$1,674 Closing Credit*
$141,000
1,096 SqFt
2 Beds
•1 Full Bath
RHONDA MULVANY, Listing Office: SOMER REAL ESTATE
Is Salem, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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, IL
How much do homes in Salem, IL cost?
Median Sold Price
$139,500
$97/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$19,500(+16.3%)
Key Takeaway
Homes in Salem have sold for 16.3% more than they did a year ago.
Summary: The median home sold price in Salem was $139,500 in October 2024, up 16.3% from last year, and the median price per square foot was $97.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $58.7K | $73.7K | +25.5% |
| 2 Bedrooms | $71.5K | $65K | -9.1% |
| 3 Bedrooms | $127.3K | $157K | +23.3% |
| 4 Bedrooms | $167K | $200K | +19.8% |
| 5+ Bedrooms | $177.5K | $178.2K | 0.4% |
Summary: Salem housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.5%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes increased by 23.3%, 4 bedroom homes increased by 19.8%, and 5+ bedroom homes increased by 0.4%.
Median Sold Price Compared To Nearby Cities
| Salem Township | $116K | $141K | +21.6% |
| Salem | $120K | $139.5K | +16.3% |
Housing Supply in Salem, IL
How many homes are available in Salem, IL?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 41 | 47 | +14.6% |
Summary: The Salem real estate market had 47 homes for sale in October 2024, a 14.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 11 | 11 | 0.0% |
| 3 Bedrooms | 21 | 23 | +9.5% |
| 4 Bedrooms | 9 | 9 | 0.0% |
| 5+ Bedrooms | 0 | 3 | +100.0% |
Summary: The Salem housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes remained the same, 3 bedroom homes increased by 9.5%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 5 | 12 | +140.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Salem in October 2024, up by 140.0% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Salem, IL
How long does it take to sell a home in Salem, IL?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 20 Days | 27 Days | +32.8% |
Summary: Homes in Salem had an average of 27 days on market in Oct 2024, up by 32.8% compared to last year.
Breakdown of Home Sale Times
7 Homes Were Sold
Under 30 Days
5 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 October 2024, 12 homes were sold in Salem; 58% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.