SALEM CITY HOUSING MARKET DATA

With relatively few transactions, there was an increase in total units sold in March, with 27 sold this month in Salem City Real Estate. This month's total units sold was higher than at this time last year, an increase from March 2024.

The total number of homes available this month is 43 units, which is similar compared to a year ago. This month's total of 43 is higher than the previous month's total supply of available inventory of 37, an increase of 16%.

Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Salem City Homes was $254,975. This March, the median sale price was $235,000, a decrease of $19,975 compared to last year. The current median sold price is lower than in February.

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

In March, there was 1.6 months of supply available in Salem City, compared to 1.8 in March 2024. That is a decrease of 11% 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 40 homes newly listed for sale in Salem City compared to 35 in March 2024, an increase of 14%. There were 28 current contracts pending sale this March compared to 37 a year ago. The number of current contracts is 24% lower than last March.

In March, the average sale price in Salem City was 97.5% of the average list price, which is 2.1% lower than at this time last year.

This month, the average number of days on market was 44, higher than the average last year, which was 25. This increase was impacted by the limited number of sales.





FOCUS ON: SALEM CITY HOUSING MARKET			MARCH 2025

Units Sold 27	Active Inventory 43	Median Sale Price $235,000	Days On Market 44

Up Vs. Year Ago	No Change Vs. Year Ago	Down Vs. Year Ago	Up Vs. Year Ago


		Units Sold With relatively few transactions, there was an increase in total units sold in March, with 27 sold this month in Salem City Real Estate. This month's total units sold was higher than at this time last year, an increase from March 2024.
Active Inventory The total number of homes available this month is 43 units, which is similar compared to a year ago. This month's total of 43 is higher than the previous month's total supply of available inventory of 37, an increase of 16%.
		Median Sale Price Due to the relatively small number of units sold, the median sale price showed significant change this month. Last March, the median sale price for Salem City Homes was $254,975. This March, the median sale price was $235,000, a decrease of $19,975 compared to last year. The current median sold price is lower than in February. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 40	Current Contracts 28	Sold Vs. List Price 97.5%	Months of Supply 1.6

Up 14% Vs. Year Ago	Down -24% Vs. Year Ago	Down -2.1% Vs. Year Ago	Down -11% Vs. Year Ago


		Months of Supply In March, there was 1.6 months of supply available in Salem City, compared to 1.8 in March 2024. That is a decrease of 11% 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 40 homes newly listed for sale in Salem City compared to 35 in March 2024, an increase of 14%. There were 28 current contracts pending sale this March compared to 37 a year ago. The number of current contracts is 24% lower than last March.
		Sale Price to List Price Ratio In March, the average sale price in Salem City was 97.5% of the average list price, which is 2.1% lower than at this time last year. Days on Market This month, the average number of days on market was 44, higher than the average last year, which was 25. This increase was impacted by the limited number of sales.



	*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.