Is Salem, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Salem is a neutral's market

Buyer's
Market

Difference Since September 2023

At the same time last year, Salem was a Seller's Market.

Key Takeaway

Salem is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Salem, VA

How much do homes in Salem, VA cost?

Median Sold Price

$295,000

$171/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$9,000(+3.1%)

Key Takeaway

Homes in Salem have sold for 3.1% more than they did a year ago.

Summary: The median home sold price in Salem was $295,000 in September 2024, up 3.1% from last year, and the median price per square foot was $171.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $140K$173K
+23.6%
2 $187.2K$200K
+6.8%
3 $255K$277K
+8.6%
4 $363.5K$389.7K
+7.2%
5+ $510K$495K
-2.9%

Summary: Salem housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.6%, 2 bedroom homes increased by 6.8%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 2.9%.

Median Sold Price Compared To Nearby Cities

Catawba
+8.5%
Roanoke
+8.0%
Salem
+3.2%
Salem
+3.1%
Windsor Hills
+1.8%

Housing Supply in Salem, VA

How many homes are available in Salem, VA?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
162181+11.7%

Summary: The Salem real estate market had 181 homes for sale in September 2024, a 11.7% increase compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 00
0.0%
2 1418
+28.6%
3 6774
+10.4%
4 6769
+3.0%
5+ 1420
+42.9%

Summary: The Salem housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 42.9%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
4130-26.8%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

7 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Salem, you may be able to get a good deal. 43.3% of homes here sold below asking price last month.

Summary: A total of 30 homes were sold or pending in Salem in September 2024, down by 26.8% month-over-month. Of the 30 sold homes, 43% were sold under asking, 23% were sold at asking, and 33% were sold over asking.

Days on Market for Salem, VA

We’re sorry, we don't have information for this market at the moment

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Salem are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 30 homes were sold in Salem; 3% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 30 Days Ago

Newest Listings in Salem, VA

Nearby Markets to Salem, VA

What housing markets are near Salem, VA?