Is Salem, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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
$294,950
$169/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem have sold for 13.9% more than they did a year ago.
Summary: The median home sold price in Salem was $294,950 in April 2024, up 13.9% from last year, and the median price per square foot was $169.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $144.7K | $165K | +14.0% |
| 2 Bedrooms | $191.2K | $196K | +2.5% |
| 3 Bedrooms | $240K | $260.5K | +8.5% |
| 4 Bedrooms | $320K | $389.5K | +21.7% |
| 5+ Bedrooms | $535K | $490K | -8.4% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 2.5%, 3 bedroom homes increased by 8.5%, 4 bedroom homes increased by 21.7%, and 5+ bedroom homes decreased by 8.4%.
Median Sold Price Compared To Nearby Cities
| Roanoke | $224.6K | $260K | +15.7% |
| Salem | $258.9K | $294.9K | +13.9% |
| Catawba | $277K | $307.2K | +10.9% |
| Salem | $270K | $294.9K | +9.2% |
| Windsor Hills | $352K | $379K | +7.7% |
Housing Supply in Salem, VA
How many homes are available in Salem, VA?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 165 | 198 | +20.0% |
Summary: The Salem real estate market had 198 homes for sale in April 2024, a 20.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 21 | 22 | +4.8% |
| 3 Bedrooms | 77 | 87 | +13.0% |
| 4 Bedrooms | 50 | 65 | +30.0% |
| 5+ Bedrooms | 15 | 22 | +46.7% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 13%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 46.7%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 41 | 37 | -9.8% |
Asking Price vs. Sold Price
15 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 40.5% of homes here sold below asking price last month.
Summary: A total of 37 homes were sold or pending in Salem in April 2024, down by 9.8% month-over-month. Of the 37 sold homes, 41% were sold under asking, 27% were sold at asking, and 32% were sold over asking.
Days on Market for Salem, VA
How long does it take to sell a home in Salem, VA?
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
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 37 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.
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 Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.