Is Salem, CT a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Salem was a Buyer'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, CT
How much do homes in Salem, CT cost?
Median Sold Price
$400,013
$187/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem have sold for 24.6% more than they did a year ago.
Summary: The median home sold price in Salem was $400,013 in April 2024, up 24.6% from last year, and the median price per square foot was $187.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $89K | $115K | +29.2% |
| 2 Bedrooms | $128K | $195K | +52.3% |
| 3 Bedrooms | $319K | $382K | +19.7% |
| 4 Bedrooms | $474.5K | $480K | +1.2% |
| 5+ Bedrooms | $553.9K | $613K | +10.7% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 29.2%, 2 bedroom homes increased by 52.3%, 3 bedroom homes increased by 19.7%, 4 bedroom homes increased by 1.2%, and 5+ bedroom homes increased by 10.7%.
Median Sold Price Compared To Nearby Cities
| Salem | $321K | $400K | +24.6% |
| Colchester | $351.3K | $399K | +13.6% |
| Montville | $281K | $303K | +7.8% |
| Oakdale | $310K | $320K | +3.2% |
Housing Supply in Salem, CT
How many homes are available in Salem, CT?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 10 | 18 | +80.0% |
Summary: The Salem real estate market had 18 homes for sale in April 2024, a 80.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 2 | 9 | +350.0% |
| 4 Bedrooms | 4 | 4 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes increased by 350%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 3 | 5 | +66.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 60% of homes here sold above asking price last month.
Summary: A total of 5 homes were sold or pending in Salem in April 2024, up by 66.7% month-over-month. Of the 5 sold homes, 40% were sold under asking, 0% were sold at asking, and 60% were sold over asking.
Days on Market for Salem, CT
We’re sorry, we don't have information for this market at the moment
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