Is Salem, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Salem has remained a Seller's Market.
Key Takeaway
Salem is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Salem, MA
How much do homes in Salem, MA cost?
Median Sold Price
$560,000
$382/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Salem have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Salem was $560,000 in May 2024, up 3.7% from last year, and the median price per square foot was $382.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $350K | $345K | -1.4% |
| 2 Bedrooms | $450K | $500K | +11.1% |
| 3 Bedrooms | $575K | $600K | +4.3% |
| 4 Bedrooms | $645K | $723K | +12.1% |
| 5+ Bedrooms | $750K | $927.5K | +23.7% |
Summary: Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.4%, 2 bedroom homes increased by 11.1%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 23.7%.
Median Sold Price Compared To Nearby Cities
| Beverly | $621.6K | $675.6K | +8.7% |
| Swampscott | $675K | $730K | +8.1% |
| Peabody | $575K | $617K | +7.3% |
| Marblehead | $852.5K | $903K | +5.9% |
| Salem | $540K | $560K | +3.7% |
Housing Supply in Salem, MA
How many homes are available in Salem, MA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 101 | 134 | +32.7% |
Summary: The Salem real estate market had 134 homes for sale in May 2024, a 32.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 15 | +66.7% |
| 2 Bedrooms | 35 | 45 | +28.6% |
| 3 Bedrooms | 27 | 37 | +37.0% |
| 4 Bedrooms | 19 | 21 | +10.5% |
| 5+ Bedrooms | 11 | 16 | +45.5% |
Summary: The Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 28.6%, 3 bedroom homes increased by 37%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 45.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 31 | 39 | +25.8% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.
Summary: A total of 39 homes were sold or pending in Salem in May 2024, up by 25.8% month-over-month. Of the 39 sold homes, 33% were sold under asking, 13% were sold at asking, and 54% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 23 Days | +6.4% |
Summary: Homes in Salem had an average of 23 days on market in May 2024, up by 6.4% compared to last year.
Breakdown of Home Sale Times
31 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 39 homes were sold in Salem; 79% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
