Is Salem Township, 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 Township has remained a Seller's Market.
Key Takeaway
Salem Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Salem Township, IL
How much do homes in Salem Township, IL cost?
Median Sold Price
$129,700
$89/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Salem Township have sold for 23.5% more than they did a year ago.
Summary: The median home sold price in Salem Township was $129,700 in March 2024, up 23.5% from last year, and the median price per square foot was $89.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $47K | $58.7K | +25.0% |
| 2 Bedrooms | $60K | $81.5K | +35.8% |
| 3 Bedrooms | $116K | $140K | +20.7% |
| 4 Bedrooms | $185K | $190K | +2.7% |
| 5+ Bedrooms | $183K | $177.5K | -3.0% |
Summary: Salem Township housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 35.8%, 3 bedroom homes increased by 20.7%, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 3%.
Median Sold Price Compared To Nearby Cities
| Salem | $104.2K | $129.3K | +24.1% |
| Salem Township | $105K | $129.7K | +23.5% |
| Odin Township | $125.5K | $124K | -1.2% |
| Raccoon Township | $169.9K | $103K | -39.4% |
Housing Supply in Salem Township, IL
How many homes are available in Salem Township, IL?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 29 | 38 | +31.0% |
Summary: The Salem Township 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 Township 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 Township, 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 Township 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 Township, IL
How long does it take to sell a home in Salem Township, IL?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 32 Days | 93 Days | +183.1% |
Summary: Homes in Salem Township 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 Township are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 7 homes were sold in Salem Township; 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.