$5,581 Closing Credit*
$470,000
1,803 SqFt
3 Beds
•2 Full Baths
David Shevchenko, Listing Office: Atlas Realty Advisors LLC
Is Salem, OR 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, OR
How much do homes in Salem, OR cost?
Median Sold Price
$435,000
$261/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$6,422(+1.5%)
Key Takeaway
Homes in Salem have sold for 1.5% more than they did a year ago.
Summary: The median home sold price in Salem was $435,000 in October 2024, up 1.5% from last year, and the median price per square foot was $261.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $298K | $300K | +0.7% |
| 2 Bedrooms | $329.5K | $325K | -1.4% |
| 3 Bedrooms | $414.1K | $421.6K | +1.8% |
| 4 Bedrooms | $465K | $489.5K | +5.3% |
| 5+ Bedrooms | $575K | $575K | 0.0% |
Summary: Salem housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.7%, 2 bedroom homes decreased by 1.4%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes did not change.
Housing Supply in Salem, OR
How many homes are available in Salem, OR?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 402 | 397 | -1.2% |
Summary: The Salem real estate market had 397 homes for sale in October 2024, a 1.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 2 | -50.0% |
| 2 Bedrooms | 31 | 27 | -12.9% |
| 3 Bedrooms | 204 | 214 | +4.9% |
| 4 Bedrooms | 134 | 123 | -8.2% |
| 5+ Bedrooms | 29 | 31 | +6.9% |
Summary: The Salem housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 12.9%, 3 bedroom homes increased by 4.9%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes increased by 6.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 79 | 82 | +3.8% |
Asking Price vs. Sold Price
30 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 36.6% of homes here sold below asking price last month.
Summary: A total of 82 homes were sold or pending in Salem in October 2024, up by 3.8% month-over-month. Of the 82 sold homes, 37% were sold under asking, 34% were sold at asking, and 29% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 46 Days | 53 Days | +15.7% |
Summary: Homes in Salem had an average of 53 days on market in Oct 2024, up by 15.7% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
28 Homes Were Sold
In 30 - 90 Days
13 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, 82 homes were sold in Salem; 50% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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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.