Is Salem, WI 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 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, WI

How much do homes in Salem, WI cost?

Median Sold Price

$324,000

$191/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$11,000(-3.3%)

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 $324,000 in May 2024, down 3.3% from last year, and the median price per square foot was $191.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $160K$162K
+1.3%
2 $205K$184K
-10.2%
3 $305K$320K
+4.9%
4 $417K$369.5K
-11.4%
5+ $498.4K$524.9K
+5.3%

Summary: Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.3%, 2 bedroom homes decreased by 10.2%, 3 bedroom homes increased by 4.9%, 4 bedroom homes decreased by 11.4%, and 5+ bedroom homes increased by 5.3%.

Median Sold Price Compared To Nearby Cities

Silver Lake
+15.8%
Paddock Lake
+5.0%
Salem
-3.3%
Trevor
-7.7%
Bristol
-17.8%

Housing Supply in Salem, WI

How many homes are available in Salem, WI?

Number of Homes For Sale

Apr 2024May 2024CHANGE
6677+16.7%

Summary: The Salem real estate market had 77 homes for sale in May 2024, a 16.7% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 11
0.0%
2 89
+12.5%
3 3739
+5.4%
4 1521
+40.0%
5+ 57
+40.0%

Summary: The Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 12.5%, 3 bedroom homes increased by 5.4%, 4 bedroom homes increased by 40%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Apr 2024May 2024CHANGE
19190.0%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

2 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Salem, you could pay more than the asking price. 52.6% of homes here sold above asking price last month.

Summary: A total of 19 homes were sold or pending in Salem in May 2024, the same as the previous month. Of the 19 sold homes, 37% were sold under asking, 11% were sold at asking, and 53% were sold over asking.

Days on Market for Salem, WI

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

Average Sale Time

May 2023May 2024CHANGE
42 Days8 Days-79.8%

Summary: Homes in Salem had an average of 8 days on market in May 2024, down by 79.8% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Salem are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 19 homes were sold in Salem; 11% 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.

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

Report Updated 1 Day Ago

Newest Listings in Salem, WI

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