At the very real risk of sounding like a broken record, our local real estate market is steady. Houses are continuing to sell, the median sale price is still drifting upwards when comparing year over year numbers, and the number of homes for sale is slowly increasing. The chart below shows our local statistics from the Real Estate Information Network (REIN):
Before we predict this steady market throughout the rest of the year, we need to keep in mind interest rates. Based on the Primary Mortgage Market Survey (which is complied by Freddie Mac), the rate for a 30 year mortgage averaged 7.03% last week. A year ago, it was 6.30%. This chart shows the rate as it has moved up and down over the year.
If you go back three years, you will find a 30 year mortgage rate of 7.79% which happened in late October 2023. The rate only stayed that high for about a week and then fell back down. By Christmas 2023 it was under 7%. Even if you go back 25 years to September 2001 you will find only a couple of times that the 30 year rate has been higher than 7%. Here is the chart showing the last twenty five years.
Interest rates above 7% will not kill our local housing market, but it certainly has the potential to slow it down. It will be an interesting fall in the real estate market.
If you are thinking about investing in real estate, need help with property management, buying, or selling, give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email. We love real estate and are always happy to talk through your individual needs and questions!
2026 Suffolk Farmers’ Market Season – Visit Suffolk Virginia
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 vegetables, baked goods, meats and eggs, jams and jellies, honey, pickles, and handmade artisan crafts. Live music, food trucks, and more.
48th Annual Suffolk Peanut Fest – Visit Suffolk Virginia
This year marks the 48th Anniversary of Suffolk, Virginia’s premier festival. This family-friendly event honors the city’s agriculture heritage and devotion to peanuts, our favorite legumes. Known for its fun family activities, Suffolk Peanut Fest offers concerts, amusement rides, contests and competitions, a demolition derby, shrimp feast, drone show, butterfly feeding, and more.
Suffolk Ruritan Club Annual Shrimp Feast – Visit Suffolk Virginia
Suffolk Ruritan Club Shrimp Feast Tickets on sale beginning August 1, 2026 Friday, October 9, 2026 | 3:00-7:00 pm Tickets $45 per person in advance ONLY. | Limit of 1,500 tickets sold. No tickets will be sold at the gate. | Checks payable to “Suffolk Ruritan Club.”
33rd Annual Driver Days Fall Festival – Visit Suffolk Virginia
Enjoy lots of activities for the kids, great entertainment, and good food at the 33rd Annual Driver Days! Two days of fabulous fun, including a parade, classic car show, Faith Recovery/Strongwill 5K Run, Twin Towers’ Steel Beam, crafters and food vendors, train rides, chili cook-off, the Sherri Parker Memorial Poker Run & Bike Show, pony…
Join us for the 18th Annual Mutt Strut at Bennett’s Creek Park on Sunday, October 25, 2025 from 10-4pm! Join us for an afternoon filled with exciting pet-related activities for the whole family, including your furry friends!
As our summer newsletters have highlighted, our local real estate market, especially when compared to the national market, has been strong. That being said, August has felt a bit slower than the previous months to us. Pre-2020, this would not be unusual. Before the pandemic, August was traditionally one of the slowest months of the year for our market but from 2020-2025 the market did not take its traditional break at the end of the summer. This year it feels as the though we are experiencing a pre-2020 type of August locally. We won’t know for sure if our feelings match the numbers until the local real estate stats for the month are compiled and released in September, but we do have the information for July and it is good news. Here is the chart showing our local numbers from the Real Estate Information Network (REIN):
As you can see, the number of homes for sale continues to increase. In fact, July was the first time since May 2020 that we had more than 6,000 homes listed for sale across Hampton Roads. Clearly supply is increasing, and this is leading to a more balanced market.
The statistic we follow the most closely is the month’s supply of inventory (MSI). The MSI, or absorption rate, is calculated by dividing the total number of homes listed for sale by the number of homes that go under contract. For example, if 100 homes are listed and 10 go under contract, that month’s supply of inventory would be 10 months. A balanced market is between 5 and 7 months, and the MSI for Hampton Roads was 2.85 in July, an increase of around 5% from June. Suffolk’s MSI in July was one of the highest across Hampton Roads at 3.75. This was good news for summer buyers in our area because it gave them more choices and potentially more negotiating power.
The good news for sellers is that the median sale price has increased almost 6% when comparing July 2025 to July 2026. In other good news for sellers, while August has felt a bit slower, sales should pick back up in September and October.
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!
Suffolk Plein Air Festival – Visit Suffolk Virginia
Date: September 7 – 12, 2026 Location: Historic Downtown Suffolk, VA & Surrounding Waterways Art is coming to life in the open air! Join the Suffolk Art League, Suffolk Center for Cultural Arts, and Suffolk Tourism for a week-long celebration of creativity. Watch as juried artists from across the country capture the beauty of Suffolk’s…
Suffolk Peanut Fest Golf Tournament – Visit Suffolk Virginia
Suffolk Festivals, Inc. is proud to present the 2026 Suffolk Peanut Fest Golf Tournament, benefitting the Tunnel to Towers Foundation and The Freedom Flag Foundation on Friday, September 11, 2026, at Sleepy Hole Golf Course. For more information, text or call 757.621.2011 or 757.621.3642. Four-person Florida Best Ball Shotgun Start 1st, 2nd & 3rd Place…
2026 Virginia Optimism Walk for Parkinson – Visit Suffolk Virginia
Walkers will come together nationwide in 2026 to step forward in support of all people affected by Parkinson’s disease. Your fundraising dollars at the Suffolk, Virginia Optimism Walk for Parkinson’s will go directly to the local community to expand programs and services that help more people with Parkinson’s disease live life to the fullest, and…
20th Annual Taste of Suffolk Downtown Street Festival – Visit Suffolk Virginia
The 20th annual Taste of Suffolk Downtown Street Festival is set for Saturday, September 12, 2026, from 11 a.m. to 8 p.m. in historic downtown Suffolk. The event will feature a day of delicious food, entertainment, and activities for children, all within walking distance. The festival will offer live music, contests, a Fun Zone, and…
Last month, our theme was “Go USA” but as more data rolls in it is clear that this month is going to be a “Go Virginia” update. If you are interested, here is a link (https://callcrossrealty.com/2026/06/30/go-usa/) to last month’s update. Below is a graphic showing the increase in home prices broken down by each state from 2021 to 2026. Before you keep reading, pause a minute to take a guess for the state (or District – Washington, DC is included) that increased the most and the states that were lower.
We’ll zero in on the local Hampton Roads data first as you ponder your guesses – and to give you more clues. Here is the chart comparing June 2025 to June 2026 from the Real Estate Information Network (REIN):
As you can see, every category other than new construction is up across the board. In fact, the median sales price of $395,000 for June 2026 is a record high for our region. According to the National Association of Realtors, nationwide settled sales were down 2% but in Hampton Roads the sales actually went up by 7%. If you haven’t guessed your state yet, this information will help guide you to the right cost…Here is the graphic put together by Visual Capitalist:
I (Lee) will admit that I guessed wrong, and was surprised by these results. I found it especially surprising that the Washington, DC prices were the lowest while in Virginia our prices increased up 42%. I also never would have guessed Maine and Vermont as the two states with the largest gains. Lunch is on me for anyone who got it right – without cheating, of course!
As always, 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!
2026 Suffolk Farmers’ Market Season – Visit Suffolk Virginia
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 vegetables, baked goods, meats and eggs, jams and jellies, honey, pickles, and handmade artisan crafts. Live music, food trucks, and more.
38th Annual Nansemond Indian Pow Wow – Visit Suffolk Virginia
Two-day Native American cultural celebration, including music, dance, food, and crafts. The pow wow is located at the end of Pembroke Lane, which runs off Godwin Boulevard (across from Oakland Elementary School) in the Chuckatuck Borough of Suffolk
Cinderella: Enchanted Edition – Visit Suffolk Virginia
Community Theater at the Suffolk Center Presents Cinderella: Enchanted Edition August 21, 2026 | 8 PM August 22, 2026 | 2 PM + 8 PM August 23, 2026 | 2 PM August 28, 2026 | 8 PM August 29, 2026 | 2 PM + 8 PM August 30, 2026 | 2 PM Tickets On Sale…
Last month our title was “Go Time!” so it seems only appropriate for both the World Cup and our country’s 250th anniversary that we stick with our Go theme but change to it to Go USA. Our household is very excited to celebrate the 4th of July and cheer on the US soccer team in the world cup!
You might have to use your imagination a little to make our “Go USA” title fit this month’s real estate newsletter, but it is certainly possible if we think about it in terms of market changes. For example, did you know that the mortgage rates are lower in June 2026 than they were in June 2025 by .34%? While one third of a percent doesn’t sound like a big move, a buyer who bought a house at the median sales price last month of $375,000 would save over $100 a month on their monthly payment compared to last year. Though these changes initially seem small, they certainly add up over time. Go USA!
Here is the chart showing the interest rates over the last year according to Freddie Mac’s Primary Mortgage Market Survey.
While the national real estate market may not be able to cheer too loudly, our local housing market continues to be able to shout go! The number of listings and sales are both higher than a year ago, and median sales for May 2026 was $375,000, which is 1.65% higher than May 2025. Here is the chart showing our local numbers from the Real Estate Information Network (REIN):
If you are ready to go, or just have some questions about real estate 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!
Stars and Stripes Spectacular! – Visit Suffolk Virginia
Join us on the Fourth of July for our Stars and Stripes Spectacular! Located at Constant’s Wharf Park and Marina! Featuring music by The Fuzz Band. We will have food, drinks, bounce houses, games, and fireworks to celebrate our nation’s independence. The music begins at 6 PM and the fireworks at 9 PM. We look forward…
Crittenden/Eclipse/Hobson 4th of July – Visit Suffolk Virginia
Honoring 250 years of Independence! To celebrate 50 years of our longstanding neighborhood tradition, Ebenezer United Methodist Church, CE&H Ritual Club & honorable neighbors presents the following: 9:15AM – Parade Lineup 9:45AM – Opening Ceremonies 10:00AM – Neighborhood Parade Starts 11:00-2:00PM EUMC Food & Activities at the Family Life Center 3:00PM – Annual Chuckatuck Creek…
Patriots in the Park: Commemorating The First Public Reading of The Declaration of Independence – Visit Suffolk Virginia
July 8 is the 250th anniversary of the first public reading of the Declaration of Independence, which took place on July 8, 1776, in Philadelphia, four days after the document was adopted by the Continental Congress. Colonel John Nixon read the declaration to the public in what is now called Independence Square.
Hot Dog Festival & Market – Visit Suffolk Virginia
HOTDAWG FESTIVAL & MARKET Support the Doggos and join us for a night packed with food, fun, shopping, dancing, and community! On July 3rd from 5PM-9PM, we’re turning Sojourn into the ultimate hot dog celebration with a fully loaded topping bar, specialty hot dog creations, local artisan vendors, rescue fundraising, and more.
Suffolk Sweets Week showcases the tastiest desserts Suffolk has to offer. From simply sweet to deliciously decadent, Suffolk Sweets Week highlights our best local culinary temptations. No coupons, vouchers or tickets are needed – simply order from the Suffolk Sweets Week menu at each participating eatery.
May and June are my favorite months in Suffolk. The weather is nice, kids are getting out of school, houses are selling, and the joy of summer has everyone (young and old!) in a happier mood. Despite being busy in many ways this time of year, both professionally and personally, everything just seems more fun during the summer months. This year has stayed true to form. I’m writing this newsletter outside on a porch during the early evening hours. The temps are in the low 80s and a nice breeze makes the weather perfect in the shade. Summer is almost here!
The local real estate market is leaning in on the summer vibe by contributing to making almost everyone happy. Sellers are happy because the medium sales price continues to climb and, as the chart below indicates, buyers have more homes to choose from as the number of active listings continues to grow. I note “almost everyone” because some buyers might be disappointed in interest rates that have been drifting back up and, of course, would prefer for prices to stay even or start drifting downwards (which we don’t think is going to happen). Overall, however, there are many positives in our market right now for both buyers and sellers.
Here is the chart from the Real Estate Information Network (REIN) comparing April 2026 to April 2025 in Hampton Roads:
Our title is “Go Time” because I am assuming that, like us, you are also busy with many different professional and personal events as the official start of summer nears. Know that it is also “Go Time” for the real estate market so let us know if you are thinking of selling your home, buying, or need help with property management. We love real estate and are always happy to talk, so give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email!
2026 Suffolk Farmers’ Market Season – Visit Suffolk Virginia
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 vegetables, baked goods, meats and eggs, jams and jellies, honey, pickles, and handmade artisan crafts. Live music, food trucks, and more.
Returning to Bennetts Creek Park on June 6, 2026, join us for the 2026 Suffolk Pride Festival! Celebrate LGBTQ+ culture, visibility and diversity in Suffolk for a day full of music, food and entertainment!
Save the date… June 5th, 6th & 7th. We are looking to celebrate a year at the barn. Come join us Friday, Saturday & Sunday as a vendor. You can do one day or all three for one price. Email us for an application. Beware of scammers and work directly with Refined Relics or @timeaftertime_antiques…
TGIF Summer Concert Series – Island Boy – Visit Suffolk Virginia
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 and open to the public. Fun kicks off at 6, band performs from 6:30 p.m.
Official Reopening & Ribbon Cutting at Seaboard Station Railroad Museum – Visit Suffolk Virginia
Join Suffolk Tourism as we celebrate the official re-opening of this historic Suffolk landmark on June 20 at 11am at 326 North Main Street. Following the ceremony, guests are invited to enjoy light refreshments & tour the museum. Kindly RSVP by June 17 at VisitSuffolk@suffolkva.us or call 757.514.4130.
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…
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.
