Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$294,944
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Salem was $294,944 in April 2024, up 9.2% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $140K | $165K | +17.9% |
2 Bedrooms | $192.5K | $196K | +1.8% |
3 Bedrooms | $250K | $260.5K | +4.2% |
4 Bedrooms | $329.9K | $389.5K | +18.0% |
5+ Bedrooms | $510K | $480K | -5.9% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17.9%, 2 bedroom homes increased by 1.8%, 3 bedroom homes increased by 4.2%, 4 bedroom homes increased by 18%, and 5+ bedroom homes decreased by 5.9%.
Median Sold Price Compared To Nearby Cities
Roanoke | $224.6K | $260K | +15.7% |
Salem | $258.9K | $294.9K | +13.9% |
Catawba | $277K | $307.2K | +10.9% |
Salem | $270K | $294.9K | +9.2% |
Windsor Hills | $352K | $379K | +7.7% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
177 | 210 | +18.6% |
Summary: The Salem real estate market had 210 homes for sale in April 2024, a 18.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 2 | 0.0% |
2 Bedrooms | 22 | 23 | +4.5% |
3 Bedrooms | 83 | 93 | +12.0% |
4 Bedrooms | 55 | 70 | +27.3% |
5+ Bedrooms | 15 | 22 | +46.7% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.5%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 27.3%, and 5+ bedroom homes increased by 46.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
41 | 37 | -9.8% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 37 homes were sold or pending in Salem in April 2024, down by 9.8% month-over-month. Of the 37 sold homes, 41% were sold under asking, 27% were sold at asking, and 32% were sold over asking.
Days on Market for Salem, VA
How long does it take to sell a home in Salem, VA?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 37 homes were sold in Salem; 3% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.