Is Salem, OH 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.
Key Takeaway
Salem is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Salem, OH
How much do homes in Salem, OH cost?
Median Sold Price
$173,112
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Salem have sold for 21.3% more than they did a year ago.
Summary: The median home sold price in Salem was $173,112 in March 2024, up 21.3% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $70.6K | -21.5% |
| 2 Bedrooms | $125K | $121.1K | -3.1% |
| 3 Bedrooms | $150K | $181.2K | +20.8% |
| 4 Bedrooms | $217.8K | $230K | +5.6% |
| 5+ Bedrooms | $177.5K | $160K | -9.9% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.5%, 2 bedroom homes decreased by 3.1%, 3 bedroom homes increased by 20.8%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes decreased by 9.9%.
Median Sold Price Compared To Nearby Cities
| Salem | $142.7K | $173.1K | +21.3% |
| Salem Township | $140.2K | $169.9K | +21.1% |
| Perry Township | $160.2K | $175.6K | +9.6% |
| Green Township | $240K | $245K | +2.1% |
| Perry Township | $262.2K | $255K | -2.8% |
Housing Supply in Salem, OH
How many homes are available in Salem, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 75 | 84 | +12.0% |
Summary: The Salem real estate market had 84 homes for sale in March 2024, a 12.0% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 16 | 16 | 0.0% |
| 3 Bedrooms | 47 | 55 | +17.0% |
| 4 Bedrooms | 6 | 7 | +16.7% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
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 remained the same, 3 bedroom homes increased by 17%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 16 | 13 | -18.8% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 53.8% of homes here sold below asking price last month.
Summary: A total of 13 homes were sold or pending in Salem in March 2024, down by 18.8% month-over-month. Of the 13 sold homes, 54% were sold under asking, 23% were sold at asking, and 23% were sold over asking.
Days on Market for Salem, OH
How long does it take to sell a home in Salem, OH?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 58 Days | 62 Days | +7.9% |
Summary: Homes in Salem had an average of 62 days on market in Mar 2024, up by 7.9% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Salem has remained consistent over time.
Summary: During March 2024, 13 homes were sold in Salem; 23% of homes were sold within 30 days, 62% of homes were sold within 30 to 90 days, and 15% of homes were sold over 90 days.
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