Is Salem, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$439,597
$261/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Salem have sold for 0.5% more than they did a year ago.
Summary: The median home sold price in Salem was $439,597 in May 2024, up 0.5% from last year, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280.4K | $302.5K | +7.9% |
| 2 Bedrooms | $323.2K | $337K | +4.3% |
| 3 Bedrooms | $415K | $421.8K | +1.7% |
| 4 Bedrooms | $530K | $475K | -10.4% |
| 5+ Bedrooms | $599K | $590K | -1.5% |
Summary: Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.9%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 1.7%, 4 bedroom homes decreased by 10.4%, and 5+ bedroom homes decreased by 1.5%.
Median Sold Price Compared To Nearby Cities
| Monmouth-Independence | $425K | $450K | +5.9% |
| Salem | $424.9K | $439.6K | +3.5% |
| Dayton-Amity | $454.2K | $470K | +3.5% |
| Keizer | $439K | $444.5K | +1.3% |
| Salem | $437.2K | $439.5K | 0.5% |
Housing Supply in Salem, OR
How many homes are available in Salem, OR?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 384 | 391 | +1.8% |
Summary: The Salem real estate market had 391 homes for sale in May 2024, a 1.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 3 | -25.0% |
| 2 Bedrooms | 32 | 35 | +9.4% |
| 3 Bedrooms | 205 | 191 | -6.8% |
| 4 Bedrooms | 109 | 129 | +18.3% |
| 5+ Bedrooms | 34 | 33 | -2.9% |
Summary: The Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 9.4%, 3 bedroom homes decreased by 6.8%, 4 bedroom homes increased by 18.3%, and 5+ bedroom homes decreased by 2.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 85 | 79 | -7.1% |
Asking Price vs. Sold Price
25 Homes Were Sold
Under Asking
27 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, expect to pay close to the asking price. 34.2% of homes here sold near the asking price last month.
Summary: A total of 79 homes were sold or pending in Salem in May 2024, down by 7.1% month-over-month. Of the 79 sold homes, 32% were sold under asking, 34% were sold at asking, and 34% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 36 Days | 53 Days | +49.1% |
Summary: Homes in Salem had an average of 53 days on market in May 2024, up by 49.1% compared to last year.
Breakdown of Home Sale Times
42 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
14 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 May 2024, 79 homes were sold in Salem; 53% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
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