Is Salem, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Salem was a Seller's Market.
Housing Prices in Salem, NJ
How much do homes in Salem, NJ cost?
Median Sold Price
$170,000
$124/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Salem was $170,000 in March 2024, up 6.9% from last year, and the median price per square foot was $124.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | - | - | N/A |
2 Bedrooms | $140K | $100K | -28.6% |
3 Bedrooms | $164K | $190K | +15.9% |
4 Bedrooms | $152K | $215.7K | +41.9% |
5+ Bedrooms | $295K | $110K | -62.7% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 28.6%, 3 bedroom homes increased by 15.9%, 4 bedroom homes increased by 41.9%, and 5+ bedroom homes decreased by 62.7%.
Median Sold Price Compared To Nearby Cities
Pennsville | $210K | $255K | +21.4% |
Pennsville Township | $210K | $255K | +21.4% |
Salem | $159K | $170K | +6.9% |
Housing Supply in Salem, NJ
How many homes are available in Salem, NJ?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
95 | 100 | +5.3% |
Summary: The Salem real estate market had 100 homes for sale in March 2024, a 5.3% 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 | 17 | 20 | +17.6% |
3 Bedrooms | 52 | 55 | +5.8% |
4 Bedrooms | 13 | 14 | +7.7% |
5+ Bedrooms | 13 | 11 | -15.4% |
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 17.6%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 7.7%, and 5+ bedroom homes decreased by 15.4%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
8 | 16 | +100.0% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 16 homes were sold or pending in Salem in March 2024, up by 100.0% month-over-month. Of the 16 sold homes, 31% were sold under asking, 13% were sold at asking, and 56% were sold over asking.
Days on Market for Salem, NJ
How long does it take to sell a home in Salem, NJ?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
54 Days | 62 Days | +13.7% |
Summary: Homes in Salem had an average of 62 days on market in Mar 2024, up by 13.7% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Summary: During March 2024, 16 homes were sold in Salem; 63% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 25% of homes were sold over 90 days.