Is Salem, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Salem was a Seller's Market.
Key Takeaway
Salem is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem, NJ
How much do homes in Salem, NJ cost?
Median Sold Price
$160,000
$118/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Salem have sold for 3.3% less than they did a year ago.
Summary: The median home sold price in Salem was $160,000 in April 2024, down 3.3% from last year, and the median price per square foot was $118.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $140K | $97K | -30.7% |
| 3 Bedrooms | $177K | $175K | -1.1% |
| 4 Bedrooms | $155K | $215.7K | +39.2% |
| 5+ Bedrooms | $191K | $110K | -42.4% |
Summary: 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 decreased by 30.7%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 39.2%, and 5+ bedroom homes decreased by 42.4%.
Median Sold Price Compared To Nearby Cities
| Pennsville | $220K | $255K | +15.9% |
| Pennsville Township | $220K | $255K | +15.9% |
| Salem | $165.3K | $160K | -3.3% |
Housing Supply in Salem, NJ
How many homes are available in Salem, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 60 | 48 | -20.0% |
Summary: The Salem real estate market had 48 homes for sale in April 2024, a 20.0% decrease 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 | 12 | 10 | -16.7% |
| 3 Bedrooms | 31 | 27 | -12.9% |
| 4 Bedrooms | 10 | 5 | -50.0% |
| 5+ Bedrooms | 7 | 6 | -14.3% |
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 decreased by 16.7%, 3 bedroom homes decreased by 12.9%, 4 bedroom homes decreased by 50%, and 5+ bedroom homes decreased by 14.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 19 | 3 | -84.2% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Salem in April 2024, down by 84.2% month-over-month. Of the 3 sold homes, 0% were sold under asking, 33% were sold at asking, and 67% were sold over asking.
Days on Market for Salem, NJ
How long does it take to sell a home in Salem, NJ?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 49 Days | 9 Days | -80.3% |
Summary: Homes in Salem had an average of 9 days on market in Apr 2024, down by 80.3% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 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, 3 homes were sold in Salem; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
