Is Salem, OR 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, OR
How much do homes in Salem, OR cost?
Median Sold Price
$434,788
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Salem was $434,788 in March 2024, up 1.5% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $319.9K | $298.5K | -6.7% |
2 Bedrooms | $319.9K | $332.7K | +4.0% |
3 Bedrooms | $415K | $415.2K | 0.1% |
4 Bedrooms | $510K | $475.4K | -6.8% |
5+ Bedrooms | $600K | $619.9K | +3.3% |
Summary: Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 4%, 3 bedroom homes increased by 0.1%, 4 bedroom homes decreased by 6.8%, and 5+ bedroom homes increased by 3.3%.
Housing Supply in Salem, OR
How many homes are available in Salem, OR?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
480 | 508 | +5.8% |
Summary: The Salem real estate market had 508 homes for sale in March 2024, a 5.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 5 | 8 | +60.0% |
2 Bedrooms | 37 | 46 | +24.3% |
3 Bedrooms | 250 | 259 | +3.6% |
4 Bedrooms | 145 | 151 | +4.1% |
5+ Bedrooms | 43 | 44 | +2.3% |
Summary: The Salem housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 60%, 2 bedroom homes increased by 24.3%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 4.1%, and 5+ bedroom homes increased by 2.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
65 | 80 | +23.1% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
34 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 80 homes were sold or pending in Salem in March 2024, up by 23.1% month-over-month. Of the 80 sold homes, 25% were sold under asking, 43% were sold at asking, and 33% were sold over asking.
Days on Market for Salem, OR
How long does it take to sell a home in Salem, OR?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
67 Days | 46 Days | -30.5% |
Summary: Homes in Salem had an average of 46 days on market in Mar 2024, down by 30.5% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Summary: During March 2024, 80 homes were sold in Salem; 56% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.