Salem homes are still selling, just not with the same rush as last year
The big shift in Salem right now is speed, not price. The Real Estate Data Aggregator counted 148 single-family homes sold in ZIP 01970 in the three months ending August 31, 2026. That is up 5.7% from the same period in 2025. More homes sold. But the share that went under contract within two weeks dropped 16 points, to 47.9%. So deals are still closing. They just aren't closing in a blink the way they were.
That 16-point drop is the number sellers need to sit with. It doesn't mean buyers disappeared. It means you can't count on an offer in the first weekend. Price it right from day one, and you still get a deal. Price it high hoping to come down, and you may wait longer than you planned.
Prices held, and most homes still sold above list
The Real Estate Data Aggregator put the median sale price at $625,000, up 1.6% from a year earlier. Half of all homes still sold above list price. The average sale came in at 101.2% of list. Those numbers say Salem is still a seller's market. But the edges are softening a little, and that is honest.
More homes to choose from
The Real Estate Data Aggregator counted 105 homes for sale in ZIP 01970 during that same period, up 36.4% from a year before. New listings rose 7.5% to 186. Months of supply came in at 2.2, up half a month from last year. More inventory means buyers have real choices now. That is a meaningful change from the past couple of years.
Rates eased a little, but not enough to change the math much
Housingwire reported that mortgage rates peaked around 7.60% before falling toward 7.30% as of October 24, 2026. That drop helps a little at the edges of affordability. But 7.30% is still high by recent history, and Salem prices didn't fall to meet it. Buyers who were already stretched are still stretched.
Housingwire also noted the 10-year Treasury yield held at 5.35% throughout October 2026. That yield is a floor under mortgage rates. Until it moves, rates aren't going to fall far or fast.
What this means if you are selling
- Price from the start based on what sold, not what you hope for. The 16-point drop in quick contracts means buyers are taking longer to decide.
- Expect a showing or two before an offer. That is normal now, not a warning sign.
- The sale-to-list ratio is still above 100%, so well-priced homes are still getting over ask. That hasn't gone away.
- With 2.2 months of supply, you are not competing with a flood of listings. But you are competing more than you were a year ago.
What this means if you are buying
- You may get a second showing. Ask for it. A year ago that wasn't always possible.
- Inspection contingencies are easier to negotiate when a home has been sitting for a week or two.
- Half of homes still sold above list, so don't assume every seller will take under ask. Come in informed.
- More listings are coming to market. If the first home doesn't work, there may be another one soon.
- Salem's market in the three months ending August 31, 2026 was active and still favored sellers, but the urgency dialed back.
- Homes sold.
- Prices held.
- Buyers just had a little more room to think.
- That is a more balanced place than Salem was a year ago, and that is not a bad thing for anyone.
One more thing worth saying: these numbers cover all of ZIP 01970. One street can read very differently from the ZIP as a whole. A home near downtown, a home on the water side, a home in a historic district, each one has its own story. The zip code average won't tell you what your block is doing.
Your next step
(978) 915-3495Text me your address and I'll send back how long homes like yours are taking to sell in Salem right now, and where your price sits against what actually closed. 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.
- Nina-Soto Realty: 15 Larchmont Rd, Salem, MA 01970 - Nina-Soto Realty, Oct 25, 2026
- Nina-Soto Realty: 3 Cleveland St, Salem, MA 01970 - Nina-Soto Realty, Oct 25, 2026
- Housingwire: Slightly lower mortgage rates finally pause slide in housing demand, Oct 24, 2026
- Housingwire: Trump housing order receives mixed industry reaction, Oct 23, 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