The Long & Foster Market Minute

FOCUS ON: SALEM CITY HOUSING MARKET MAY 2024

Units Sold
34
Active Inventory
43
Median Sale Price
$265,000
Days On Market
49
Up
Vs. Year Ago
Up 30%
Vs. Year Ago
Down -7%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
With relatively few transactions, there was an increase in total units sold in May, with 34 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 May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 10 units or 30%. The total number of active inventory this May was 43 compared to 33 in May 2023. This month's supply remained stable as compared to last month.

Median Sale Price
Last May, the median sale price for Salem City Homes was $285,500. This May, the median sale price was $265,000, a decrease of 7% or $20,500 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
31
Current Contracts
24
Sold Vs. List Price
100.3%
Months of Supply
1.3
No Change
Vs. Year Ago
Down -17%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Down -16%
Vs. Year Ago

Months of Supply
In May, there was 1.3 months of supply available in Salem City, compared to 1.5 in May 2023. That is a decrease of 16% 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 31 homes newly listed for sale in Salem City, which is similar to the amount in May 2023. There were 24 current contracts pending sale this May compared to 29 a year ago. The number of current contracts is 17% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Salem City was 100.3% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 49, higher than the average last year, which was 22. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute
*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.
REALTOR, Equal Opportunity HousingInformation 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.