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
$359,851
$180/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Salem was $359,851 in April 2024, up 15.7% from last year, and the median price per square foot was $180.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $142.3K | $165K | +15.9% |
2 Bedrooms | $206K | $207.5K | +0.7% |
3 Bedrooms | $294.5K | $323.6K | +9.9% |
4 Bedrooms | $355K | $420.7K | +18.5% |
5+ Bedrooms | $540K | $505K | -6.5% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.9%, 2 bedroom homes increased by 0.7%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 18.5%, and 5+ bedroom homes decreased by 6.5%.
Median Sold Price Compared To Nearby Cities
Salem | $310.9K | $359.8K | +15.7% |
Courtland | $375K | $412K | +9.9% |
Battlefield | $412.7K | $428K | +3.7% |
Lee Hill | $435K | $446.4K | +2.6% |
Fredericksburg | $430.1K | $439.9K | +2.3% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
220 | 251 | +14.1% |
Summary: The Salem real estate market had 251 homes for sale in April 2024, a 14.1% 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 | 27 | 29 | +7.4% |
3 Bedrooms | 98 | 109 | +11.2% |
4 Bedrooms | 79 | 87 | +10.1% |
5+ Bedrooms | 14 | 24 | +71.4% |
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 7.4%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 71.4%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
66 | 60 | -9.1% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Summary: A total of 60 homes were sold or pending in Salem in April 2024, down by 9.1% month-over-month. Of the 59 sold homes, 29% were sold under asking, 32% were sold at asking, and 39% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
20 Days | 14 Days | -29.1% |
Summary: Homes in Salem had an average of 14 days on market in Apr 2024, down by 29.1% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 60 homes were sold in Salem; 35% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.