Salem City Housing Market Data

With relatively few transactions, there was an increase in total units sold in August, with 31 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 August 2022.

Versus last year, the total number of homes available this month is higher by 2 units or 5%. The total number of active inventory this August was 44 compared to 42 in August 2022. This month's total of 44 is lower than the previous month's total supply of available inventory of 50, a decrease of 12%.

Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Salem City Homes was $224,500. This August, the median sale price was $285,000, an increase of $60,500 compared to last year. The current median sold price is lower than in July.

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

In August, there was 1.4 months of supply available in Salem City, compared to 1.2 in August 2022. That is an increase of 18% 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 27 homes newly listed for sale in Salem City compared to 33 in August 2022, a decrease of 18%. There were 29 current contracts pending sale this August compared to 27 a year ago. The number of current contracts is 7% higher than last August.

In August, the average sale price in Salem City was 101.2% of the average list price, which is 2.3% higher than at this time last year.

This month, the average number of days on market was 37, higher than the average last year, which was 23. This increase was impacted by the limited number of sales.





Focus On: Salem City Housing Market			August 2023

Units Sold 31	Active Inventory 44	Median Sale Price $285,000	Days On Market 37

Down Vs. Year Ago	Up 5% Vs. Year Ago	Up Vs. Year Ago	Up Vs. Year Ago


		Units Sold With relatively few transactions, there was an increase in total units sold in August, with 31 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 August 2022.
Active Inventory Versus last year, the total number of homes available this month is higher by 2 units or 5%. The total number of active inventory this August was 44 compared to 42 in August 2022. This month's total of 44 is lower than the previous month's total supply of available inventory of 50, a decrease of 12%.
		Median Sale Price Due to the relatively small number of units sold, the median sale price showed significant change this month. Last August, the median sale price for Salem City Homes was $224,500. This August, the median sale price was $285,000, an increase of $60,500 compared to last year. The current median sold price is lower than in July. Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.



New Listings 27	Current Contracts 29	Sold Vs. List Price 101.2%	Months of Supply 1.4

Down -18% Vs. Year Ago	Up 7% Vs. Year Ago	Up 2.3% Vs. Year Ago	Up 18% Vs. Year Ago


		Months of Supply In August, there was 1.4 months of supply available in Salem City, compared to 1.2 in August 2022. That is an increase of 18% 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 27 homes newly listed for sale in Salem City compared to 33 in August 2022, a decrease of 18%. There were 29 current contracts pending sale this August compared to 27 a year ago. The number of current contracts is 7% higher than last August.
		Sale Price to List Price Ratio In August, the average sale price in Salem City was 101.2% of the average list price, which is 2.3% higher than at this time last year. Days on Market This month, the average number of days on market was 37, higher than the average last year, which was 23. 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.