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…
As I write this on Thursday July 18, it isn’t that hot outside. Today’s high of 82 feels pretty nice for July, especially considering the heat indexes of over 100 degrees earlier in the week. What about the forecast for our local real estate market? Is it heating up or cooling down?
As you can see the active listings are still up over 30% when you look at the year over year numbers (June 2023 compared to June 2024). We wrote about this increase last month (CLICK HERE if you missed it). However, the pending sales are down 7.48% and the settled sales are down 11.67% based on the year over year numbers. The median sales price continues to rise, so based on price alone our local market is still heating up.
The month’s supply of inventory (MSI), however, was 2.16 months in June. This is an increase from 2.07 in May and is significantly higher than 1.47 in June 2023. If you only look at the MIS changes in isolation, you can make a case that the market is cooling down but a balanced market is between 5 and 7 MIS. Clearly, we are still far from “balanced.” Therefore, while our local market temperature might be dropping some it is still pretty hot.
Sticking with the weather analogy, the higher you go in the atmosphere, the colder the air temperature gets. The same can be said for our local housing markets. Houses listed for under $400,000 are “hotter” and selling much faster than higher priced homes.
While we are not trained meteorologists, we do have decades of experience of living and working in Hampton Roads. We can tell you it will be hot and humid in July and August. We can also tell you that while the overall direction of the real estate market is important, each situation is different. 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…
Saddle up, folks! The Westside at the Silos Summer Concert Series is fixin’ to kick off, and it’s gonna be one heck of a hoedown! Presented by the Bridgeport Foundation, we’re rustli…
Join us for 50 Fest: a celebration of the City’s 50th Anniversary and the Grand Opening of Downtown Festival Park, 215 W. Washington St. This celebration takes place on Saturday, August 3, at 5 p.m….
Enjoy live music on Friday’s in Suffolk at our Constant’s Wharf Park & Marina located at 110 E Constance Rd. or at Bennett’s Creek Park located at 3000 Bennetts Creek Park Rd.! …
Suffolk Public Library’s 9th annual Amazing Peanut Chase will take teams all over Suffolk in this city-wide scavenger hunt that will test your Suffolk knowledge. Register your team and prepare …
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…
We have focused on lenders and loans in our newsletters for the last couple of months, so this month we decided it was time to give an update on how our local market is doing. Let’s start with the numbers, courtesy of our local MLS the Real Estate Information Network (REIN):
You can see in the chart that our title was pulled from the figure noting a 32.55% increase in year over year active listings. Does that large of an increase matter? At the risk of talking out of both sides of our mouth, our answer is yes it matters, but not yet. A 32.55% increase is a huge move percent wise but must be evaluated in tandem with the shift of the Month’s Supply of Inventory (MSI). The MSI went from 1.37 in May 2023 to 2.07 in May 2024. That is a 44% difference, another rather large jump, but a balance market is between 5 and 7 MSI so we are still in a strong seller’s market. The number of homes for sale could double and, assuming they still sell at roughly the same rate, we would still technically be in a seller’s market.
To be clear, if there was a shift to a Month’s Supply of Inventory of 4 to 5 months, our market would definitely feel significant changes. Homes will be listed for longer before they go under contract and buyers will have more negotiating power. Despite the fact that the Median Sale Price set an all-time high last month of $352,392, we are starting to see more price reductions from sellers. Home sales are most certainly not collapsing, but we do see that the market is changing incrementally.
It should be noted that our information and opinions in this update center on homes listed under $500,000. The sales market in the higher price range is slower.
Both buying and selling is a complex process 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.
Cross Realty Rental Property Management
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…
Saddle up, folks! The Westside at the Silos Summer Concert Series is fixin’ to kick off, and it’s gonna be one heck of a hoedown! Presented by the Bridgeport Foundation, we’re rustli…
OPENING RECEPTION: June 6, 5:30 -7 PM ON VIEW: June 6 – July 13, 2024 Galleries are FREE & Open to the Public: Tues. – Sat., 10 am – 4 pm The Elizabeth River Artists Association is a 50-…
Enjoy live music on Friday’s in Suffolk at our Constant’s Wharf Park & Marina located at 110 E Constance Rd. or at Bennett’s Creek Park located at 3000 Bennetts Creek Park Rd.! …
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..
Enjoy food & drinks, bounce houses, games and fireworks. Hear live music by The Feenies. Music begins at 6pm, fireworks at 9pm. Constant’s Wharf Park & Marina, 110 E. Constance Road. Shu…
Suffolk Tourism is pleased to bring back Suffolk Sweets Week for 2024! Taking place July 13-20, this annual promotion showcases the tastiest desserts that Suffolk has to offer. From simply sweet to d…
Join us for 50 Fest: a celebration of the City’s 50th Anniversary and the Grand Opening of Downtown Festival Park, 215 W. Washington St. This celebration takes place on Saturday, July 13, at 5 p.m. …
Summer Film Series at the Center: Where The Crawdads Sing
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present the Summer Film Series at the Center, a series of three blockbuster films. The series continue…
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.
