Is Salem, CT 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 October 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, CT

How much do homes in Salem, CT cost?

Median Sold Price

$410,000

$201/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$31,500(+8.3%)

Key Takeaway

Homes in Salem have sold for 8.3% more than they did a year ago.

Summary: The median home sold price in Salem was $410,000 in October 2024, up 8.3% from last year, and the median price per square foot was $201.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $113.5K$117.5K
+3.5%
2 $128K$195K
+52.3%
3 $360.5K$409.5K
+13.6%
4 $475K$547.5K
+15.3%
5+ $570K$510K
-10.5%

Summary: Salem housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.5%, 2 bedroom homes increased by 52.3%, 3 bedroom homes increased by 13.6%, 4 bedroom homes increased by 15.3%, and 5+ bedroom homes decreased by 10.5%.

Median Sold Price Compared To Nearby Cities

Oakdale
+18.6%
Montville
+15.0%
Salem
+8.3%
Colchester
+6.7%

Housing Supply in Salem, CT

How many homes are available in Salem, CT?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1921+10.5%

Summary: The Salem real estate market had 21 homes for sale in October 2024, a 10.5% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 21
-50.0%
2 23
+50.0%
3 64
-33.3%
4 811
+37.5%
5+ 12
+100.0%

Summary: The Salem housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 50%, 3 bedroom homes decreased by 33.3%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 100%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
47+75.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

4 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. 57.1% of homes here sold above asking price last month.

Summary: A total of 7 homes were sold or pending in Salem in October 2024, up by 75.0% 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 Salem, CT

We’re sorry, we don't have information for this market at the moment

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

Report Updated 16 Days Ago

Newest Listings in Salem, CT

Nearby Markets to Salem, CT

What housing markets are near Salem, CT?