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