$2,495 Closing Credit*
$210,100
2,322 SqFt
3 Beds
•2 Full Baths
CALEB LUSCH, Listing Office: Midwest Farm & Land Co. LLC
Is Salem, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$98/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$14,500(+11.6%)
Key Takeaway
Homes in Salem have sold for 11.6% more than they did a year ago.
Summary: The median home sold price in Salem was $139,500 in November 2024, up 11.6% from last year, and the median price per square foot was $98.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $87.5K | $60K | -31.4% |
| 2 Bedrooms | $71K | $65K | -8.5% |
| 3 Bedrooms | $132.3K | $164.7K | +24.5% |
| 4 Bedrooms | $191K | $200K | +4.7% |
| 5+ Bedrooms | $177.5K | $178.2K | 0.4% |
Summary: Salem housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 31.4%, 2 bedroom homes decreased by 8.5%, 3 bedroom homes increased by 24.5%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 0.4%.
Median Sold Price Compared To Nearby Cities
| Salem | $125K | $139.5K | +11.6% |
| Salem Township | $125K | $139.5K | +11.6% |
Housing Supply in Salem, IL
How many homes are available in Salem, IL?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 50 | 48 | -4.0% |
Summary: The Salem real estate market had 48 homes for sale in November 2024, a 4.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 12 | 12 | 0.0% |
| 3 Bedrooms | 23 | 22 | -4.3% |
| 4 Bedrooms | 11 | 10 | -9.1% |
| 5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Salem housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 4.3%, 4 bedroom homes decreased by 9.1%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Asking Price vs. Sold Price
5 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. 45.5% of homes here sold below asking price last month.
Summary: A total of 11 homes were sold or pending in Salem in November 2024, down by 8.3% month-over-month. Of the 11 sold homes, 45% were sold under asking, 18% were sold at asking, and 36% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 20 Days | 27 Days | +39.5% |
Summary: Homes in Salem had an average of 27 days on market in Nov 2024, up by 39.5% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Salem are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 11 homes were sold in Salem; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Listings courtesy of RMLS Alliance as distributed by MLS GRID.