Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Salem has remained a Seller's Market.
Housing Prices in Salem, VA
How much do homes in Salem, VA cost?
Median Sold Price
$364,323
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Salem was $364,323 in May 2024, up 17.5% from last year, and the median price per square foot was $181.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $140K | $165K | +17.9% |
2 Bedrooms | $200K | $220K | +10.0% |
3 Bedrooms | $289.9K | $329.2K | +13.5% |
4 Bedrooms | $373.4K | $424.9K | +13.8% |
5+ Bedrooms | $540K | $520K | -3.7% |
Summary: Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 13.5%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes decreased by 3.7%.
Median Sold Price Compared To Nearby Cities
Salem | $310K | $364.3K | +17.5% |
Courtland | $385K | $420K | +9.1% |
Battlefield | $410K | $436K | +6.3% |
Lee Hill | $436.9K | $451.9K | +3.4% |
Fredericksburg | $431K | $442.7K | +2.7% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
243 | 274 | +12.8% |
Summary: The Salem real estate market had 274 homes for sale in May 2024, a 12.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 1 | -50.0% |
2 Bedrooms | 26 | 25 | -3.8% |
3 Bedrooms | 114 | 124 | +8.8% |
4 Bedrooms | 82 | 92 | +12.2% |
5+ Bedrooms | 19 | 32 | +68.4% |
Summary: The Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 3.8%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 12.2%, and 5+ bedroom homes increased by 68.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
66 | 85 | +28.8% |
Asking Price vs. Sold Price
27 Homes Were Sold
Under Asking
17 Homes Were Sold
At Asking
41 Homes Were Sold
Over Asking
Summary: A total of 85 homes were sold or pending in Salem in May 2024, up by 28.8% month-over-month. Of the 85 sold homes, 32% were sold under asking, 20% were sold at asking, and 48% were sold over asking.
Days on Market for Salem, VA
How long does it take to sell a home in Salem, VA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
14 Days | 17 Days | +24.3% |
Summary: Homes in Salem had an average of 17 days on market in May 2024, up by 24.3% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 85 homes were sold in Salem; 31% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.