$9,499 Closing Credit*
$799,900
2,340 SqFt
7 Beds
•2 Full Baths
#73320399, Herrick Lutts Realty Partners, Listing Office: Herrick Lutts Realty Partners
Is Salem, MA 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, MA
How much do homes in Salem, MA cost?
Median Sold Price
$599,000
$393/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$54,133(+9.9%)
Key Takeaway
Homes in Salem have sold for 9.9% more than they did a year ago.
Summary: The median home sold price in Salem was $599,000 in November 2024, up 9.9% from last year, and the median price per square foot was $393.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $345K | $368K | +6.7% |
| 2 Bedrooms | $485K | $515K | +6.2% |
| 3 Bedrooms | $600K | $617.5K | +2.9% |
| 4 Bedrooms | $667.5K | $761.5K | +14.1% |
| 5+ Bedrooms | $765K | $957.5K | +25.2% |
Summary: Salem housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.7%, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 14.1%, and 5+ bedroom homes increased by 25.2%.
Median Sold Price Compared To Nearby Cities
| Peabody | $586.6K | $650K | +10.8% |
| Salem | $544.8K | $599K | +9.9% |
| Beverly | $650.7K | $705K | +8.3% |
| Swampscott | $672.5K | $727.5K | +8.2% |
| Marblehead | $889K | $950K | +6.9% |
Housing Supply in Salem, MA
How many homes are available in Salem, MA?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 136 | 119 | -12.5% |
Summary: The Salem real estate market had 119 homes for sale in November 2024, a 12.5% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 9 | 8 | -11.1% |
| 2 Bedrooms | 53 | 43 | -18.9% |
| 3 Bedrooms | 37 | 38 | +2.7% |
| 4 Bedrooms | 20 | 11 | -45.0% |
| 5+ Bedrooms | 17 | 19 | +11.8% |
Summary: The Salem housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 11.1%, 2 bedroom homes decreased by 18.9%, 3 bedroom homes increased by 2.7%, 4 bedroom homes decreased by 45%, and 5+ bedroom homes increased by 11.8%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 47 | 34 | -27.7% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.
Summary: A total of 34 homes were sold or pending in Salem in November 2024, down by 27.7% month-over-month. Of the 34 sold homes, 41% were sold under asking, 6% were sold at asking, and 53% were sold over asking.
Days on Market for Salem, MA
How long does it take to sell a home in Salem, MA?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 21 Days | 32 Days | +51.2% |
Summary: Homes in Salem had an average of 32 days on market in Nov 2024, up by 51.2% compared to last year.
Breakdown of Home Sale Times
22 Homes Were Sold
Under 30 Days
10 Homes Were Sold
In 30 - 90 Days
2 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 November 2024, 34 homes were sold in Salem; 65% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
