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.
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
$364,323
$181/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Salem have sold for 17.5% more than they did a year ago.
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
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 48.2% of homes here sold above asking price last month.
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
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
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.
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.