Salem, VA Home Values & Market Trends
Real estate market trends reflect that there have been 582 transactions over the past year in Salem. The median value for residential home transactions that occurred over the previous year is $270,956.71. The number of current listings in Salem is 26, and the percentage of properties for sale in the city is 26.00%. Salem, VA currently has 6 properties in foreclosure, 2 bank owned properties, 4 properties headed for auction, and 26 properties for sale.
Salem, VA Real Estate Market Overview
Zip | Median Est. Value |
---|---|
24153 | $ 311,715 $ 153/sqft |
Housing Market Summary for Salem, VA
Apr 2023 | March 2024 | Change | |
---|---|---|---|
Median Listing Price | $379.9K | $258.9K | -31.87% |
Median Sold Price | $246.5K | $258.9K | 5.02% |
Homes For Sale | 27 | 16 | -40.74% |
Homes Sold | 280 | 283 | 1.07% |
Price Per Square Foot
On an average, Single Family homes cost $33 more per sqft than Condos. In comparison with sales price/sqft last week, list price/sqft of Single Family homes increased by 1.93% whereas, list price/sqft of Condos increased by 9.38%.
Recently Sold Homes
Explore recent offers and recently sold homes in Salem, VA
Browse Homes in Salem, VA
Salem home values range from $24,285 to $2,371,360. The median estimated value of a home in Salem is $270,956.71. The median list price of a home is 327,425, and the total count of properties in the city is 12,370.
- Pre-ForeclosurePre-foreclosure homes account for 0% of all residential properties in Salem, VA with $[pre-foreclosures-highest-count-region] containing 0 pre-foreclosures, the highest number of pre-foreclosure properties in a single zip. There is 1 zips within Salem, VA; of that zips, the estimated home value for pre-foreclosure homes ranges from $0 in N/A to the lowest home value of $0 in $[pre-foreclosures-lowest-avm-region].
- Bank OwnedThe median estimated home value of bank owned homes (REO properties) in Salem, VA ranges from the highest value of $279,900 in 24153 to the lowest value of $279,900 in 24153. Bank owned homes and properties account for 0.02% of properties in Salem, VA. There is 1 zips within Salem, VA; 24153 containing 2 REO properties, has the highest number of bank owned properties in a single zip.
- Auctions24153 has 4 auction properties, the highest number of properties going to auction in a single zip in the state of Salem, VA. Auction homes and other auction properties account for 0.03% of all properties in Salem, VA. There is 1 zips within Salem, VA; of that zips, the median estimated home value for homes going to auction ranges from $317,911 in 24153 to the lowest value of $117,461 in 24153.
Compare Nearby Cities
More Real Estate Resources for Salem, VA
Guide for Salem, VA
Richmond’s real estate market shows consistent growth, with trends indicating increasing property values and demand.
A glance at the real estate market in Norfolk, Virginia, highlighting rising property values, increasing desirability, and trends in nearby cities.
The Chesapeake real estate market has seen steady growth in property values, increasing by 7% over 11 months.
The property market in Virginia Beach, VA, has generally seen an increase in property values, per square foot values, and sold prices from 2022 to 2023. Factors such as economic growth and societal changes may contribute to this upward trend.