Most parts of the Hampton Roads real estate market saw rising median sale prices in December, according to the Long & Foster Market Minute reports. The Hampton Roads region includes Chesapeake, Hampton, Newport News, Norfolk and Virginia Beach cities.

Sales of homes declined in most parts of the Hampton Roads region in December when compared to the previous year, though Norfolk City experienced a 12 percent increase. Most of the region also saw an increase in median sale prices. In Newport News City, median sale price rose by 10 percent, followed by a 7 percent increase in the cities of both Chesapeake and Hampton.

“The trends that we’ve been seeing aren’t changing fundamentally – inventory continues to be down and we’re still seeing small increases in median sale prices in many of our markets,” said Gary Scott, president of Long & Foster Real Estate. “We are in the beginning stages of the spring market, which really starts with a lot of preparation and planning in January. There’s a re-energization that comes after the holiday season, so we expect to see some new inventory in the next few weeks.”

Active inventory levels decreased throughout the Hampton Roads region last month, with decreases ranging from 31 percent to 41 percent. The market continues to move at a steady pace, with homes selling in eight to 11 weeks on average. Chesapeake City experienced the lowest days on market average of 55 days.

Scott said with the new inventory that will be coming onto the market and interest rates unlikely to increase in the next 30 to 60 days, the next few weeks may provide a good opportunity for those looking to purchase. He also said consumers should speak with a real estate professional to get advice on what the current market means for their individual situation.

“It’s important for consumers to keep in mind that general statements they see about the real estate market in the media don’t apply to every homebuyer or seller,” Scott said. “We’re seeing a lot of commonalities between markets overall, but these bigger trends can play out very differently from one neighborhood to the next.”

Consumers have access to more information than ever before when it comes to the real estate market, which can be overwhelming, Scott said. The role of the real estate agent is to be a trusted advisor who helps interpret the information and bridge the gap between larger trends and their clients’ circumstances, he said.

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.