March 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 3 percent in Norfolk City and 1 percent in Virginia Beach City. Prices decreased by 1 percent to 14 percent in other areas of the region.

Compared to the same month last year, inventory remained very low throughout the area, decreasing by 17 percent in Hampton City. Chesapeake City saw a 16 percent decrease in active inventory, while Norfolk City saw a 13 percent decrease. Virginia Beach City and Newport News City experienced decreases of 12 percent and 10 percent, respectively.

Though the number of homes sold in the region in March decreased in most areas compared to the year prior, Hampton City experienced a 6 percent increase. Other areas experienced decreases of 5 percent to 22 percent.

On average, homes in the area are selling in three to five months on average. Chesapeake City saw the lowest days on market (DOM) average at 74 days, followed by Virginia Beach City at 79 days. Other areas saw days on market averages ranging from 91 days to 113 days.

“Though the housing market got a slow start this year after a harsh winter, we’re beginning to see some positive trends happening in the real estate market, including in the Hampton Roads region,” said Jeffrey S. Detwiler, president and chief operating officer for The Long & Foster Companies. “In many places, we’re seeing homes selling quickly and increasing in median sale price. Now that the temperatures are heating up, we expect to see many continued improvements in the market.”

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.