Is West 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, West Salem has remained a Neutral Market.
Key Takeaway
West 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 West Salem, OR
How much do homes in West Salem, OR cost?
Median Sold Price
$461,000
$246/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in West Salem have sold for 5.4% less than they did a year ago.
Summary: The median home sold price in West Salem was $461,000 in April 2024, down 5.4% from last year, and the median price per square foot was $246.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $475K | - | N/A |
| 2 Bedrooms | $330K | $337.5K | +2.3% |
| 3 Bedrooms | $450K | $450K | 0.0% |
| 4 Bedrooms | $551.2K | $529.5K | -3.9% |
| 5+ Bedrooms | $600K | $652.4K | +8.7% |
Summary: West Salem housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.3%, 3 bedroom homes did not change, 4 bedroom homes decreased by 3.9%, and 5+ bedroom homes increased by 8.7%.
Housing Supply in West Salem, OR
How many homes are available in West Salem, OR?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 44 | 47 | +6.8% |
Summary: The West Salem real estate market had 47 homes for sale in April 2024, a 6.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 20 | 20 | 0.0% |
| 4 Bedrooms | 18 | 20 | +11.1% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The West 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 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 9 | 7 | -22.2% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in West Salem, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 7 homes were sold or pending in West Salem in April 2024, down by 22.2% month-over-month. Of the 7 sold homes, 29% were sold under asking, 14% were sold at asking, and 57% were sold over asking.
Days on Market for West Salem, OR
How long does it take to sell a home in West Salem, OR?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 70 Days | 40 Days | -42.6% |
Summary: Homes in West Salem had an average of 40 days on market in Apr 2024, down by 42.6% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in West Salem are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 7 homes were sold in West Salem; 57% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 14% of homes were sold over 90 days.
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