SALEM CITY HOUSING MARKET DATA

With relatively few transactions, there was an increase in total units sold in May, with 28 sold this month in Salem City Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2024.

Versus last year, the total number of homes available this month is higher by 1 units or 2%. The total number of active inventory this May was 49 compared to 48 in May 2024. This month's total of 49 is lower than the previous month's total supply of available inventory of 57, a decrease of 14%.

Last May, the median sale price for Salem City Homes was $281,950. This May, the median sale price was $319,950, an increase of 13% or $38,000 compared to last year. The current median sold price is 11% higher than in April.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.

In May, there was 1.8 months of supply available in Salem City, compared to 1.3 in May 2024. That is an increase of 35% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

This month there were 33 homes newly listed for sale in Salem City compared to 32 in May 2024, an increase of 3%. There were 38 current contracts pending sale this May compared to 23 a year ago. The number of current contracts is 65% higher than last May.

In May, the average sale price in Salem City was 98.4% of the average list price, which is 1.8% lower than at this time last year.

This month, the average number of days on market was 38, lower than the average last year, which was 53, a decrease of 28%.





FOCUS ON: SALEM CITY HOUSING MARKET			MAY 2025

Units Sold 28	Active Inventory 49	Median Sale Price $319,950	Days On Market 38

Down Vs. Year Ago	Up 2% Vs. Year Ago	Up 13% Vs. Year Ago	Down -28% Vs. Year Ago


		Units Sold With relatively few transactions, there was an increase in total units sold in May, with 28 sold this month in Salem City Real Estate. This month's total units sold was lower than at this time last year, a decrease from May 2024.
Active Inventory Versus last year, the total number of homes available this month is higher by 1 units or 2%. The total number of active inventory this May was 49 compared to 48 in May 2024. This month's total of 49 is lower than the previous month's total supply of available inventory of 57, a decrease of 14%.
		Median Sale Price Last May, the median sale price for Salem City Homes was $281,950. This May, the median sale price was $319,950, an increase of 13% or $38,000 compared to last year. The current median sold price is 11% higher than in April. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 33	Current Contracts 38	Sold Vs. List Price 98.4%	Months of Supply 1.8

Up 3% Vs. Year Ago	Up 65% Vs. Year Ago	Down -1.8% Vs. Year Ago	Up 35% Vs. Year Ago


		Months of Supply In May, there was 1.8 months of supply available in Salem City, compared to 1.3 in May 2024. That is an increase of 35% versus a year ago. Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.
New Listings & Current Contracts This month there were 33 homes newly listed for sale in Salem City compared to 32 in May 2024, an increase of 3%. There were 38 current contracts pending sale this May compared to 23 a year ago. The number of current contracts is 65% higher than last May.
		Sale Price to List Price Ratio In May, the average sale price in Salem City was 98.4% of the average list price, which is 1.8% lower than at this time last year. Days on Market This month, the average number of days on market was 38, lower than the average last year, which was 53, a decrease of 28%.



	*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
	Information included in this report is based on data supplied by Information included in this report is based on data supplied by the Roanoke Valley Association of REALTORS (RVAR) and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace as some brokerages choose not to provide transaction information. This may result in an understatement of completed sales and available listings. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of RVAR or Long & Foster Real Estate, Inc. or Long & Foster Real Estate, Inc.