Median sale prices rose in areas 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 a number of areas of the Hampton Roads region last month compared to September of last year with Chesapeake City seeing an increase of 15 percent. Median sale prices increased by 5 percent in Hampton City, and Newport News City experienced a 3 percent increase. In Virginia Beach City, the median sale price stayed the same compared to the previous year and in Norfolk City it declined by 8 percent.

In the Hampton Roads region, the number of homes sold varied in September. In Hampton City, the number of homes sold increased by 34 percent, while it rose by 9 percent in Virginia Beach City. In Chesapeake City, home sales increased by 8 percent, and Newport News City experienced a 1 percent decline. Norfolk City experienced a 17 percent decrease in home sales.

Inventory fell throughout the area in September, decreasing by 15 percent in Chesapeake City. In Hampton City, active inventory declined by 13 percent, while Virginia Beach City experienced a decrease of 11 percent. In Norfolk City, active inventory dropped by 7 percent, and Newport News City experienced a 5 percent decrease.

Many areas continued to see homes selling at a steady pace in September. In Virginia Beach City, the days on market (DOM) average was 53 days, followed by Chesapeake City with a DOM average of 61 days. Homes are selling in about 67 days on average in Newport News City, 70 days on average in Norfolk City, and in Hampton City the DOM average was 80 days.

“September was a good month for the U.S. economy, which we saw reflected in increased retail sales and consumer spending, as well as job growth. The housing market, including in the Hampton Roads region, saw similar positive trends last month,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “In numerous parts of the country rent prices continue to rise, making homeownership increasingly attractive, especially with mortgage rates remaining historically low.”

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.