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…)
Salem Mid-Year 2021 Market Report
The median price of Single Family Homes (SFH) sold in the first half of 2021 (H1 2021) rose12.9% from $472,850 to $534,000, confirming the breakout above $500,000 in H2 2020.
Sales dropped from 93 to 80 – the lowest figure since 2014 – with all the reduction in Q1.
80% of SFHs sold above list price in H1 2021, with 45% of sales (vs 8% in H1 2020) at 110% or more of list. (against 3% in H1 2020).. (more…)
Salem Q1 2021 Housing Market Review
1. The median price of Single Family Homes (SFH) sold in Q1 2021 increased 14.4% to $527,410, only the second time a Quarterly price has exceeded $500,000.
2. The median price of the Condos sold increased 11.7% to $405,000, breaking $400,000 for the first time, although the median price in the second half of 2020 was close – $395,000.
3. Sales of SFH were sharply lower at 30 vs 42 and compared with a 5-year average of 37. Condo sales increased to 74 from 68, slightly above the 5-year average of 70.
4. 70% of both SFHs and Condos sold in Q1 2021 received an accepted offer in 15 days or less.
For a more detailed report on the market in Q1 go to Team Harborside’s website and read: Salem Q1 Market Review (more…)
Salem Housing Market 2020 Review
The median Single Family Home (SFH) price in Salem in 2020 increased 13.6% to $490,000, while the median condo price was 8.5% higher at $385,000. Despite the big jump, Salem was one of only 8 of the 34 cities and towns in Essex County to have a median SFH price under $500,000 in 2020.
For a more detailed report go to Team Harborside’s website: Salem 2020 Review (more…)
Salem 2019 Housing Market Summary
[Click here to download a pdf of this report.]
Single Family Homes (SFH)
After a 10.5% increase in 2018, the median price of SFHs sold in 2019 increased just 1.4% to a new high of $431,250. Sales increased to the second highest level recorded.
Condos
The median price of the condos increased just 1.5% in the first half (H1) but jumped 10.7% in H2 for a Year-on-Year gain of 6.2%.
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Q3 2019 Housing Market Summary
[Click Salem Q3 2019 Housing Market Summary to download a copy of this report.]
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the first 9 months of 2019 (YTD Q3) increased 1.6% to $432,5000. Sales reached a new peak – just.
Condos
The median price of the condos sold YTD increased 3% to $345,000. Sales were very similar to recent years except for 2016
NB Numbers in bold represent record levels. Sources: MLSPIN, OliverReports.com
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
REALTOR®
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Mid-Year 2019 Housing Market Summary
[Click here to download a copy of this report.]
Single Family Homes (SFH)
The median price of Single Family Homes (SFH) sold in the first half of 2019 (H1 2019) was virtually unchanged, at $427,000 vs $425,500 in H1 2018. Sales of SFH were 98, down from 107 in H1 2018, but in line with the average of the last 5 years.
Condos
The median price of condos rose 1.5% to $340,000. Condo sales were modestly lower but also in line with the average for the last 5 years.
NB Numbers in bold represent record levels
Andrew Oliver
Market Analyst | Team Harborside | teamharborside.com
Sagan Harborside Sotheby’s International Realty
One Essex Street | Marblehead, MA 01945
m 617.834.8205
www.OliverReports.com
www.TeamHarborside.com
[email protected]
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Q1 2019 Housing Market Review
[Click Salem Q1 2019 Housing Market Review to download a pdf of this report.]
The median price of Single Family Homes (SFH) sold in Q1 2019 increased 4% compared with Q1 2018 to $445,500. Sales of SFH declined from 41 to 36. (more…)
Salem 2018 Housing Market By The Numbers
[Click here to download a copy of this report.]
Single Family Homes (SFH)
The median price of the SFHs sold in Salem in 2018 increased by 11% to a new record $425,500. Of note was the consistency of pricing quarter by quarter. Sales were in line with the 2017 total
Condos
The median price of the Condos sold in Salem in 2018 increased by 8% to a new record $335,000. Prices were also consistent throughout the year, and sales were similar to 2017’s level.
Andrew Oliver
Realtor, Sagan Harborside
Sotheby’s International Realty
www.andrewJoliver.com
www.OliverReports.com
Tel: 617.834.8205
Sotheby’s International Realty® is a registered trademark licensed to Sotheby’s International Realty Affiliates LLC. Each Office Is Independently Owned and Operated
Salem Q3 2018 Report: Prices Rising Strongly
(Click here to download a copy of this report.)
The median price of the 155 SFHs sold in the first 9 months of 2018 increased 11% to $425,500, a new high (numbers in bold represent highs). (more…)
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.
The median price has now exceeded $400,000 for three consecutive quarters.
SFH Sales
Sales recovered somewhat after the drop in 2017.
Sales by Price
The percentage of sales taking place below $400,000 has dropped from 57% to 37% in the last two years.
SFH For Sale
As of July 1, there were just 8 houses for sale in Salem under $400,000.
Condos
The median price increased 10% compared with 2017 to $335,000.
After some fluctuations in 2017, the quarterly median price seems to have broken solidly through $300,000.
The median price increased 10% compared with 2017 to $335,000.
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.
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
Essex County Q1 2018 housing market: prices continue to increase
The first Quarter of the year is the slowest one for sales in Essex County (weather!), typically representing about 15% of the year’s total. The smaller the number of sales the less significant is the data, so the numbers for individual towns can and do fluctuate from quarter to quarter.
As the numbers get bigger so does the significance. In the 34 cities and towns of Essex County overall, sales of Single Family Homes (SFH) were down 4% from Q1 2017 while the median price increased 4.4%.
In the whole of Massachusetts, sales were flat and the median price increased 3%,
The table below shows the median SFH price for each town for the last three years; and the median price and sales for Q1 for 2017 and 2018. The mid-year data, which I shall publish in mid-July, will give a better feel for the market in individual cities and towns, but these numbers support the general perception that the housing market in Essex County continues to show price increases.
OliverReports.com
Salem 2017 Housing Market Review
(Click here to download a copy of this report
The median price of the SFHs sold in Salem in 2017 increased 4.1% to a new high of $385,000. Sales were down somewhat from 2016, reflecting the shortage of inventory. (Numbers in bold represent peak levels).
OliverReports.com
The breakdown of sales by price shows a drop in sales under $400,000, a reflection of gently rising prices.
OliverReports.com
Condos
The median price of the condos sold in Salem in 2017 rose 12.4% to a record $310,000, breaking through $300,000 for the first time. Shortage of inventory caused a sharp drop in sales.
OliverReports.com
Andrew Oliver
www.OliverReports.com
[email protected]
617.834.8205
Salem Q3 2017 Housing Market: Condo prices surging
The SFH market in Salem continued its steady rise in 2017, with the median price in the first 9 months increasing by 3%, while sales were down slightly from the 2016 level.
The Salem condo market has been very active for some time, and in terms of unit sales is one of the two largest in Essex County. In the first 9 months of 2017, the median price increased 12%, breaking through the $300,000 level for the first time. Sale were down 15%, reflecting the shortage of inventory. (more…)
Salem 2016 Housing Market by the Numbers
In 2016 the median price of a Single Family Home (SFH) rose 6% to a new record high on a 16% increase in sales, which were also a record. The median price of a condo rose 2% and is just 1% below the 2005 peak. Condo sales were also up 16% but are still below the levels of 2004/05.
Source: MLS, Oliver Reports
Are you thinking of selling your home? If so please contact me on 617.834.8205 or [email protected] for a free market analysis and explanation of the outstanding marketing program I offer.
Not sure which broker to use to sell your home? Read Which broker should I choose to sell my house?
If you are looking to buy, I will contact you immediately when a house that meets your needs is available. In this market you need to have somebody looking after your interests.
Andrew Oliver is a Realtor with Harborside Sotheby’s International Realty. Each Office Is Independently Owned and Operated
@OliverReports
Recent Comments