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 July 2021

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.

How much do homes in Salem, MA cost?

Median Sold Price

$515,222

$359/sqft

Based on all homes sold in the last 12 months.

Difference Since July 2021

+$49,243(+10.6%)

Key Takeaway

Homes in Salem have sold for 10.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJul 2021Jul 2022%
1 $280.9K$310.7K
+10.6%
2 $401.2K$436K
+8.7%
3 $500K$560K
+12.0%
4 $607.4K$648K
+6.7%
5+ $700K$785K
+12.1%

Median Sold Price Compared To Nearby Cities

Salem
+10.6%
Peabody
+9.7%
Marblehead
+7.8%
Beverly
+5.9%
Swampscott
-4.8%

How many homes are available in Salem, MA?

Number of Homes For Sale

Jun 2022Jul 2022%
201161-19.9%

Homes For Sale By Bedroom Count

# BEDSJun 2022Jul 2022%
1 128
-33.3%
2 6454
-15.6%
3 5646
-17.9%
4 3427
-20.6%
5+ 3526
-25.7%

Number of Homes Sold

Jun 2022Jul 2022%
7152-26.8%

Asking Price vs. Sold Price

11 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

37 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. 71.2% of homes here sold above asking price last month.

Average Sale Time

Jul 2021Jul 2022%
20 Days20 Days+2.2%

Breakdown of Home Sale Times

47 Homes Were Sold
Under 30 Days

4 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.

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

About Salem, MA

Homes for sale in Salem, MA have reached 161. In July 2022 in Salem, MA there were 19.9% less homes for sale than in June 2022. In July 2022, listings were on the market for 20 days. During the same period, the median list price in this real estate market was $515,222. From June 2022 through July 2022, the following changes in listing prices were observed in this housing market: prices of 1 bedroom properties went up by 10.6%, 2 bedrooms properties became 8.7% more expensive, 3 bedrooms properties prices increased by 12%, 4 bedrooms properties prices increased by 6.7%, 5 bedrooms properties prices increased by 12.1%. Volume of homes for sale in this real estate market have seen the following changes: 1 bedroom homes became 33.3% less available, volume of 2 bedrooms homes went down by 15.6%, 3 bedrooms homes became 17.9% less available, volume of 4 bedrooms homes went down by 20.6%, 5 bedrooms homes became 25.7% less available. While more than 37 listings in Salem, MA in July 2022 were sold above asking price, there were more than 4 listings sold at asking price, and more than 11 were sold below.

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