The Hampton Roads real estate market continued to be challenged by exceptionally low inventory in September. In spite of that, the region’s market is still fairly healthy, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

A few areas in the Hampton Roads region experienced an increased number of homes sold in September. That includes Newport News City, which saw a 9 percent increase, and Virginia Beach City, which saw a 5 percent increase. Median sale prices varied, through Norfolk City saw an 11 percent increase and Hampton City experienced a 10 percent increase in median sale price.

“While inventory levels are low throughout our markets, Hampton Roads has a particularly difficult challenge with low inventory,” said Gary Scott, president of Long & Foster Real Estate. “There’s often an assumption that low inventory means higher sale prices, but the market is showing us that there are limits to that. Overall, the Hampton Roads market is still doing well.”

Active inventory continued to drop by staggering numbers in September, with decreases ranging from 32 percent to 44 percent across the region. Homes in the region sold in six to 13 weeks on average. Scott cautioned homeowners planning to sell that they should be as proactive as possible when it comes to preparing their home for the market.

“Just because inventory is low and average days on market are low doesn’t mean that all homes will sell quickly,” Scott said. “Property owners looking for a fast sale still need to make sure their home is in good condition and priced right for the neighborhood, which is where a good agent can be invaluable. An expert in real estate will invest the time, effort and energy in understanding the dynamics of each market on a hyperlocal level.”

For buyers trying to purchase properties in areas where competition is high, Scott said agents should be more inventive in creating inventory opportunities than in the past. That includes reaching out to the owners of listings that expired in previous years to see if they are still interested in selling, and using property records to research homes and write to the owners to see if they might consider selling.

“In this age of technology, social media and digital presence of properties, there is a need to return to the fundamentals,” Scott said. “Agents can connect consumers in the marketplace while being a trusted advisor, helping to educate clients and assist them in interpreting market information. While regional data can provide good insight, it’s really a starting point in the research process for buyers and sellers.”

The Long & Foster Market Minute is an overview of market statistics based on residential real estate transactions for more than 500 local areas and neighborhoods and over 100 counties in eight states. The easy-to-read, easy-to-share reports include information about each area’s units sold, active inventory, median sale prices, list to sold price ratio, days on market and more.

Information included in this report is based on data supplied by Real Estate Information Network multiple listing service and its member associations of Realtors, which are not responsible for its accuracy. The reports include residential real estate transactions within specific geographic regions, not just Long & Foster sales, and they 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.