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
$295,200
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Salem was $295,200 in May 2024, up 7.3% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $135K | $165K | +22.2% |
2 Bedrooms | $192.5K | $200K | +3.9% |
3 Bedrooms | $250K | $260.2K | +4.1% |
4 Bedrooms | $349.9K | $389.5K | +11.3% |
5+ Bedrooms | $505K | $519.5K | +2.9% |
Summary: Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 22.2%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 2.9%.
Median Sold Price Compared To Nearby Cities
Catawba | $277K | $320K | +15.5% |
Roanoke | $231.5K | $259.7K | +12.2% |
Salem | $270K | $295K | +9.3% |
Salem | $275K | $295.2K | +7.3% |
Windsor Hills | $353.6K | $379K | +7.2% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
192 | 223 | +16.1% |
Summary: The Salem real estate market had 223 homes for sale in May 2024, a 16.1% 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 | 20 | 21 | +5.0% |
3 Bedrooms | 92 | 96 | +4.3% |
4 Bedrooms | 61 | 81 | +32.8% |
5+ Bedrooms | 17 | 24 | +41.2% |
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 increased by 5%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 32.8%, and 5+ bedroom homes increased by 41.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
42 | 55 | +31.0% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Summary: A total of 55 homes were sold or pending in Salem in May 2024, up by 31.0% month-over-month. Of the 55 sold homes, 40% were sold under asking, 18% were sold at asking, and 42% were sold over asking.
Days on Market for Salem, VA
We’re sorry, we don't have information for this market at the moment