For several months we have emphasized that, despite the doom and gloom in the media about the national real estate market, our local market is still doing fine. In fact, across Hampton Roads we are still in a strong seller’s market.
The numbers from the Real Estate Information Network (REIN our local MLS) show that the median sales price continues to climb when comparing month to month and year over year numbers. The median sales price in February 2023 was $316,650 and increased to $320,000 in March 2023. Last year, the median sales was $300,000 in March 2022. The chart below reflects these numbers:
As you can see the total number of home sales is down and the total number of homes listed is rising. Even though interest rates have almost doubled, buyer demand is still very high and prices continue to climb. We will be happy to bet you lunch that when the statistics come out for April, the median sales price will show an increase again.
The local rental market is even stronger than the sales market. We manage nearly 300 units in Suffolk and the rents have been increasing at a higher percentage than sales prices. Despite the changes to the Landlord Tenant Act in Virginia (a response to COVID), we still feel it is a good time to be a landlord.
Based on both local and national studies, now is the time to start talking to us if you want to move this summer, or have someone move into a rental property you own. Don’t wait – the market slows considerably as the summer progresses. Of course, Every situation 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. We love real estate and are always happy to talk.
The Great Dismal Swamp Birding Festival will have free guided bird walks in the Refuge: Jericho Lane Trailhead, Washington Ditch Trailhead, Wildlife Drive (by bus), and Dismal Swamp Canal (7am); family activities from 10am-2pm; interpretative nature walks and bus tours to Lake Drummond (10am and 1pm); guest speakers; live animals; and food trucks.
Suffolk Farmers’ Market Season Opening Celebration
The Suffolk Farmers’ Market kicks off the 2023 season on Saturday, May 6, in the Suffolk Visitor Center Pavilion at 524 North Main Street. The weekly market is enjoyed by locals and visitors searching for fresh locally grown fruits and vegetables, baked goods, meats and eggs, jellies, jams, honey, pickles and handmade artisan crafts.
The Suffolk Art League, in cooperation with the Suffolk Art Gallery, will hold a Bridge and Games Luncheon on Monday, May 8, 2023, from 10am to 2pm, at the Suffolk Art Gallery. Tickets are $25 per person/$100 for a table of 4, and include a fun day of cards or games, a luncheon, beverages, and snacks.
Annual Holland Ruritan Club’s Custom Car, Truck & Motorcycle Show
On-site registration: 8-10am / Awards presented: 1:30pm Join the Holland Ruritan Club for their Annual Custom Car, Truck & Motorcycle Show on Saturday, May 13, 2023, from 8am to 2pm, at the Holland Village Ball Field 3. On-site registration will be from 8-10am and awards will be presented at 1:30pm.
FREE LECTURE! As part of the Melissa Darden Odom Speaker Series, the Suffolk Art League is happy to present local artist, Ken Wright, to speak at Lake Prince Woods Retirement Community, on Thursday, May 18, 2023, from 6-7pm. Ken is an abstract artist who draws his inspiration from his love and knowledge of American Black History and equine culture
oin the Holland Ruritan Club as they present the 95th Annual Founders Day Celebration on Saturday, May 20, 2023! The Opening Ceremony begins at 10:30 AM, with the popular Annual Parade starting at 11:00 AM. Crafters, vendors, and kiddie fun will line the streets from 10:00 AM to 2:00 PM, and concessions will also be available for purchase.
Last month we predicted an early spring for the real estate market, and with the local market numbers from February in hand, it looks like our prediction is coming true. According to data from REIN (Real Estate Information Network, our local MLS), the median sale price across Hampton Roads was $313,650 in February 2023. That is an increase of 3.5% from January 2023, and is 7.9% higher than it was a year ago in February of 2022.
The national news coverage of real estate makes it seem like the market is at a standstill but that just isn’t the case in Hampton Roads. We are still seeing multiple offers on many of the listed homes on the market and, while there are certainly fewer homes that are selling this year than last year, the median days on the market (how long it takes for a house to go under contract) was only 20 in February of 2023. Things are still moving fast.
The rental market continues to be very strong as well. We would even suggest that the local rental market is actually stronger than the sales market. Rents have increased faster and at a larger percentage than the home prices over the last three years.
Based on both local and national studies, now is the time to start talking to us if you want to move this summer. Don’t wait until summertime! August is actaully one of our slowest times of the year because most people want to be under contract during the late spring/early summer so they can close and move before the school year begins. Of course, every situation 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. And don’t forget, we can also handle you property management needs!
Eventbrite – Mary Ellen Baur, REALTOR® presents Cultivate Your Curb Appeal – Saturday, April 1, 2023 at Johnson’s gardens, Suffolk, VA. Find event and ticket information.
Join the Suffolk Art Gallery as they host the 39th Annual Juried Photography Exhibit, the largest and oldest juried photography exhibit in Hampton Roads. The artwork of professional and amateur photographers will be on display March 4 through April 14, 2023, from 10am to 5pm, Tuesdays through Saturdays, and 1-5pm on Sundays.
“Swamped and Loving It!” Meet the Great Dismal Swamp National Wildlife Refuge in a new way-up close and personal! Enjoy a biologist-led nature walk as you learn about the flora, fauna, wildlife and history that abound in the 112,000-acre wilderness. Reservations are required and cancellations are expected no less than 48 hours prior to scheduled tour.
See Suffolk through the eyes of years gone by! Suffolk’s rich heritage dates back to the early 17th century, when Captain John Smith first encountered the Nansemond Indians on the Nansemond River. Even now, you can trace Suffolk’s legacy through our historic homes and neighborhoods, churches and Virginia Civil War Trails.
An official Virginia Civil War Trail site, Cedar Hill Cemetery has long been an attraction for history buffs and even walking groups. The Suffolk Division of Tourism offers a guided stroll through the pleasant 32-acre cemetery, rich in history and natural beauty.
Kayak Excursion of the Great Dismal Swamp’s Lake Drummond
Experience the unusual and breathtaking Lake Drummond, a 3,108-acre bowl-shaped lake located near the center of the Great Dismal Swamp. Guided kayak excursions are facilitated by a water adventures outfitter with years of experience. All equipment is included with registration fee. Sunscreen, insect repellent, and comfortable clothing recommended; you are encouraged to bring a snack and bottled water.
A hair-raising encounter with the spirited side of Suffolk. Follow a costumed guide through the shadows of historic Main Street discovering stories, legends and “unexplained occurrences” by lantern light. Tales of unsolved mysteries and unresolved affairs abound throughout Suffolk’s historically hip Ghost Walk. Reservations required. $10 adults; $8 seniors (60+), military, and children 9-12.
Award-winning actress/singer/songwriter Katie Deal soulfully embodies country icon Patsy Cline. Deal gained national acclaim for her superbly authentic Patsy, starring in numerous tours of A Closer Walk with Patsy Cline and Always… Patsy Cline. An accomplished country music artist, Deal received the Georgia Country Artist of the Year Award and is an honored member of the Atlanta Country Music Hall of Fame.
The Great Dismal Swamp is anything but dismal. The narrated Swamp Safari, one of Suffolk’s most popular attractions, fills up quickly. This four-hour tour is led by a biologist specializing is the unique habitat of the Great Dismal. Learn about the history, lore, vegetation and wildlife with this adventure that includes a brief walk to Lake Drummond
Victorian Suffolk: Dying To Be There, A Guided Discovery of Cedar Hill Cemetery
This 75-minute walking tour explores the hidden meanings buried in Suffolk’s Historic Cedar Hill Cemetery. The tour will feature Victorian-era symbolism, burial practices, funerary industries, and mourning rituals. This intriguing and educational excursion will highlight how the residents of Suffolk both lived and died in the 19th century.
The popular “Storytime at the Station” series has returned to the Seaboard Station Railroad Museum! Ideal for children ages three to seven, this interactive program features a different transportation-themed book each month, which will be read aloud, followed by the opportunity to explore the museum (children must be accompanied by a parent or guardian).
Keep Suffolk Beautiful and the Suffolk Art League have teamed up to host the 2023 Suffolk Earth & Arts Festival on Earth Day, Saturday, April 22, 2023, from 10 am until 4 pm, outdoors, at the Westminster Reformed Presbyterian Church located at 3488 Godwin Blvd in Suffolk.
This “farm & food” pre-season series will feature homemade and homegrown products by farmers and artisan food producers in Southeastern Virginia and Northeastern North Carolina. Join us for the Winter Farmers’ Market on the 2nd and 4th Saturdays of each month, February through April, 10am to 1pm.
While national celebrity Punxsutawney Phil predicted six more weeks of winter, local groundhog Chesapeake Chuck did not see his shadow and predicted an earlier spring for Hampton Roads! It certainly looks and feels like Chuck was correct. From a real estate perspective, there has been a lot of doom and gloom at the national level about the real estate market, much like Phil’s prediction for the weather. Unfortunately, we don’t have a groundhog to help with local real estate market predictions, but if we did we might be more like Chuck – ready spring and not so much doom and gloom. The year over year numbers from the Real Estate Information Network (REIN, our local MLS) show 35% fewer homes closed in January 2023 than in January 2022, however don’t let number fool you. We agree that the local and national real estate market is slowing down to some extent, but the median sales price is up 4% in our area and, while there are fewer for homes that have sold recently, Hampton Roads is still in a seller’s market. We are with Chuck – our market is closer to spring than it is to the doom and gloom of winter.
Locally, the average amount of days before a house goes under contract was 27 in January 2023. That is the highest days on market in over two years, but 27 days is still faster than normal. As we have written about before, the most important statistic in market evaluation is supply and demand, which is measured by the month’s supply of inventory. The month’s supply was only 1.27 last month, and in a completely balanced market the month’s supply should be between 5 and 7. This is strong evidence to support our belief that we are still in a seller’s market in Hampton Roads. The total number of homes sold will almost certainly be lower in 2023, but we don’t see major changes in the median sales prices. Taking all this into account, as buyers get accustomed to the higher interest rates and inventory stays low, we think this spring is the time to sell if you have been on the fence. Every situation 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.
Exhibit of Excellence: Suffolk Student Art 2023
The Suffolk Art League in cooperation with the Suffolk Fine Arts Commission cordially invites you to attend the Exhibit of Excellence: Suffolk Student Art 2023, on display at the Suffolk Art Gallery from January 31 through February 24. An Awards Presentation will take place Tuesday, January 31, 2023, from 11:30am-12:30pm at the Suffolk Art Gallery.
The Suffolk Art League will hold its 39th Annual Antique Show and Sale at Kings Fork Middle School on February 25-26, 2023. Admission is $7 per person; the show is open Saturday, 10am-5pm, and Sunday, 12-4pm.
The Suffolk Center invites you to join them on Saturday evening, February 25, 2023 for their annual SCCA fundraiser, Cheers to 100 Years: A Gala To Remember, a celebration of Education, History, an Arts! Be a part of this unforgettable event!
34th Annual Young Artists and Authors Showcase: “Peace By Piece: Food Security In My Community”
Suffolk Sister Cities International sponsors an annual Young Artists and Authors Showcase that help foster a sense of global citizenship and goodwill for young students. This year’s theme is “Peace by Piece: Food Security In My Community.” The persistent food-security struggle is a concern that all communities face.
Join the Suffolk Art Gallery as they host the 39th Annual Juried Photography Exhibit, the largest and oldest juried photography exhibit in Hampton Roads. The artwork of professional and amateur photographers will be on display March 4 through April 14, 2023, from 10am to 5pm, Tuesdays through Saturdays, and 1-5pm on Sundays.
ICONS is a tribute show packed with number 1 hits of some of the greatest women from the 60’s all the way to today. This show will keep you enthralled and have you dancing in your seats, as we celeb…
Join us for the Annual Mystery Authors Festival on Saturday, March 11, 2023, from 1-6pm, at the Suffolk Conference Center at the Hilton Garden Inn Suffolk Riverfront. This one-day festival will showcase 50 best-selling mystery, thriller/suspense, horror, paranormal, science fiction, historical, romance, and women’s fiction authors.
The popular “Storytime at the Station” series has returned to the Seaboard Station Railroad Museum! Ideal for children ages three to seven, this interactive program features a different transportation-themed book each month, which will be read aloud, followed by the opportunity to explore the museum (children must be accompanied by a parent or guardian).
Hailed as the “First Lady of the Civil Rights movement,” Coretta Scott King comes to life in this moving performance by Valerie Davis. From her marriage to Dr. Martin Luther King, Jr., to her life dedicated to political activism, Coretta was an American legend at the forefront of the fight for human rights.
A British Invasion at the Center: Bohemian Rhapsody
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present A British Invasion at the Center, three British-themed blockbuster movies that enjoyed great success in cinemas. The series concludes on Thursday, March 16, 2023, when Bohemian Rhapsody comes to the big screen.
Dive into the big blue world of Disney and Pixar’s FINDING NEMO, JR. This new stage adaptation of the beloved movie Finding Nemo follows Nemo and all his friends-including Dory, Crush, Marlin, and the Tank-helping Nemo tackle his challenges on his journey.
Yogi Berra said, “It’s tough to make predictions, especially about the future,” and physicist Neils Bohr said, “Prediction is very difficult, especially if it’s about the future!” So there is a solid consensus that predicting the future is not for the weak of heart. In January, however, we are often asked what we think the real estate market is going to do in the coming year. Going against the advice of both Yogi Berra and Neils Bohr, we are going to make our predictions for 2023 and invite you to join us with your own predictions.
With respect to Carmen Reinhart and Kenneth Rogoff, authors of This Time is Different, we believe that the current market situation is different from the real estate crash of 2008 (the book is long, but a good read for investors). We feel this way for several reasons. The mortgage underwriting for buyers has been and continues to be much more consistent and, thankfully, the stated income “liar loans” have not come back. The months’ supply of inventory is still close to historical lows at 1.27 months. Remember an average months’ supply is five to seven months, and real estate just like any other market is all about supply and demand. So while we think the number of settled sales will be lower in 2023 than it was in 2022, don’t expect the median sales price to change much.
Now it is your turn. Reply back to this email with your prediction of what the median sales price and number of settled sales will be for 2023. We will make a $100 donation in your honor to the charity of your choice for the guesses closest to each of the numbers. We think that this chart, courtesy of the Real Estate Information Network (REIN), will be helpful in your efforts to answer the trivia question and have a frame of reference for our predictions. It shows the number of settled sales (homes sold), along with the median sale price, and the household income from 1997-2022.
Every situation 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 2023 median sale price and the total number of sales.
The Suffolk Center for Cultural Arts offers a variety of art classes throughout the year. This exhibit, SHINE, highlights the work completed by students in these classes along with that of their instructors. The exhibit will also feature artwork by some of the SCCA administrative staff.
The Suffolk Art League in cooperation with the Suffolk Fine Arts Commission cordially invites you to attend the Exhibit of Excellence: Suffolk Student Art 2023, on display at the Suffolk Art Gallery from January 31 through February 24. An Awards Presentation will take place Tuesday, January 31, 2023, from 11:30am-12:30pm at the Suffolk Art Gallery.
Join the Suffolk Art Gallery, the Suffolk Art League, and host Nathan Richardson for this spoken word event. Poets, writers, musicians, spoken word, and more are welcome. Present your own original works or favorites by others. Not a writer or musician?
Put on your best ’20s attire and chassé down to the Harlem Nights Jazz Social, on Saturday, February 4, 2023! Hosted by Suffolk Public Library, in partnership with Suffolk Art League, meet us at 6:30pm at the Suffolk Art Gallery for an event highlighting important figures from the Harlem Renaissance.
Suffolk Parks and Recreation is excited to invite all active adults ages 55+ to the Annual Sweetheart’s Ball! This event will be held on Wednesday, February 8, from 10am to 1pm, at the Curtis R. Milteer Sr. Recreation Center. The cost of the event is $10 per person.
Join Suffolk Tourism, in partnership with the Suffolk Center for Cultural Arts, as they proudly present A British Invasion at the Center, three British-themed blockbuster movies that enjoyed great success in cinemas. The series continues on Thursday, February 9, 2023, when Rocketman comes to the big screen.
Fin & Tonic is offering a pre-fixe Valentine’s Day Dinner Menu for Tuesday, February 14! The cost is $100 per person ($140 with wine pairing). Reservations are filling up fast – call today!
The Tavern is offering a pre-fixe Valentine’s Day Five-Course Menu for Tuesday, February 14, from 5-9:30pm! The cost is $85 per person, with an optional wine pairing for $25 per person.
Italian love is in the air! Join Amedeo’s Ristorante as they present a specialized Valentine’s Day menu. Your significant other is bound to be dazzled by this spectacular menu! The cost is $80/person with an optional $20 wine pairing of Champagne, a choice of red or white, and a Port wine to round out dessert.
The Suffolk Humane Society will host the Paws for the Arts Gala on February 18, 2023, at the Hilton Garden Inn Suffolk Riverfront from 6:30pm to 10pm. The Gala features live and silent auctions that include food, art, jewelry, and many pet-related items. Paws for the Arts is one of the Humane Society’s largest fundraisers!
Join the Suffolk Center for Cultural Arts as they welcome Chris Michael on Saturday, February 18, 2023. Chris Michael is a celebrity entertainer who has performed his unique mix of beatboxing, sleight-of-hand, mind-reading, and even dangerous stunts for thousands of thrilled audiences all over the world.
The Suffolk Art League will hold its 39th Annual Antique Show and Sale at Kings Fork Middle School on February 25-26, 2023. Admission is $7 per person; the show is open Saturday, 10am-5pm, and Sunday, 12-4pm.
The Suffolk Center invites you to join them on Saturday evening, February 25, 2023 for their annual SCCA fundraiser, Cheers to 100 Years: A Gala To Remember, a celebration of Education, History, an Arts! Be a part of this unforgettable event!
The local numbers from the Real Estate Information Network (REIN, our local MLS) last month show a market that was aiming for Santa’s naughty list but, as you can see by this chart, it wasn’t so bad that it got coal for Christmas.
Last month (click HERE to read the entire update), we wrote: It is our educated guess that when November numbers come in they will feel even worse, but because the number of homes listed is still so low we don’t see the housing market crashing. Based on the numbers I would say our educated guess was pretty good.
The local housing market is slowing down and, according to a Fannie Mae study done this fall, homebuyer sentiment is at an all time low. That being said, our months’ supply of inventory is still close to historical lows at 1.42 months.
An average months’ supply is five to seven months and real estate, just like any other market, is all about supply and demand. Until the supply (number of homes listed for sale) increases we don’t expect to see a large drop in home prices.
Additionally, the interest rates for mortgages reversed the upward trend over the last few months. This chart shows the average for the 30 year mortgage rate throughout 2022:
As you can see, the rate was hitting 7% at the same time Fannie Mae was doing their homebuyer sentiment poll. The rates have decreased a bit. We predict that as buyers get used to the higher rates and tax return money starts rolling in, homebuyer sentiment will improve.
As 2022 comes to a close, we are thankful for your support over the last year and look forward to the future. In 2023 we will celebrate Cross Realty being in business for 70 years. If we can be of service, please give us a call (757-726-7653 for Lee, 757-434-9084 for Harry) or reply back to this email.
Welcome in the holidays with the 3rd Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display runs for 1.2 miles and has over 35,000 bulbs-sure to put you in the festive spirit! The display is available November 25 through December 30, nightly, from 5:30 to 9:30pm.
Join us at the Suffolk Art Gallery for our Winter Exhibit, “The Magic Brush,” from the Blue Heron Chapter of the Sumi-e Society of America, a non-profit educational organization founded in 1988. The group is comprised of brushed ink and watercolor painters that seek to foster an appreciation of East Asian brush painting and Sumi-e techniques through workshops, lectures, and exhibitions.
Celebrate the New Year a little early with a countdown, balloon drop, crafts, snacks, dancing, and more! The party will start at 11am and we will ring in the New Year at noon! For more information, contact the Suffolk Public Library at 757-514-7323 or visit SuffolkPublicLibrary.com
Last month we wrote that the real estate market is cooling, but it isn’t really cold yet (click HERE if you want to read last month’s update). While I (Lee) am happy to report that the heat is now on in my entire house, those of us in real estate are starting to feel a chill. Here is the summary chart from Real Estate Information Network (REIN, our local MLS).
Both the number of settled sales and pending sales are down by roughly 1/3 when you compare October 2021 to October 2022, but the number of active listings is holding steady. Also, the median sales price for October was $310,000 – lower than it was in the spring, but the exact same as September 2022.
While the total number of homes that sold dropped, the current demand from buyers (which is lower than it was a year ago) is still greater than the number of homes for sale. In short, while some signs point to the real estate market cooling off, it certainly isn’t cold yet.
It is our educated guess that when November numbers come in they will feel even worse, but because the number of homes listed is still so low we don’t see the housing market crashing. In fact, if you are thinking about selling we can make a good case that you might want to go ahead and think about getting started. No one wants to move their Christmas tree, but the Navy is known to move people in December. You will certainly have fewer showings in December and January than you would in the spring, but they tend to be more serious, motivated buyers. Of course every situation 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.
Welcome in the holidays with the 3rd Annual Suffolk Festival of Lights at Sleepy Hole Park! This FREE drive-through holiday light display runs for 1.2 miles and has over 35,000 bulbs-sure to put you in the festive spirit! The display is available November 25 through December 30, nightly, from 5:30 to 9:30pm.
Start your holiday shopping at the Annual Artisan Gift Fair! Join Suffolk Tourism for the annual outdoor holiday market in conjunction with the Suffolk Farmers’ Market, featuring 30+ vendors offering artisan-quality crafts, jewelry, soaps, fine art, candles, woodcrafts, crocheted items, jams and jellies, holiday decorations, wreaths, baked goods, seasonal produce, meats, and more.
Bring the kiddos to meet jolly ol’ St. Nick! Bring your cameras for photos with Santa, during the Annual Artisan Gift Fair, from 10:30am to 1:30pm. Holiday décor makes this the ideal place to snap a photo with Santa. Free and open to the public
Step into a Winter Wonderland at The Pinner House! Let’s continue the holiday festivities at the market! Enjoy an afternoon of holiday-inspired cheer as you create a beautiful gingerbread house. House structures, frosting, assorted decorative treats and more will be provided, along with expert guidance from world-class pastry chef, Susan from Baked Expectations.
Children can play games, win fun prizes, and have a free professional photo taken with Santa! For more information, contact Suffolk Parks & Recreation at 757.514.7250 or visit Suffolkva.us/Parks.
Join the Pinner House as they present their Annual Holiday Market! Features local artisans, Santa mini sessions, live music, plein air painters, gingerbread activities, specialty food and beverages… and more! As always, we’re continually inspired by the talented local artisans in Hampton Roads.
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.
