Is Salem, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 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, OH
How much do homes in Salem, OH cost?
Median Sold Price
$169,966
$115/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem have sold for 17.2% more than they did a year ago.
Summary: The median home sold price in Salem was $169,966 in April 2024, up 17.2% from last year, and the median price per square foot was $115.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $90K | $70.6K | -21.5% |
| 2 Bedrooms | $122.1K | $123.5K | +1.1% |
| 3 Bedrooms | $150K | $175K | +16.7% |
| 4 Bedrooms | $235K | $220K | -6.4% |
| 5+ Bedrooms | $177.5K | $160K | -9.9% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.5%, 2 bedroom homes increased by 1.1%, 3 bedroom homes increased by 16.7%, 4 bedroom homes decreased by 6.4%, and 5+ bedroom homes decreased by 9.9%.
Median Sold Price Compared To Nearby Cities
| Salem | $145K | $169.9K | +17.2% |
| Salem Township | $142.1K | $164.6K | +15.8% |
| Perry Township | $165K | $175K | +6.1% |
| Perry Township | $255K | $255K | 0.0% |
Housing Supply in Salem, OH
How many homes are available in Salem, OH?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 84 | 102 | +21.4% |
Summary: The Salem real estate market had 102 homes for sale in April 2024, a 21.4% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 15 | 19 | +26.7% |
| 3 Bedrooms | 56 | 62 | +10.7% |
| 4 Bedrooms | 6 | 14 | +133.3% |
| 5+ Bedrooms | 5 | 5 | 0.0% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 26.7%, 3 bedroom homes increased by 10.7%, 4 bedroom homes increased by 133.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 14 | 22 | +57.1% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 52.4% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Salem in April 2024, up by 57.1% month-over-month. Of the 21 sold homes, 52% were sold under asking, 14% were sold at asking, and 33% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 71 Days | 68 Days | -4.8% |
Summary: Homes in Salem had an average of 68 days on market in Apr 2024, down by 4.8% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
5 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Salem has remained consistent over time.
Summary: During April 2024, 22 homes were sold in Salem; 32% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.
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