$3,313 Closing Credit*
$279,000
2,000 SqFt
3 Beds
•2 Full Baths
Listing Office: THE GOOD SIGN REAL ESTATE CO.
Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Salem was a Seller's Market.
Key Takeaway
Salem is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Salem, VA
How much do homes in Salem, VA cost?
Median Sold Price
$341,675
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$41,675(+13.9%)
Key Takeaway
Homes in Salem have sold for 13.9% more than they did a year ago.
Summary: The median home sold price in Salem was $341,675 in October 2024, up 13.9% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $144.7K | $175K | +20.9% |
| 2 Bedrooms | $187.5K | $210K | +12.0% |
| 3 Bedrooms | $279.9K | $300K | +7.2% |
| 4 Bedrooms | $396.9K | $425K | +7.1% |
| 5+ Bedrooms | $530K | $537.7K | +1.5% |
Summary: Salem housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.9%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 7.2%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes increased by 1.5%.
Median Sold Price Compared To Nearby Cities
| Salem | $300K | $341.6K | +13.9% |
| West Fairfax | $384.9K | $420K | +9.1% |
| Robertson | $480K | $425.5K | -11.3% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 181 | 216 | +19.3% |
Summary: The Salem real estate market had 216 homes for sale in October 2024, a 19.3% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 17 | 26 | +52.9% |
| 3 Bedrooms | 73 | 80 | +9.6% |
| 4 Bedrooms | 73 | 90 | +23.3% |
| 5+ Bedrooms | 18 | 20 | +11.1% |
Summary: The Salem housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 52.9%, 3 bedroom homes increased by 9.6%, 4 bedroom homes increased by 23.3%, and 5+ bedroom homes increased by 11.1%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 52 | 35 | -32.7% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 51.4% of homes here sold below asking price last month.
Summary: A total of 35 homes were sold or pending in Salem in October 2024, down by 32.7% month-over-month. Of the 35 sold homes, 51% were sold under asking, 17% were sold at asking, and 31% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 21 Days | 42 Days | +94.2% |
Summary: Homes in Salem had an average of 42 days on market in Oct 2024, up by 94.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 35 homes were sold in Salem; 11% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes. 
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user.