In this 2023 Mid-Year in Review Housing Report, we are looking at Salem, New Hampshire in the first half of 2023 compared to the first half of 2022 to see how the market performed in the area. In February 2023, Lamacchia Realty officially opened a branch office in Salem!
Mid-Year Data Highlights
- Salem home sales decreased by 25.8% as there were 141 sales in the first half of 2023 compared to 190 in the first half of 2022. Average price increased by 3.9% going from $555,210 in the first half of 2022 to $576,975 in the first half of 2023. These metrics include single families, condos, and multi-families. The categorical breakdowns are listed in the infographic above.
- The number of homes listed in the first half of 2023 compared to the 1st half of 2022 decreased by 35.7%, moving from 249 to 160.
- The number of pending sales decreased by 31.9% with 171 in the first half of 2023 compared to 251 in the first half of 2022.
2023 Outlook
In the first half of 2023, the Salem housing market performed as expected with overall sales down and average prices slightly up. Keep in mind, the difference between 2023 and 2022 will be more than usual as we continue to transition from a hyperactive Covid market to a more balanced one. Not only have sales declined in Salem, but the number of new listings declined as well. In fact, the number of homes listed in the first half of the year is historically low. Potential sellers, in an attempt to hold onto their low 2-3% mortgage rate, are holding back from listing their homes, thereby tightening inventory levels. At the same time, buyer demand remains strong amidst affordability concerns such as mortgage rates and inflation, so the market is remaining competitive. As such, it is unlikely that we will see a drastic dip in prices as long as inventory levels remain this pinched.
To learn more about New Hampshire’s performance, click here to read the 2023 New Hampshire Mid-Year in Review Report.
Data provided by NEREN and compared to the prior year.
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