$79,900
5.50 Acres
Land
Brenda Bonin, Listing Office: JW Martin Real Estate
Is Salem, SC a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
At the same time last year, Salem was a Seller's Market.
Key Takeaway
Salem is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Salem, SC
How much do homes in Salem, SC cost?
Median Sold Price
$585,000
$255/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$16,000(-2.7%)
Key Takeaway
Homes in Salem have sold for 2.7% less than they did a year ago.
Summary: The median home sold price in Salem was $585,000 in November 2024, down 2.7% from last year, and the median price per square foot was $255.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $274K | $340.6K | +24.3% |
| 3 Bedrooms | $525K | $508.7K | -3.1% |
| 4 Bedrooms | $822K | $913K | +11.1% |
| 5+ Bedrooms | $2.1M | $1.8M | -15.9% |
Summary: Salem housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 24.3%, 3 bedroom homes decreased by 3.1%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes decreased by 15.9%.
Housing Supply in Salem, SC
How many homes are available in Salem, SC?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 67 | 69 | +3.0% |
Summary: The Salem real estate market had 69 homes for sale in November 2024, a 3.0% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 14 | 15 | +7.1% |
| 3 Bedrooms | 26 | 27 | +3.8% |
| 4 Bedrooms | 22 | 22 | 0.0% |
| 5+ Bedrooms | 5 | 5 | 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 increased by 7.1%, 3 bedroom homes increased by 3.8%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 12 | 7 | -41.7% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Salem, you may be able to get a good deal. 57.1% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Salem in November 2024, down by 41.7% month-over-month. Of the 7 sold homes, 57% were sold under asking, 29% were sold at asking, and 14% were sold over asking.
Days on Market for Salem, SC
How long does it take to sell a home in Salem, SC?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 57 Days | 86 Days | +50.3% |
Summary: Homes in Salem had an average of 86 days on market in Nov 2024, up by 50.3% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Salem are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During November 2024, 7 homes were sold in Salem; 0% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 43% of homes were sold over 90 days.
