Is Salem, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Salem has remained a Seller's Market.
Housing Prices in Salem, MA
How much do homes in Salem, MA cost?
Median Sold Price
$549,825
$383/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Salem was $549,825 in April 2024, up 1.8% from last year, and the median price per square foot was $383.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $354.5K | $345K | -2.7% |
2 Bedrooms | $456.9K | $495K | +8.3% |
3 Bedrooms | $575K | $600K | +4.3% |
4 Bedrooms | $647K | $700K | +8.2% |
5+ Bedrooms | $750K | $900K | +20.0% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.7%, 2 bedroom homes increased by 8.3%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 20%.
Median Sold Price Compared To Nearby Cities
Marblehead | $825K | $915K | +10.9% |
Beverly | $620K | $676.3K | +9.1% |
Peabody | $575K | $615K | +7.0% |
Swampscott | $675K | $695K | +3.0% |
Salem | $540K | $549.8K | +1.8% |
Housing Supply in Salem, MA
How many homes are available in Salem, MA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
94 | 95 | +1.1% |
Summary: The Salem real estate market had 95 homes for sale in April 2024, a 1.1% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 10 | 9 | -10.0% |
2 Bedrooms | 38 | 32 | -15.8% |
3 Bedrooms | 26 | 24 | -7.7% |
4 Bedrooms | 8 | 19 | +137.5% |
5+ Bedrooms | 12 | 11 | -8.3% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 10%, 2 bedroom homes decreased by 15.8%, 3 bedroom homes decreased by 7.7%, 4 bedroom homes increased by 137.5%, and 5+ bedroom homes decreased by 8.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
34 | 30 | -11.8% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Summary: A total of 30 homes were sold or pending in Salem in April 2024, down by 11.8% month-over-month. Of the 30 sold homes, 33% were sold under asking, 7% were sold at asking, and 60% were sold over asking.
Days on Market for Salem, MA
How long does it take to sell a home in Salem, MA?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
28 Days | 32 Days | +14.0% |
Summary: Homes in Salem had an average of 32 days on market in Apr 2024, up by 14% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During April 2024, 30 homes were sold in Salem; 67% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.