Is Salem, MA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since February 2023
Since last year, Salem has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $345.2K | $345K | -0.1% |
2 Bedrooms | $450K | $495K | +10.0% |
3 Bedrooms | $575K | $600K | +4.3% |
4 Bedrooms | $649K | $678.2K | +4.5% |
5+ Bedrooms | $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 | $800K | $895K | +11.9% |
Beverly | $609.1K | $680K | +11.6% |
Peabody | $575K | $601K | +4.5% |
Salem | $535.4K | $550K | +2.7% |
Housing Supply in Salem, MA
How many homes are available in Salem, MA?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
83 | 80 | -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
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 11 | +83.3% |
2 Bedrooms | 37 | 34 | -8.1% |
3 Bedrooms | 22 | 23 | +4.5% |
4 Bedrooms | 6 | 3 | -50.0% |
5+ Bedrooms | 12 | 9 | -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 2024 | Feb 2024 | CHANGE |
---|---|---|
26 | 28 | +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
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 2023 | Feb 2024 | CHANGE |
---|---|---|
61 Days | 32 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
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.