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Foreclosure Homes in Salem, VA

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Salem, VA Foreclosures

How much do homes sell for in Salem, VA?
The average home price is currently $353,847.
In Salem, VA, how many homes are available?
There are currently 48 active home listings available in Salem.
What’s the average rental cost in Salem, VA?
The average rental price in Salem is $1,258.
What is the most expensive home in Salem?
The most expensive home sold in Salem had a price of $42,227,100.
What is currently the cheapest priced home in Salem, VA?
The cheapest home for sale in Salem is priced at $10,286.

Living in Salem, VA

Salem, VA, is a picturesque city with a blend of rich history and outdoor leisure. With its charming downtown, community activities, and access to beautiful parks, it offers a welcoming environment for families and individuals alike. The proximity to the Blue Ridge Mountains enhances the living experience, catering to those who enjoy the outdoors.

Current Market Conditions in Salem, VA

The Salem real estate market is currently experiencing a steady demand with a slight increase in home prices over the past few months. The inventory level remains relatively low, which is leading to competitive bidding in popular neighborhoods. Homes in prime locations are selling quickly, often above the asking price, indicating strong buyer interest.

Many potential homeowners are attracted to Salem for its affordability compared to nearby Roanoke. As a result, the market has become a hub for first-time buyers seeking value in their investment. Sellers are advised to consider current trends to price their homes strategically.

Home Value Estimator For Salem, VA

There are currently 14,218 real estate properties in Salem, VA, with a median automated valuation model (AVM) price of $291,464.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Salem, VA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Salem, VA, is $353,847.00, with the most expensive house in Salem, VA, topping out at $42,227,100.00 and the cheapest home in Salem, VA, clocking in at $10,286.00. In other words, there’s something for every potential homebuyer or savvy investor in Salem, VA!

Rent Prices In Salem, VA

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Salem, VA, is on a rollercoaster ride. The average rent price in Salem, VA, is $1,258.00. Indeed, when looking to rent in Salem, VA, you can expect to pay as little as $570.00 or as much as $2,920.00, with the average rent median estimated to be $1,170.00. The good news is that finding an affordable and desirable property to rent in Salem, VA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Salem, VA Foreclosures

Market Trend for Salem, VA

Total Listings Available: 48

Market Values:

Home Prices from $10,286 to $42,227,100

Average Sales Price: $353,847

Rental Values:

Rental from $570 to $2,920

Average Rent Value: $1,258 / month

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