More Salem homes are hitting the market, but buyers still face real competition
The number of Salem homes for sale jumped 36.4% from a year ago, according to the Real Estate Data Aggregator for the three months ending August 31, 2026. More choices sound like good news for buyers. But the market has not softened as much as that number suggests.
Even with more inventory, half of Salem homes sold above list price in that same period, the Real Estate Data Aggregator shows. That is only 2.9 points lower than a year ago. The competition is real. It has just eased a little.
Rates are making everything harder
CNBC reported on October 7, 2026 that the average 30-year fixed rate rose to 7.49%. That is not a small number. It affects what buyers can afford, and it affects how many people choose to list at all.
CNBC also reported that mortgage applications to purchase a home were 15% lower than the same week a year ago. Fewer buyers are getting into the process. That matters for sellers who are counting on strong demand.
Homes that are priced right are still moving fast
The Real Estate Data Aggregator counted a median of 22 days on market for the three months ending August 31, 2026. That is only one day longer than a year ago. Well-priced homes are not sitting.
Nearly half of Salem homes, 47.9%, went under contract within two weeks of listing, per the Real Estate Data Aggregator. That share is down 16 points from a year ago. So buyers do have a little more time than they did. But the best-priced homes are still moving quickly.
What this means if you are selling
The average sale came in at 101.2% of list price, the Real Estate Data Aggregator shows. That is down 0.4 points from a year ago. You can still price confidently, but there is less room to overshoot and hope a bidding war bails you out.
New listings rose 7.5% from a year ago. You have more competition from other sellers now. Preparation and pricing are doing more of the work than they did last year.
What this means if you are buying
With 105 homes for sale and 2.2 months of supply, per the Real Estate Data Aggregator, Salem is still a seller's market. You have more to look at than a year ago. You do not have much room to wait on a home you actually want.
The Federal Housing Finance Agency reported on September 29, 2026 that U.S. home prices rose 2.6% from July 2025 to July 2026. Prices are not falling nationally, and Salem's own median is up 1.6% year over year. Waiting for a price drop is a real gamble right now.
- Salem has more homes for sale than it did a year ago, and that is real.
- But rates are at 7.49%, half of homes are selling above list price, and the median home is moving in 22 days.
- The market is a little more balanced.
- It is not a buyer's market.
These are ZIP code numbers for 01970. One street can read very differently from the whole ZIP. A block closer to downtown, or near a school, or in a historic district can have its own pace and its own price. If you want to know what is happening on your block, reach out.
Your next step
(978) 915-3495Text me your Salem address and I will send back how your block is moving compared with what actually sold in 01970 over the three months ending August 31, 2026. Takes a day, costs nothing.
Text me- Real Estate Data Aggregator numbers for ZIP 01970, the three months ending August 31, 2026, compared with the same months of 2025. Real Estate Data Aggregator last updated them on Oct 7, 2026.
- Housingwire: Have mortgage rates peaked, or will we see even more chaos?, Oct 10, 2026
- Federal Housing Finance Agency: FHFA House Price Index® Up 0.3 Percent in July; Up 2.6 Percent from Last Year | FHFA, Sep 29, 2026
- Redfin: Soft September Jobs Report May Give Fed Reason to Pause Rate Hikes, Slowing Ascent of Mortgage Rates, Oct 2, 2026
- CNBC: Refinance demand is now half what it was a year ago, as mortgage rates rise again, Oct 7, 2026
- CNBC: Mortgage rates jump for the sixth straight week, hitting both refinance and homebuyer demand hard, Sep 30, 2026