Is Salem, SC a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Salem is a seller's market

Buyer's
Market

Difference Since Last Month

Last month, Salem was a Buyer'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, SC

How much do homes in Salem, SC cost?

Median Sold Price

$565,000

-

Based on all homes sold in March 2024.

Difference Since Last Month

+$275,000(+94.8%)

Key Takeaway

Homes in Salem have sold for 94.8% more than they did a month ago.

Median Sold Price By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 --
N/A
2 $242.5K$582.5K
+140.2%
3 $379K$497.5K
+31.3%
4 $417.5K$665K
+59.3%
5+ -$1.9M
N/A

Summary: Salem housing prices by bedroom type for March 2024 compared to the previous month: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 140.2%, 3 bedroom homes increased by 31.3%, 4 bedroom homes increased by 59.3%, and 5+ bedroom homes did not change.

Housing Supply in Salem, SC

How many homes are available in Salem, SC?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
6478+21.9%

Summary: The Salem real estate market had 78 homes for sale in March 2024, a 21.9% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 00
0.0%
2 108
-20.0%
3 2635
+34.6%
4 2126
+23.8%
5+ 79
+28.6%

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 decreased by 20%, 3 bedroom homes increased by 34.6%, 4 bedroom homes increased by 23.8%, and 5+ bedroom homes increased by 28.6%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
819+137.5%

Asking Price vs. Sold Price

13 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Salem, you may be able to get a good deal. 68.4% of homes here sold below asking price last month.

Summary: A total of 19 homes were sold or pending in Salem in March 2024, up by 137.5% month-over-month. Of the 19 sold homes, 68% were sold under asking, 26% were sold at asking, and 5% were sold over asking.

Days on Market for Salem, SC

How long does it take to sell a home in Salem, SC?

Average Sale Time

Feb 2024Mar 2024CHANGE
46 Days88 Days+91.7%

Summary: Homes in Salem had an average of 88 days on market in Mar 2024, up by 91.7% compared to last month.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Most homes in Salem are taking a long time to sell, it's a good idea to negotiate on homes here.

Summary: During March 2024, 19 homes were sold in Salem; 11% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 42% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 25 Days Ago

Newest Listings in Salem, SC

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