$3,075 Closing Credit*
$258,950
1,108 SqFt
3 Beds
•2 Full Baths
Listing Office: THE REAL ESTATE GROUP
Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since December 2023
Since last year, Salem has remained a Seller's Market.
Key Takeaway
Salem is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Salem, VA
How much do homes in Salem, VA cost?
Median Sold Price
$299,983
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since December 2023
+$10,145(+3.5%)
Key Takeaway
Homes in Salem have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in Salem was $299,983 in December 2024, up 3.5% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Dec 2023 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $144.7K | $175K | +20.9% |
| 2 Bedrooms | $199.9K | $209K | +4.6% |
| 3 Bedrooms | $260.2K | $279.9K | +7.6% |
| 4 Bedrooms | $373.5K | $386.2K | +3.4% |
| 5+ Bedrooms | $500K | $490K | -2.0% |
Summary: Salem housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes increased by 20.9%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 7.6%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes decreased by 2%.
Median Sold Price Compared To Nearby Cities
| Roanoke | $254.9K | $279.1K | +9.5% |
| Catawba | $303.5K | $315K | +3.8% |
| Salem | $289.8K | $299.9K | +3.5% |
| Salem | $289.7K | $299.9K | +3.5% |
| Windsor Hills | $379K | $379.3K | 0.1% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 140 | 129 | -7.9% |
Summary: The Salem real estate market had 129 homes for sale in December 2024, a 7.9% decrease compared to November 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 18 | 16 | -11.1% |
| 3 Bedrooms | 56 | 46 | -17.9% |
| 4 Bedrooms | 50 | 49 | -2.0% |
| 5+ Bedrooms | 15 | 17 | +13.3% |
Summary: The Salem housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 11.1%, 3 bedroom homes decreased by 17.9%, 4 bedroom homes decreased by 2%, and 5+ bedroom homes increased by 13.3%.
Number of Homes Sold
| Nov 2024 | Dec 2024 | CHANGE |
|---|---|---|
| 40 | 24 | -40.0% |
Asking Price vs. Sold Price
8 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
11 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 45.8% of homes here sold above asking price last month.
Summary: A total of 24 homes were sold or pending in Salem in December 2024, down by 40.0% month-over-month. Of the 24 sold homes, 33% were sold under asking, 21% were sold at asking, and 46% were sold over asking.
Days on Market for Salem, VA
We’re sorry, we don't have information for this market at the moment
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.