$3,087 Closing Credit*
$259,950
1,624 SqFt
2 Beds
•2 Full Baths
Listing Office: RICHARDS & STONE, REALTORS(r)
Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
Since last year, Salem has remained a Seller's Market.
Key Takeaway
Salem is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Salem, VA
How much do homes in Salem, VA cost?
Median Sold Price
$367,208
$185/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$27,208(+8.0%)
Key Takeaway
Homes in Salem have sold for 8% more than they did a year ago.
Summary: The median home sold price in Salem was $367,208 in August 2024, up 8% from last year, and the median price per square foot was $185.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $144.7K | $169.2K | +17.0% |
| 2 Bedrooms | $215K | $211K | -1.9% |
| 3 Bedrooms | $307K | $338.6K | +10.3% |
| 4 Bedrooms | $409K | $420K | +2.7% |
| 5+ Bedrooms | $540K | $505K | -6.5% |
Summary: Salem housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes increased by 17%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes increased by 10.3%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 6.5%.
Median Sold Price Compared To Nearby Cities
| Courtland | $392.5K | $444.8K | +13.3% |
| Salem | $340K | $367.2K | +8.0% |
| Lee Hill | $435K | $455K | +4.6% |
| Fredericksburg | $435K | $445.5K | +2.4% |
| Battlefield | $439.5K | $430K | -2.2% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 230 | 268 | +16.5% |
Summary: The Salem real estate market had 268 homes for sale in August 2024, a 16.5% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 0 | -100.0% |
| 2 Bedrooms | 19 | 20 | +5.3% |
| 3 Bedrooms | 99 | 113 | +14.1% |
| 4 Bedrooms | 77 | 105 | +36.4% |
| 5+ Bedrooms | 33 | 30 | -9.1% |
Summary: The Salem housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 14.1%, 4 bedroom homes increased by 36.4%, and 5+ bedroom homes decreased by 9.1%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 71 | 69 | -2.8% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
20 Homes Were Sold
At Asking
34 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 49.3% of homes here sold above asking price last month.
Summary: A total of 69 homes were sold or pending in Salem in August 2024, down by 2.8% month-over-month. Of the 69 sold homes, 22% were sold under asking, 29% were sold at asking, and 49% 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
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 13 Days | 11 Days | -10.9% |
Summary: Homes in Salem had an average of 11 days on market in Aug 2024, down by 10.9% compared to last year.
Breakdown of Home Sale Times
29 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During August 2024, 69 homes were sold in Salem; 42% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Although the Multiple Listing Service of The Roanoke Valley is the single source for these listings, listing data appearing on this web site does not necessarily reflect the entirety of all available listings within the Multiple Listing Service. All listing data is refreshed regularly, but its accuracy is subject to market changes. 
Information is provided by Charlottesville Area Association of Realtors®. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information provided is thought to be reliable but is not guaranteed to be accurate; you are advised to verify facts that are important to you. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user.