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
$309,500
$174/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Salem was $309,500 in March 2024, up 8% from last year, and the median price per square foot was $174.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $140K | $154.8K | +10.6% |
2 Bedrooms | $182.5K | $199.9K | +9.6% |
3 Bedrooms | $255K | $280K | +9.8% |
4 Bedrooms | $334.5K | $399.2K | +19.4% |
5+ Bedrooms | $515K | $540K | +4.9% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.6%, 2 bedroom homes increased by 9.6%, 3 bedroom homes increased by 9.8%, 4 bedroom homes increased by 19.4%, and 5+ bedroom homes increased by 4.9%.
Median Sold Price Compared To Nearby Cities
Salem | $286.5K | $309.5K | +8.0% |
West Fairfax | $389.9K | $395K | +1.3% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
163 | 225 | +38.0% |
Summary: The Salem real estate market had 225 homes for sale in March 2024, a 38.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 3 | +200.0% |
2 Bedrooms | 17 | 24 | +41.2% |
3 Bedrooms | 78 | 108 | +38.5% |
4 Bedrooms | 56 | 68 | +21.4% |
5+ Bedrooms | 11 | 22 | +100.0% |
Summary: The Salem housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 200%, 2 bedroom homes increased by 41.2%, 3 bedroom homes increased by 38.5%, 4 bedroom homes increased by 21.4%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
42 | 46 | +9.5% |
Asking Price vs. Sold Price
21 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Summary: A total of 46 homes were sold or pending in Salem in March 2024, up by 9.5% month-over-month. Of the 46 sold homes, 46% were sold under asking, 26% were sold at asking, and 28% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
4 Days | 18 Days | +303.7% |
Summary: Homes in Salem had an average of 18 days on market in Mar 2024, up by 303.7% compared to last year.
Breakdown of Home Sale Times
5 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During March 2024, 46 homes were sold in Salem; 11% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.