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 10% 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 | $135K | $154.8K | +14.7% |
2 Bedrooms | $187.5K | $192.2K | +2.5% |
3 Bedrooms | $250K | $259K | +3.6% |
4 Bedrooms | $329K | $387.2K | +17.7% |
5+ Bedrooms | $500K | $480K | -4.0% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.7%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 17.7%, and 5+ bedroom homes decreased by 4%.
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 |
---|---|---|
149 | 205 | +37.6% |
Summary: The Salem real estate market had 205 homes for sale in March 2024, a 37.6% 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 | 16 | 24 | +50.0% |
3 Bedrooms | 70 | 97 | +38.6% |
4 Bedrooms | 53 | 64 | +20.8% |
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 50%, 3 bedroom homes increased by 38.6%, 4 bedroom homes increased by 20.8%, 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