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Featured local agent — Salem, VA
Sarah Mitchell
Compass Real Estate · Salem, VA
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Salem, VA Housing Market & Real Estate
Housing market overview · Updated monthly ·
$297,000median sale price
How is the Salem, VA housing market right now?
The median home sale price in Salem, VA is $297,000, down 5.7% year-over-year. Homes sell in an average of 8 days with 53 active listings. The market is currently a seller's market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Salem a buyer's or seller's market?
Salem, VA is currently a seller's market, based on 2.0 months of supply and homes selling in about 8 days. How we determine this →
Homes sold
27
Last 12 weeks
Days on market
8
Fast-moving
Active listings
53
2.0 months supply
Sale-to-list
99.8%
Below asking
What does the Salem housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $297,000 |
| Median list price | $349,900 |
| Year-over-year price change | -5.7% |
| Average days on market | 8 days |
| Active inventory | 53 listings |
| Months of supply | 2.0 months |
| Sale-to-list price ratio | 99.8% |
| Median price per sq ft | $158/sq ft |
| Homes sold (latest month) | 27 |
| New listings (latest month) | 29 |
| Listings with a price cut | 26.4% |
| Market condition | Seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Salem by property type?
How the Salem, VA market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $300,000 | $158/sq ft | 25 | 8 days |
| Condo / Co-op | $230,000 | $170/sq ft | 1 | 157 days |
| Townhouse | $275,950 | $279/sq ft | 1 | 1 days |
Source: Redfin · Updated monthly
The Salem housing market is currently classified as a seller's market with a median sale price of $297,000. Prices have fallen 5.7% compared to last year, with homes spending an average of 8 days on market, indicating 2.0 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.7x provides context for how home values compare to local earning capacity.
Homes for sale in Salem
There are currently 53 homes listed for sale in Salem, Virginia. The median listing price is $350K.
Active listings
53
Homes on market
Median list price
$350K
Avg. days on market
8
Days until sale
New this week
29
Newly listed
Who lives in Salem?
Population
25,477
Median income
$66,716/yr
Median age
40.3 years
Owner-occupied
63.5%
College grads
31.1%
Avg commute
18.7 min
Source: U.S. Census Bureau ACS
What are homes worth in Salem?
Zillow home value
$314,298
Zillow rent index
$1,536/mo
Price-to-rent ratio
17.1x
Price-to-income
4.7x
Source: Zillow Research
What is it like to live in Salem?
Salem is a community of approximately 25K residents with a median age of 40.3 years.The median household income is $66,716, which represents a working-class community with solid middle-income opportunities. 31.1% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 63.5%, showing a blend of owner and renter-occupied properties. The average commute time is 18.7 minutes, which makes this an excellent choice for those seeking short commutes to employment centers.Overall, Salem offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Salem?
14 schools tracked · 5,529 students
The largest public schools serving Salem, VA by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Salem High
Grades 9-12 · 1,213 students
Andrew Lewis Middle
Grades 6-8 · 850 students
Glenvar High
Grades 9-12 · 621 students
G.W. Carver Elementary
Grades PK-5 · 426 students
Glenvar Middle
Grades 6-8 · 424 students
West Salem Elementary
Grades PK-5 · 407 students
South Salem Elementary
Grades PK-5 · 389 students
Glenvar Elementary
Grades PK-5 · 376 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Salem, VA?
Want a head-to-head view? Compare Salem side-by-side with any other U.S. city using our market-comparison tool.
Is Salem a good real estate investment market?
For investors evaluating Salem, the price-to-rent ratio of 17.1x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 5.7% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Salem's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Salem's median home price.
Frequently asked questions
What is the average home price in Salem?
The median home sale price in Salem is $297,000, down 5.7% from last year.
How long do homes stay on market in Salem?
Homes typically spend 8 days on market before going under contract.
What is the median income in Salem?
The median household income is $66,716 per year.
Is Salem a buyer's or seller's market?
With 2.0 months of supply, Salem is currently a seller's market.
What is the Zillow home value estimate for Salem?
The Zillow Home Value Index (ZHVI) for Salem is $314,298, representing the typical home value in the area.
What is the median condo price in Salem?
The median condo/co-op sale price in Salem, VA is $230,000, compared to $300,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Salem?
The median single-family home price in Salem, VA is $300,000 (about $158 per square foot).
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