The Salem, Oregon real estate market has seen a mixed bag of changes this September 2024. For homeowners, buyers, and investors keeping an eye on the trends, here’s a closer look at what’s happening in Salem OR Housing Market Update September 2024.

Prices Hold Steady with a Slight Uptick Month-Over-Month

The median sales price for homes in Salem has ticked up slightly from August 2024, now sitting at $434,940—a 1.1% increase. However, when we look back a year to September 2023, prices are down by 1.1%. This could suggest a cooling trend in the market compared to last year’s highs, but with a recent rise, sellers still have reasons to feel positive.

Inventory Shrinks, Tightening Market Conditions

Active listings are at 487, showing an 11.1% drop since last month and new listings are down by 14%, with just 215 homes hitting the market. The lower inventory could create a more competitive environment for buyers, potentially leading to more balanced pricing in the months ahead. For sellers, fewer homes on the market might mean less competition, making it a good time to consider listing.

Homes Taking Longer to Sell

Buyers seem to have a bit more time on their hands, with homes now staying on the market for a median of 65 days, an increase of 1.6% compared to last year. This suggests that while demand remains, buyers may be taking a little longer to make decisions, potentially due to shifting market conditions or rising interest rates.

How Much Are Sellers Getting?

The good news for sellers is that they’re still seeing offers close to their asking prices—receiving 99.5% of the list price on average. This slight 0.3% dip from last month suggests that while buyers are negotiating a bit more, sellers aren’t having to make significant price cuts to close deals.

Months Supply Indicates a More Balanced Market

The months supply of inventory has grown to 3.0 months, a 20.4% increase from last year. This metric points to a shift towards a more balanced market—neither favoring buyers nor sellers. For those planning to buy, this could mean a bit more choice, while sellers might still benefit from a steady pool of motivated buyers.

Who does the market favor?

This market data comes from the WVMLS and from Altos