dining experience where the culinary arts meet the visual arts and storytelling. James Alvin Harrison An artist from the Capturing Music and originall…
Suffolk Economic Development Salutes our local Military, Veterans & Citizens
Suffolk Economic Development Salutes our local Military, Veterans & Citizens Suffolk Economic Development proudly honors our local military personnel, veterans, and citizens who serve our communi…
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…
It’s Fall Market Season!!! Hurray for pumpkins, cozy sweaters (soon) and the smell of a “All Hallows Eve” Candle burning. September 5th thru 7th at Refined Relics Antiques & Mercantile at 16…
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
Nansemond Brewing Station is Turning 6!Get ready for new beers, new merch, live music and food trucks!Live music from @schoonerorlaterlb and @codychristianmusicYard games, vendors and more!
19th Annual Taste of Suffolk Downtown Street Festival
he 19th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 13, 2025, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, …
Afternoon Conservations with H.H. Warner & Patent Medicines
In collaboration with the Suffolk Public Library, SNHS will be hosting the next Afternoon Conversations on September 16th from 2-3 pm at the Phillips-Dawson House. Steve Jackson will be our presenter…
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.
