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Salem Real Estate Market Overview

When thinking about buying or renting a property in Salem, it is important to know the trends and conditions in the market, which can differ based on whether you look at Salem, Oregon, or Salem, Massachusetts.

Salem, Oregon

Market Competitiveness:

• The Salem housing market is somewhat competitive, scoring 51 on the Redfin Compete Score.

Home Prices and Trends:

• Last month's median sale price for a house in Salem was $435K, which is up 2.4% from last year.
• The median price per square foot is $266, an increase of 5.8% over the last year.

Inventory and Sales:

• The listing inventory increased by 15.4% year-over-year, showing more sellers in the market.
• Home sales rose by 7.9% compared to the previous year, showing robust buyer demand.

Days on Market:

• Homes in Salem sell on average after 52 days, down from 56 days last year.

Buyer and Seller Activity:

• Homes get an average of two offers, and popular properties sell near list price and go pending in about 27 days.

Salem, Massachusetts

Market Competitiveness:

• The housing market in Salem is very competitive, scoring 87 on the Redfin Compete Score.

Home Prices and Trends:

• Last month’s median sale price for a home in Salem was $561K, an increase of 8.4% since last year.
• The average house price was $590K, down by 1.7% since last year.

Inventory and Sales:

• Homes receive three offers, selling in about 22 days.
• In December, 43 homes sold, up from 34 last year.

Days on Market:

• Homes sell quickly, with popular ones selling around 4% above list price and pending in about 18 days.

Key Points for Buyers

Salem, Oregon:

• Affordability: Prices are generally lower compared to other areas, with a median sale price of $435K.
• Growing Market: Increased listing inventory and sales indicate a healthy and expanding market.
• Activity: Homes receive multiple offers, so buyers should act promptly.

Salem, Massachusetts:

• High Demand: The market is very competitive, often with multiple offers and sales above list price.
• Price Growth: Prices have risen significantly, with an increase of 8.4% over the past year.
• Fast Sales: Property sales happen quickly, meaning buyers need to decide fast.

Rental Market

Salem, Oregon:

• Details about the rental market in Salem, OR are limited, but overall trends show stability and growth, likely impacting rental prices and availability.

Salem, Massachusetts:

• Specific rental data isn't available, but the competitive sales market could mean a similarly competitive rental environment.

PropertyWala’s Conclusion

For those looking to enter the Salem real estate market, understanding local market dynamics is key. Salem, OR features a somewhat competitive market with increasing inventory and sales, which is good for both buyers and sellers. Salem, MA has a highly competitive market with rapid sales and significant price growth, requiring swift and potentially higher-priced decisions from buyers.

Knowing these trends can help you make sound decisions and navigate the market successfully. Whether listing your property or searching for a home, working with a REALTOR® and staying on top of market trends will be vital for success in these vibrant housing markets.