Salem’s real estate market is definitely changing for the better, with recent signs of burgeoning activity. Home sales are up and to use an angling analogy, the fish are biting.
Another positive sign is that after a prior spike in Salem area home inventory, there is now a dramatic 25% drop in the backlog of homes for sale. So instead of a bloated 8.3 month supply of homes, greater Salem now sports a far more sleek 6.6 month inventory.
This means homebuyers are now competing more for houses. If this trend of less inventory keeps up, there may eventually be a real estate ‘feeding frenzy’ as more buyers race to purchase their next home.
To be clear, Salem real estate remains marginally a ‘buyer’s market.’ However it…
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