The median sale price of homes 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 compiled from data from residential real estate transactions within specific geographic regions, not just Long & Foster sales.

 

Median sale prices increased in much of the Hampton Roads region, rising by 7 percent in both Chesapeake and Virginia Beach cities and by 5 percent in Newport News City. Hampton City experienced a smaller increase of 2 percent, while Norfolk City experienced no change in median sale price compared to February 2014.

The number of units sold varied in the Hampton Roads region compared to the same month in 2014, with Newport News City experiencing a 15 percent jump, followed by Virginia Beach City with a 5 percent increase. Other areas saw the number of homes sold decline by 8 percent to 27 percent.

Inventory increased throughout most of the area in February, though it decreased by 2 percent in Newport News City. Norfolk City saw a 2 percent rise in the amount of active inventory and Virginia Beach City saw a 3 percent jump. Chesapeake and Hampton cities both experienced an increase of 10 percent in active inventory.

Many areas continued to see homes selling at a solid pace in February. In Virginia Beach City, the days on market (DOM) average was 74 days, while homes are selling in about 82 days on average in Chesapeake City. Other areas experienced DOM averages ranging from 88 to 104 days.

“During the month of February, we saw some improvements being made in the Mid-Atlantic and Northeast real estate market, including in the Hampton Roads region, with areas seeing growing median sale prices,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “These improvements, along with positive trends in the economy, indicate optimism in the economy and where it’s headed. We’re looking forward to seeing good things happen in the real estate market this 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.