SALEM 2023 MARKET REPORT and 5-YEAR REVIEW

The many attractions of Salem continue to attract buyers, especially younger buyers moving out of Boston. Perhaps surprisingly in a time when mortgage rates have more than doubled, sales have continued to be brisk, and in every month in 2023 from April onwards more than 50% of sales have taken place over list price.
Fluctuations in median prices can and do occur from quarter to quarter, based upon those properties which actually sell in any quarter, which is why the trend is more important than the exact numbers.
If you are thinking of selling, please contact me for a current market analysis for your property.
Go HERE to download a pdf of this report and HERE to download my Essex County report.

Median Price and Sales
The median price of the Single Family homes sold in Salem increased 39% from $431,250 in 2019 to $600,000 in 2023, a slight decrease from $611,000 in 2022. Sales dropped slightly from 2019 to 2022, but fell sharply in 2023.

The median price of the Condos sold increased by 37% from $355,000 in 2019 to $485,000 in 2023. Sales started to fall in the second half of 2022 and were also down sharply in 2023.

Single Family Sales by Price
Another way to look at sales is the distribution by price. (more…)