Salem Real Estate Market Update: November 2024
Low Inventory Continues, But There’s Movement!
November 2024 brought some interesting changes to the Salem housing market. While active inventory increased by 31.8% compared to October, it’s still 19.9% lower than November 2023. This means the market is still navigating a supply crunch, despite a slight seasonal bump. Buyers are feeling the squeeze, and sellers are basking in the advantage.
What’s the Deal with Salem Home Prices?
Salem’s median sales price remains steady at $425,000, the same as last month, with a modest 2.4% increase from November 2023. This leveling off of home price appreciation is helpful for buyers who are struggling with affordability with the increase in interest rates.
Inventory: Up for the Month, Down for the Year
Here’s where it gets intriguing: active listings are up by 31.8% from October 2024, but they’ve dropped 19.9% year-over-year. That’s why buyers are still seeing slim pickings compared to last year. The months of supply currently sits at just 3.1 months, keeping Salem firmly in seller’s market territory. Good homes are still seeing multiple offers.
What Does This Mean for You?
Sellers, the ball is still in your court IF you have a ready-to-go home in a moderate price point—low inventory means less competition and potentially higher offers. Buyers, don’t let the monthly increase fool you; inventory is still tight compared to last year, so preparation and speed are key. You will still be frustrated by the lack of good homes to buy. Buying a home will be stressful moving forward.
This data came from the WVMLS and from Altos.