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
$355,092
$179/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Salem was $355,092 in March 2024, up 12.7% from last year, and the median price per square foot was $179.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $140K | $154.8K | +10.6% |
2 Bedrooms | $203K | $202.5K | -0.2% |
3 Bedrooms | $289.7K | $320K | +10.4% |
4 Bedrooms | $355K | $420K | +18.3% |
5+ Bedrooms | $530K | $505K | -4.7% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.6%, 2 bedroom homes decreased by 0.2%, 3 bedroom homes increased by 10.4%, 4 bedroom homes increased by 18.3%, and 5+ bedroom homes decreased by 4.7%.
Median Sold Price Compared To Nearby Cities
Salem | $315K | $355K | +12.7% |
Courtland | $375K | $405K | +8.0% |
Battlefield | $390K | $415.9K | +6.6% |
Lee Hill | $422.5K | $449.9K | +6.5% |
Fredericksburg | $429.9K | $438.2K | +1.9% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
207 | 260 | +25.6% |
Summary: The Salem real estate market had 260 homes for sale in March 2024, a 25.6% 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 | 20 | 28 | +40.0% |
3 Bedrooms | 87 | 114 | +31.0% |
4 Bedrooms | 78 | 90 | +15.4% |
5+ Bedrooms | 22 | 26 | +18.2% |
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 40%, 3 bedroom homes increased by 31%, 4 bedroom homes increased by 15.4%, and 5+ bedroom homes increased by 18.2%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
54 | 64 | +18.5% |
Asking Price vs. Sold Price
24 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
22 Homes Were Sold
Over Asking
Summary: A total of 64 homes were sold or pending in Salem in March 2024, up by 18.5% month-over-month. Of the 64 sold homes, 38% were sold under asking, 28% were sold at asking, and 34% 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 |
---|---|---|
18 Days | 18 Days | -1.6% |
Summary: Homes in Salem had an average of 18 days on market in Mar 2024, down by 1.6% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During March 2024, 64 homes were sold in Salem; 31% of homes were sold within 30 days, 5% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.