Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$291,800
$168/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Salem was $291,800 in March 2024, up 14.9% from last year, and the median price per square foot was $168.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $150.5K | $154.8K | +2.9% |
2 Bedrooms | $185K | $192.2K | +3.9% |
3 Bedrooms | $238K | $259K | +8.8% |
4 Bedrooms | $318K | $385K | +21.1% |
5+ Bedrooms | $525K | $490K | -6.7% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.9%, 2 bedroom homes increased by 3.9%, 3 bedroom homes increased by 8.8%, 4 bedroom homes increased by 21.1%, and 5+ bedroom homes decreased by 6.7%.
Median Sold Price Compared To Nearby Cities
Salem | $254K | $291.8K | +14.9% |
Roanoke | $223.3K | $255.1K | +14.2% |
Catawba | $278.9K | $309.5K | +10.9% |
Salem | $265.3K | $291.8K | +10.0% |
Windsor Hills | $350K | $371.2K | +6.1% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
137 | 193 | +40.9% |
Summary: The Salem real estate market had 193 homes for sale in March 2024, a 40.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 2 | +100.0% |
2 Bedrooms | 15 | 23 | +53.3% |
3 Bedrooms | 64 | 91 | +42.2% |
4 Bedrooms | 48 | 59 | +22.9% |
5+ Bedrooms | 10 | 18 | +80.0% |
Summary: The Salem housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 53.3%, 3 bedroom homes increased by 42.2%, 4 bedroom homes increased by 22.9%, and 5+ bedroom homes increased by 80%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
32 | 40 | +25.0% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in Salem in March 2024, up by 25.0% month-over-month. Of the 40 sold homes, 50% were sold under asking, 20% were sold at asking, and 30% were sold over asking.
Days on Market for Salem, VA
We’re sorry, we don't have information for this market at the moment