Is Salem, MA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Salem is a seller's market

Buyer's
Market

Difference Since February 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

$550,000

$376/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$14,600(+2.7%)

Key Takeaway

Homes in Salem have sold for 2.7% more than they did a year ago.

Summary: The median home sold price in Salem was $550,000 in February 2024, up 2.7% from last year, and the median price per square foot was $376.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $345.2K$345K
-0.1%
2 $450K$495K
+10.0%
3 $575K$600K
+4.3%
4 $649K$678.2K
+4.5%
5+ $760K$860K
+13.2%

Summary: Salem housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.1%, 2 bedroom homes increased by 10%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 13.2%.

Median Sold Price Compared To Nearby Cities

Marblehead
+11.9%
Beverly
+11.6%
Peabody
+4.5%
Salem
+2.7%

Housing Supply in Salem, MA

How many homes are available in Salem, MA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
8380-3.6%

Summary: The Salem real estate market had 80 homes for sale in February 2024, a 3.6% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 611
+83.3%
2 3734
-8.1%
3 2223
+4.5%
4 63
-50.0%
5+ 129
-25.0%

Summary: The Salem housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 83.3%, 2 bedroom homes decreased by 8.1%, 3 bedroom homes increased by 4.5%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
2628+7.7%

Asking Price vs. Sold Price

12 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Salem, you could pay more than the asking price. 46.4% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Salem in February 2024, up by 7.7% month-over-month. Of the 28 sold homes, 43% were sold under asking, 11% were sold at asking, and 46% 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

Feb 2023Feb 2024CHANGE
61 Days32 Days-46.8%

Summary: Homes in Salem had an average of 32 days on market in Feb 2024, down by 46.8% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

9 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Salem are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 28 homes were sold in Salem; 64% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 28 Days Ago

Newest Listings in Salem, MA

Nearby Markets to Salem, MA

What housing markets are near Salem, MA?