Is Salem, OR 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, OR
How much do homes in Salem, OR cost?
Median Sold Price
$434,997
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem have sold for 1.1% less than they did a year ago.
Summary: The median home sold price in Salem was $434,997 in April 2024, down 1.1% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $298K | $299.5K | 0.5% |
| 2 Bedrooms | $330K | $330K | 0.0% |
| 3 Bedrooms | $420.3K | $420K | -0.1% |
| 4 Bedrooms | $535K | $474.2K | -11.4% |
| 5+ Bedrooms | $565.4K | $642.5K | +13.6% |
Summary: Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.5%, 2 bedroom homes did not change, 3 bedroom homes decreased by 0.1%, 4 bedroom homes decreased by 11.4%, and 5+ bedroom homes increased by 13.6%.
Median Sold Price Compared To Nearby Cities
| Monmouth-Independence | $425K | $475.3K | +11.9% |
| Dayton-Amity | $453.5K | $469.9K | +3.6% |
| Salem | $425K | $434.9K | +2.3% |
| Keizer | $439K | $442K | +0.7% |
| Salem | $440K | $434.9K | -1.1% |
Housing Supply in Salem, OR
How many homes are available in Salem, OR?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 360 | 362 | +0.6% |
Summary: The Salem real estate market had 362 homes for sale in April 2024, a 0.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 3 | -50.0% |
| 2 Bedrooms | 34 | 33 | -2.9% |
| 3 Bedrooms | 189 | 189 | 0.0% |
| 4 Bedrooms | 102 | 108 | +5.9% |
| 5+ Bedrooms | 29 | 29 | 0.0% |
Summary: The Salem housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes remained the same, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 | 79 | -14.1% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
36 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, expect to pay close to the asking price. 45.6% of homes here sold near the asking price last month.
Summary: A total of 79 homes were sold or pending in Salem in April 2024, down by 14.1% month-over-month. Of the 79 sold homes, 25% were sold under asking, 46% were sold at asking, and 29% 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
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 37 Days | 34 Days | -7.9% |
Summary: Homes in Salem had an average of 34 days on market in Apr 2024, down by 7.9% compared to last year.
Breakdown of Home Sale Times
56 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 79 homes were sold in Salem; 71% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.
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