Is Salem, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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, IL
How much do homes in Salem, IL cost?
Median Sold Price
$129,350
$88/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Salem have sold for 24.1% more than they did a year ago.
Summary: The median home sold price in Salem was $129,350 in March 2024, up 24.1% from last year, and the median price per square foot was $88.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $75.5K | $58.7K | -22.2% |
| 2 Bedrooms | $61.2K | $81.5K | +33.1% |
| 3 Bedrooms | $111.5K | $137.5K | +23.3% |
| 4 Bedrooms | $161.2K | $190K | +17.8% |
| 5+ Bedrooms | $35K | $135K | +285.7% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 22.2%, 2 bedroom homes increased by 33.1%, 3 bedroom homes increased by 23.3%, 4 bedroom homes increased by 17.8%, and 5+ bedroom homes increased by 285.7%.
Median Sold Price Compared To Nearby Cities
| Salem | $104.2K | $129.3K | +24.1% |
| Salem Township | $105K | $129.7K | +23.5% |
| Stevenson Township | $165K | $149.4K | -9.4% |
Housing Supply in Salem, IL
How many homes are available in Salem, IL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 38 | +31.0% |
Summary: The Salem real estate market had 38 homes for sale in March 2024, a 31.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 10 | 15 | +50.0% |
| 3 Bedrooms | 14 | 16 | +14.3% |
| 4 Bedrooms | 3 | 5 | +66.7% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Salem housing inventory by bedroom type for March 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 14.3%, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 6 | 7 | +16.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Salem in March 2024, up by 16.7% month-over-month. Of the 7 sold homes, 57% were sold under asking, 14% were sold at asking, and 29% were sold over asking.
Days on Market for Salem, IL
How long does it take to sell a home in Salem, IL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 32 Days | 93 Days | +183.1% |
Summary: Homes in Salem had an average of 93 days on market in Mar 2024, up by 183.1% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Salem; 43% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 43% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.