$10,000 Closing Credit*
$999,999
2,170 SqFt
3 Beds
•3 Full Baths
Casey Oliver, Listing Office: SMI Commercial Real Estate LLC
Is Salem, OR 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, OR
How much do homes in Salem, OR cost?
Median Sold Price
$435,000
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$5,327(+1.2%)
Key Takeaway
Homes in Salem have sold for 1.2% more than they did a year ago.
Summary: The median home sold price in Salem was $435,000 in November 2024, up 1.2% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $280.4K | $300K | +7.0% |
| 2 Bedrooms | $325K | $325K | 0.0% |
| 3 Bedrooms | $414.1K | $421.7K | +1.8% |
| 4 Bedrooms | $469.9K | $481.3K | +2.4% |
| 5+ Bedrooms | $592.5K | $575K | -3.0% |
Summary: Salem housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7%, 2 bedroom homes did not change, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes decreased by 3%.
Housing Supply in Salem, OR
How many homes are available in Salem, OR?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 383 | 341 | -11.0% |
Summary: The Salem real estate market had 341 homes for sale in November 2024, a 11.0% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 1 | -50.0% |
| 2 Bedrooms | 30 | 31 | +3.3% |
| 3 Bedrooms | 206 | 174 | -15.5% |
| 4 Bedrooms | 117 | 103 | -12.0% |
| 5+ Bedrooms | 28 | 32 | +14.3% |
Summary: The Salem housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes increased by 3.3%, 3 bedroom homes decreased by 15.5%, 4 bedroom homes decreased by 12%, and 5+ bedroom homes increased by 14.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 96 | 67 | -30.2% |
Asking Price vs. Sold Price
23 Homes Were Sold
Under Asking
24 Homes Were Sold
At Asking
20 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, expect to pay close to the asking price. 35.8% of homes here sold near the asking price last month.
Summary: A total of 67 homes were sold or pending in Salem in November 2024, down by 30.2% month-over-month. Of the 67 sold homes, 34% were sold under asking, 36% were sold at asking, and 30% were sold over asking.
Days on Market for Salem, OR
How long does it take to sell a home in Salem, OR?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 37 Days | 50 Days | +36.7% |
Summary: Homes in Salem had an average of 50 days on market in Nov 2024, up by 36.7% compared to last year.
Breakdown of Home Sale Times
32 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
12 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, 67 homes were sold in Salem; 48% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.
The content relating to real estate for sale on this web site comes in part from the IDX program of the RMLS of Portland, Oregon. Real estate listings held by another brokerage firm are marked with the RMLS logo, and detailed information about these properties includes the names of the listing brokers. Listing content is copyright © 2024 Regional Multiple Listing Service, Inc. (RMLS™) Portland, Oregon. 
Listings courtesy of Northwest Multiple Listing Service as distributed by MLS GRID.
The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Northwest MLS IDX. Real estate listings held by other brokerage firms are marked with the green "three trees" logo and includes the name of the listing broker(s). Copyright © 2024 Northwest MLS. All rights reserved.