April brought some good news to the Hampton Roads region real estate market, which includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities, according to The Long & Foster Market Minute reports. Inventory remained low throughout the region and the median sale price increased in some areas.

The Long & Foster Market Minute reports are compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

The median sale price in the Hampton Roads region increased in some areas, including by 8 percent in Virginia Beach City and 4 percent in Chesapeake City. Median sale price decreased by 5 percent in both Hampton and Norfolk cities, and by 8 percent in Newport News City.

Compared to the same month last year, inventory remained very low throughout the area, decreasing by 17 percent in Hampton City. All other areas saw a 9 percent decrease in active inventory levels.

The number of homes sold decreased across the entire Hampton Roads region in April; however, homes in many areas continue to sell at a steady pace. Virginia Beach City saw the lowest days on market (DOM) average at 66 days, followed by Chesapeake City at 72 days. Other areas saw days on market averages ranging from 82 to 106 days.

“The spring housing market is beginning to bounce back, and we’re seeing many positive trends happening in the real estate market in the Mid-Atlantic, including in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, median sale prices are increasing and homes are selling at a faster pace than in previous months. We anticipate these developments will continue, and we’ll see more great happenings in the real estate market throughout the spring.”

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.