Is West Salem, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, West Salem was a Seller's Market.
Housing Prices in West Salem, OR
How much do homes in West Salem, OR cost?
Median Sold Price
$469,000
$246/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in West Salem was $469,000 in May 2024, down 2.3% from last year, and the median price per square foot was $246.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $475K | - | N/A |
2 Bedrooms | $325.7K | $359K | +10.2% |
3 Bedrooms | $452.5K | $450K | -0.6% |
4 Bedrooms | $542K | $565K | +4.2% |
5+ Bedrooms | $639.9K | $652.4K | +2.0% |
Summary: West Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.2%, 3 bedroom homes decreased by 0.6%, 4 bedroom homes increased by 4.2%, and 5+ bedroom homes increased by 2%.
Housing Supply in West Salem, OR
How many homes are available in West Salem, OR?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
50 | 60 | +20.0% |
Summary: The West Salem real estate market had 60 homes for sale in May 2024, a 20.0% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 4 | +33.3% |
3 Bedrooms | 22 | 22 | 0.0% |
4 Bedrooms | 20 | 28 | +40.0% |
5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The West Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 33.3%, 3 bedroom homes remained the same, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7 | 8 | +14.3% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
3 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 8 homes were sold or pending in West Salem in May 2024, up by 14.3% month-over-month. Of the 8 sold homes, 13% were sold under asking, 38% were sold at asking, and 50% were sold over asking.
Days on Market for West Salem, OR
How long does it take to sell a home in West Salem, OR?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
34 Days | 26 Days | -21.3% |
Summary: Homes in West Salem had an average of 26 days on market in May 2024, down by 21.3% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 8 homes were sold in West Salem; 75% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.