SALEM CITY HOUSING MARKET DATA

With relatively few transactions, there was a decrease in total units sold in December, with 14 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 December 2023.

Versus last year, the total number of homes available this month is lower by 17 units or 30%. The total number of active inventory this December was 39 compared to 56 in December 2023. This month's total of 39 is lower than the previous month's total supply of available inventory of 44, a decrease of 11%.

Last December, the median sale price for Salem City Homes was $241,500. This December, the median sale price was $290,000, an increase of 20% or $48,500 compared to last year. The current median sold price is 8% lower than in November.

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

In December, there was 2.8 months of supply available in Salem City, compared to 2.5 in December 2023. That is an increase of 9% 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 13 homes newly listed for sale in Salem City compared to 12 in December 2023, an increase of 8%. There were 12 current contracts pending sale this December compared to 14 a year ago. The number of current contracts is 14% lower than last December.

In December, the average sale price in Salem City was 100.0% of the average list price, which is 2.1% higher than at this time last year.

This month, the average number of days on market was 33, lower than the average last year, which was 34, a decrease of 3%.





FOCUS ON: SALEM CITY HOUSING MARKET			DECEMBER 2024

Units Sold 14	Active Inventory 39	Median Sale Price $290,000	Days On Market 33

Down Vs. Year Ago	Down -30% Vs. Year Ago	Up 20% Vs. Year Ago	Down -3% Vs. Year Ago


		Units Sold With relatively few transactions, there was a decrease in total units sold in December, with 14 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 December 2023.
Active Inventory Versus last year, the total number of homes available this month is lower by 17 units or 30%. The total number of active inventory this December was 39 compared to 56 in December 2023. This month's total of 39 is lower than the previous month's total supply of available inventory of 44, a decrease of 11%.
		Median Sale Price Last December, the median sale price for Salem City Homes was $241,500. This December, the median sale price was $290,000, an increase of 20% or $48,500 compared to last year. The current median sold price is 8% lower than in November. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 13	Current Contracts 12	Sold Vs. List Price 100.0%	Months of Supply 2.8

Up 8% Vs. Year Ago	Down -14% Vs. Year Ago	Up 2.2% Vs. Year Ago	Up 9% Vs. Year Ago


		Months of Supply In December, there was 2.8 months of supply available in Salem City, compared to 2.5 in December 2023. That is an increase of 9% 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 13 homes newly listed for sale in Salem City compared to 12 in December 2023, an increase of 8%. There were 12 current contracts pending sale this December compared to 14 a year ago. The number of current contracts is 14% lower than last December.
		Sale Price to List Price Ratio In December, the average sale price in Salem City was 100.0% of the average list price, which is 2.1% higher than at this time last year. Days on Market This month, the average number of days on market was 33, lower than the average last year, which was 34, a decrease of 3%.



	*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.