Salem’s Real Estate Market in May: A See-Saw Spring with Steady Prices
If you’ve been watching Salem’s housing market this spring and feeling a little dizzy, you’re not alone. May continued the ongoing inventory see-saw we’ve been riding since last year.
Here’s the rundown:
Yes, Inventory Jumped — But Context Matters
We saw an 18.2% jump in active inventory from April, which sounds like a flood of new homes, right? Not quite. At 436 homes on the market, we’re still 12.4% lower than May 2024. So while we had a short-term boost, it’s still a slower-than-usual spring for new listings.
Closed Sales: Up from April, But Still Behind Last Year
Buyers showed more interest than in April, but overall demand isn’t what it was in 2024. Only 166 homes closed in May, which is down 14.9% year over year. Translation: we’re moving, but we’re not sprinting.
Prices: Not Climbing, But Not Dropping Either
The median sales price was $450,000, up 1.8% from April, and flat year over year. That kind of price stability is rare in today’s world, and it’s great news for both buyers looking for predictability and sellers hoping to hold value.
Listings Aren’t Keeping Up with Buyer Activity
Here’s the pattern we’ve seen since last year:
Inventory rises.
Buyers snatch up the good stuff.
Nothing new comes on.
Inventory drops again.
Rinse and repeat.
This creates a frustrating cycle for buyers who are ready to make a move, especially retirees relocating or sellers who need to sell quickly and want a faster turnaround.
Sellers Still in a Strong Position
Homes are selling slightly faster, with median days on market at 50. And the average seller received 100.2% of their list price. So if you’re listing soon, and you price it right, you’re still in a favorable spot.