The number of homes sold increased in much 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.

In most of the Hampton Roads region, the number of homes sold rose in November. In Norfolk City, the number of homes sold increased by 12 percent, while it rose by 9 percent in Hampton City. In Virginia Beach City, the number of homes sold increased by 8 percent, followed by Chesapeake City with a 2 percent increase. Newport News City experienced a 13 percent decrease in home sales.

Median sale prices also increased in much of the Hampton Roads region last month compared to November of last year, with Virginia Beach City seeing an increase of 7 percent. Median sale prices increased by 4 percent in Newport News City, and Chesapeake City experienced a 3 percent increase. In Norfolk City, the median sale price rose by 1 percent and in Hampton City it declined by 7 percent.

Active inventory fell throughout the area in November, decreasing by 39 percent in Chesapeake City and 38 percent in Virginia Beach City. In Hampton City, active inventory fell by 34 percent, while it declined by 30 percent in Norfolk City. Newport News City saw active inventory decrease by 29 percent.

Many areas continued to see homes selling at a steady pace in November. In Chesapeake City, the days on market (DOM) average was 56 days, followed by Virginia Beach City with a DOM average of 60 days. Homes are selling in about 72 days on average in Norfolk City, 83 days on average in Newport News City, and in Hampton City the DOM average was 98 days.

“November was another good month for the United States economy, with consumer confidence hitting one of its highest numbers since 2007. In the Mid-Atlantic and Northeast housing market, we saw a number of positive trends as well, including in the Hampton Roads region,” said Jeffrey S. Detwiler, chief operating officer of The Long & Foster Companies. “Although inventory is still sparse, many people are choosing to buy a home, taking advantage of mortgage rates while they remain 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.