Median sale prices increased in most of the Hampton Roads real estate market last month, according to The Long & Foster Market Minute reports. The Hampton Roads market includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities. The Long & Foster Market Minute reports are based on data provided by the Real Estate Information Network multiple listing service and its member associations of Realtors and include residential real estate transactions within specific geographic regions, not just Long & Foster sales.

Median sale prices rose in many areas of the Hampton Roads region last month compared to June 2015 with Hampton City seeing an increase of 14 percent. Median sale prices increased by 10 percent in Chesapeake City, followed by an 8 percent increase in Norfolk City. In Virginia Beach City, the median sale price increased by 5 percent. Newport News City saw the area’s only decline with a 2 percent drop in median sale price.

In the Hampton Roads region, the number of homes sold increased by 8 percent in Chesapeake City when compared to June 2015. Home sales rose by 7 percent in Hampton City and by 3 percent in Virginia Beach City. Newport News City saw the number of homes sold decline by 9 percent, while Norfolk City saw an 18 percent decline over last year.

Inventory fell in the area in June, decreasing by 12 percent in Norfolk City. Active inventory in the cities of Newport News and Chesapeake fell by 11 percent and 10 percent, respectively. In Hampton City, active inventory declined by 8 percent, while Virginia Beach City experienced a decrease of 6 percent.

Many areas continued to see homes selling at a steady pace in June. In both Chesapeake and Virginia Beach cities, the days on market (DOM) average was 54 days, while homes are selling in about 72 days on average in Newport News City. The cities of Norfolk and Hampton experienced DOMs of 76 days and 89 days, respectively.

“We’re more than halfway through 2016, and this year has brought steady improvements to the real estate market across the Mid-Atlantic and Northeast, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Between the low inventory of available homes and the decreased mortgage rates due to Brexit, this summer’s market has been brisk. We anticipate that the strong housing market will continue into the fall.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions and presented at the county level. The easy-to-read and easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, months of supply, new listings, new contracts, list to sold price ratio, and days on market. Featuring reports for more than 500 local areas and neighborhoods in addition to more than 100 counties in eight states, The Long & Foster Market Minute is offered to buyers and sellers as they aim to make well-informed real estate decisions.

The Long & Foster Market Minute reports are available at www.LongandFoster.com, and you can subscribe to free updates for the reports in which you’re interested.    Information included in this report is based on data supplied by the Real Estate Information Network, which is not responsible for its accuracy. The reports do not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of REIN or Long & Foster Real Estate.