Market Conditions

Salem Oregon homes prices|Real Estate Report

Salem 2016 End of Year Real Estate Report

It was a crazy year in real estate if you were a home buyer trying to buy a home. Flippers and investors were heavily involved in the market causing competition for home occupied home owners.

  • Home sales were up 6.3% year over year.
  • Days on the market had no change.
  • The median home price was up 14% to $220,000.
  • Current inventory is 3.73 months
  • The market favors sellers

>Salem 3rd Quarter Home Market Report

  • Home sales up 9.6% quarter over quarter
  • Days on the market down 27% to 70 days from list to close
  • Median home price up 15.8% to $235,000
  • Average price per square foot up 9.9% to $143.40
  • Current inventory 2.1 months
  • Market strongly favors sellers

Salem 2nd Quarter Home Market Report

  • Home sales up 3.9% quarter over quarter
  • Days on the market up 1.6% to 64 days from list to close
  • Median home price up 12.6% to $223,000
  • Average price per square foot up 9.0% to $134.34
  • Current inventory 2.2 months
  • Market strongly favors sellers

Salem Oregon home prices

The home truth for Salem Oregon: End of year 2015

    • Home sales up 36.3% year over year
    • Days on the market down 9.8% to 74 days from list to close
    • Median home price up 8.8% to $196,000
    • Current inventory 3.27 months
    • Market favors sellers

Salem home prices climbed last year to the frustration of home buyers.  Multiple offers were commonplace especially in the under $250,000 price range where most buyers tend to be.

This year has continued with the same trend with homes still selling well and there is very low inventory putting sellers in a good negotiating position.

The home truth for Salem: Second Quarter, year over year

  • Median home price up 8% to $198,000. ┬áThis is a slow down from the first quarters 10.4% increase.
  • Home sales are up 45.6% this is a 15% increase from the first quarter and consistent with the seasonal┬ámarket increase that happens in the spring/summer season.
  • Days on the market is down 20% to 63 days.
  • Inventory is currently at 4.35 months
  • Market favors: Sellers.

As is typically of this time of year, the inventory that was put on the market in the first quarter was eaten up with spring and summer home buyers anxious to get settled into their new homes during summer months.