This weekend I (Lee) was visiting friends who are also past clients. They bought a new home in 2019 but made the joke that even though they had been too busy to get their old home ready for sale, it will be to their benefit because prices have increased so much over the last year. Based on the information from the Real Estate Information Network (our local MLS) the Median Sales price for Hampton Roads is up 13.66% from June 2020 to June 2021. Using the median sales price that is a difference of $35,871!
Most of those gains have occurred in 2021. Prices were trending up during 2020 and they continue to rise in 2021. Prices have increased by 9.3% when comparing the median sales price of a Hampton Roads home during the first week of January 2021 to the first full week of June 2021.
Things are moving quickly now but August is usually a slower time of year for real estate sales so it will be interesting to see if that trend prevails in the current market. There continues to be an increased amount of demand from buyers and a lack of homes listed for sale. There were 27.80% fewer active listings in June 2021 than their were in June 2020. Those factors could combine for a busier than average August!
As the year goes on, the year over year comparisons will be skewed due to the Covid shutdowns but it is clear we are still in a hot seller’s market.
If you are on the fence about selling, we are always happy to give you a free market analysis on your home. There is no obligation on your part and you might be surprised to see what your home is worth in today’s market. Reply to this email or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate and are always happy to talk!
It’s Time for the 32nd Nansemond Indian Pow Wow
All are welcome at this family-friendly event featuring Native American song, dance, food, and crafts. Admission is free.
Saturday: 10am-6pm (Grand Entry at 12pm)
Sunday: 10am-5pm (Grand Entry at 1pm)
The Pow Wow grounds are located at 1001 Pembroke Lane, Suffolk, VA, 23434.
For more information, visit Nansemond.org.
Public health protocols will be in place. No drugs, alcohol, or pets.
Summer Family Movie Series
Time for Trolls World Tour!
Join the Suffolk Center for Cultural Arts, as they proudly present Trolls World Tour on Sunday, August 8, 2021. Admission is $1 per person, and the movie will begin at 2pm.
The movie is filled with music by the talented cast that includes Anna Kendrick, Justin Timberlake, James Corden, Rachel Bloom, and Kelly Clarkson. This film is rated PG and has a running time of 90 minutes. All children must be accompanied by an adult.
For more information or to purchase tickets, please contact the Suffolk Center for Cultural Arts box office at 757.923.2900 or visit SuffolkCenter.org.