$8,786 Closing Credit*
$739,900
1,940 SqFt
2 Beds
•1 Full Bath, 1 Partial
#73313301, Catherine St. Pierre, Listing Office: Aluxety
Is Salem, MA 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, MA
How much do homes in Salem, MA cost?
Median Sold Price
$595,500
$383/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$55,500(+10.3%)
Key Takeaway
Homes in Salem have sold for 10.3% more than they did a year ago.
Summary: The median home sold price in Salem was $595,500 in October 2024, up 10.3% from last year, and the median price per square foot was $383.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $347.4K | $360.7K | +3.8% |
| 2 Bedrooms | $474.9K | $507.5K | +6.9% |
| 3 Bedrooms | $589.9K | $625K | +6.0% |
| 4 Bedrooms | $652.4K | $755K | +15.7% |
| 5+ Bedrooms | $750K | $957.5K | +27.7% |
Summary: Salem housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.8%, 2 bedroom homes increased by 6.9%, 3 bedroom homes increased by 6%, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes increased by 27.7%.
Median Sold Price Compared To Nearby Cities
| Peabody | $585K | $650K | +11.1% |
| Salem | $540K | $595.5K | +10.3% |
| Swampscott | $670K | $728.7K | +8.8% |
| Beverly | $650K | $702K | +8.0% |
| Marblehead | $885K | $947K | +7.0% |
Housing Supply in Salem, MA
How many homes are available in Salem, MA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 135 | 131 | -3.0% |
Summary: The Salem real estate market had 131 homes for sale in October 2024, a 3.0% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 9 | +12.5% |
| 2 Bedrooms | 53 | 52 | -1.9% |
| 3 Bedrooms | 41 | 38 | -7.3% |
| 4 Bedrooms | 21 | 17 | -19.0% |
| 5+ Bedrooms | 12 | 15 | +25.0% |
Summary: The Salem housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes decreased by 19%, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 30 | 44 | +46.7% |
Asking Price vs. Sold Price
12 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 44 homes were sold or pending in Salem in October 2024, up by 46.7% month-over-month. Of the 44 sold homes, 27% were sold under asking, 18% were sold at asking, and 55% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 26 Days | +35.3% |
Summary: Homes in Salem had an average of 26 days on market in Oct 2024, up by 35.3% compared to last year.
Breakdown of Home Sale Times
36 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
3 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, 44 homes were sold in Salem; 82% of homes were sold within 30 days, 11% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
