For the last two months, we have been watching the local market closely to see if there are signs of a ge in the strong seller’s market that has dominated in 2021. And this month, just like last month, we aren’t close to being ready to declare the seller’s market over. Using this month’s chart, a strong case could be made that October 2021 was an even better time to be a seller than October 2020!
That being said, both the number of settled sales and pending sales were higher in September 2021 than in October 2021. The median number of days on market (how many days it takes for a house to go under contract) was 17 days in October, which is two days higher than September. Most importantly to sellers, the median sales price was $290,000 in October, which is $3,000 lower than September. October’s monthly supply for inventory (how many months it would take for buyers to buy all of the current listings assuming no new homes are listed for sale) was down to 1.26 in October 2021 from 1.39 in September. In a balanced market, we have between 4 and 6 months of inventory. Despite the statistics showing the slight decline in price, we still feel that we are in a strong seller’s market.
It will be interesting to see what the next few months will bring for our local housing market. These statistics represent averages across Hampton Roads and your individual real estate needs might be different. If you are thinking about moving and you would like to discuss your personal real estate needs, please reply to this email, or give us a call (757-726-7653 for Lee, 757-434-9084 for Harry). We love talking real estate, so don’t hesitate to give us a call if you have questions.
Thanks,
Lee and Harry
What’s Happening in Suffolk
Juried Exhibition
Suffolk Art League’s popular Annual Juried Exhibition includes artworks in a variety of mediums by artists from throughout the Hampton Roads region and beyond. The exhibition will be on display from October 23 through December 3 at the Suffolk…
Suffolk Tourism, VA
Welcome in the holidays with the 2nd 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 …
Suffolk Tourism, VA
Start your holiday shopping at the Suffolk Farmers’ Market 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,…
Suffolk Tourism, VA
This beautiful art exhibition features 23 artists, with 57 paintings and three wood turned pieces. The Southside Artists Association was established in 1965 as the Chesapeake Art Guild. As the organization grew, members were added from Virginia…
Suffolk Tourism, VA
The Suffolk Division of Tourism, in partnership with the Suffolk Center for Cultural Arts, is pleased to present the enchanting 2019 live-action film, Aladdin, at the Suffolk Center on Saturday, December 11, 2021, at 2pm. Admission is $1 per…
Suffolk Tourism, VA
View the sights and sounds of the 2021 Suffolk Holiday Parade on Saturday, December 11, 2021, at 7pm. Find the best spot to watch the floats, equestrian units, marching bands, and festive vehicles as they make their way down West Washington…
