Salem Mid-Year 2018 Housing Market Report

(Click here to download a PDF of this report)

The median price of the Single Family Homes (SFH) sold in Salem in the first half of 2018 jumped 13% to $425,500.

Salem Housing Market

The median price has now exceeded $400,000 for three consecutive quarters.

Salem Housing Market

SFH Sales
Sales recovered somewhat after the drop in 2017.

Salem Housing Market

Sales by Price
The percentage of sales taking place below $400,000 has dropped from 57% to 37% in the last two years.

Salem Housing Market

SFH For Sale
As of July 1, there were just 8 houses for sale in Salem under $400,000.

Salem Housing Market

Condos
The median price increased 10% compared with 2017 to $335,000.

Salem Housing Market

After some fluctuations in 2017, the quarterly median price seems to have broken solidly through $300,000.

Salem Housing Market

The median price increased 10% compared with 2017 to $335,000.

Salem Housing Market

Condos For Sale
As of July 1 there were just 9 condos for sale under $350,000, down from 44 in 2016 and 23 in 2017.

Salem Housing Market

Summary

Salem is a city which has been attracting people for many years with the logical result being a strong housing market which this year has become “hot”.  With inventory on July 1 at just 1.5 months supply for SFHs and less and 1 month for Condos (6 months’ supply is regarded as a market in equilibrium between buyers and sellers) Salem remains a strong sellers’ market.

 

Sagan Harborside Sotheby’s International Realty

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