2023 SALEM
Real Estate Market Recap

  • Salem home sales decreased by 16% as there were 321 sales in 2023 compared to 382 in 2022. Average price increased by 3.8% going from $582,472 in 2022 to $604,346 in 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic to the right.
  • The number of homes listed in 2023 compared to 2022 decreased by 17.6%, moving from 415 to 342.
  • The number of pending sales decreased by 18.1% with 353 in 2023 compared to 431 in 2022.

2024 Outlook

Overall, the Salem, NH housing market performed as expected given that the market is adjusting from a frenzied state – total home sales were down, and average sale price was up. One of the biggest factors affecting inventory levels in 2023 was listings as they were the lowest in over two decades in New Hampshire. Salem proved to be no different, with homes listed down substantially year over year. In 2024, we expect the Salem housing market to improve but still at a slower than normal pace. As Anthony states in his 2024 Predictions, “the worst is behind us, but we are not out of the woods.”  Home sales should increase, especially if mortgage rates continue to trend downward or stay as they are now. Buyer demand in the market is still strong, so the leveling of mortgage rates is excellent news for buyers battling with affordability concerns. This should also make want-to-be sellers more motivated to list their homes which should cause inventory to rise and in turn price growth should slow, level off, or even fall slightly (NOT crash).

To learn more about New Hampshire’s performance, click here to read the 2023 New Hampshire Year in Review Report.

Data provided by PrimeMLS and compared to the prior year.