Salem, MA Real Estate

Salem is a community located in Essex County on the North Shore. It had a population of 41,340 in the 2010 U.S. Census. It sits at the mouth of the Naumkeag River on Massachusetts Bay and at one time included the nearby community of Marblehead as part of the city. The city has a total area of 18.1 square miles, with over 55% being water. The many rivers, creeks, inlets, and waterways divide the community into many small distinct neighborhoods.

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Single-Family Houses for Sale

The median value of a home in the community is $326,981. In the recent market, there were 50 homes on the market ranging from a two-bedroom, two-bath, 855 square-foot home for $299,000 that was built in 1890 and sits on a 1306 square-foot lot to an eleven-bedroom, nine-bath, 5942 square-foot Victorian home for $1,200,000 that was built in 1879.

The following is an overview of some of the neighborhoods of the area:

Baker’s Island

This small 55-acre island is part of the city, though it sits out in the Massachusetts Bay, the outermost island in the main shipping channel. It has a population of 48, who live mainly in the western and southern sections of the island. Over 78% of the residents live in single-family houses, with the average price of a home valued at $114,803.

Bridge Street Neck

This neighborhood is located northeast of the downtown on the peninsula that protrudes into Massachusetts Bay. It is a historic district in the town, with 67.6% of the homes having been built before 1940. Six percent of the town’s residences are located in this neighborhood, which has a population of 2735. Only 14.2 % of the residences are single-family homes, which have an average value of 281,560.

Castle Hill

Located in the east-central area of town, this neighborhood has a population of 8,974. Single-family homes make up 25.8% of the section’s residences, with an average value of $238,969. Almost 55% of the homes were built before 1940.

Chestnut Street

This section of town has a population of 1,256 with single-family homes making up 14.6% of residences. The average value of a house is $250,570. Over 74% of the homes were built before 1940.

Derby Wharf

This historic district sits on the eastern waterfront of the town and has a population of 3,951. Almost 74% of the neighborhood’s 2,377 single-family homes were built before 1940. The average value of home in this section is $281,569.

Downtown

This neighborhood is home to 3,604 people. It has 2,265 single-family homes with an average value of $280,652. Nearly 55% of the homes were built before 1940.

Gallows Hill

This second largest area of town has a population of 13,833. Almost 40% of the residences are single-family homes with an average value of $326,400. Over 64% of the homes were built after 1939, with 32.5% having been built since 1970.

McIntire

This neighborhood has a population of 5,231. There are 3,955 single-family homes in this area of town with an average value of $250,570. Over 54% of the homes were built before 1940.

Northfields

This is the third largest neighborhood in the town with a population of 13,235. Single-family houses make up 33% of the area’s residences, with an average value of $250,570. Of the 7,253 houses in this section, almost 53% were built before 1940.

South Salem

This is the largest neighborhood in the community with a population of 58,007. A third of the area’s residences are single-family homes, with the average value of $386,236. The majority of homes were built after 1939, with over 35% built since 1970.

Witchcraft Heights

This neighborhood is in the western section of the city and has a population of 12,714, making it the fourth largest in the community. Over 36% of its 6,310 homes were built since 1970. Almost two-thirds of the homes were built after 1939. The average value of a home in the area is $329,777.

Condos / Townhouses for Sale

There have been 44 condominiums on the market in the city recently, with the median listing price of $294,450. These ranged from a one-bedroom, one-bath, 558 square-foot unit built in 1905 listed at $159,900 to a four-bedroom, three-bath, 2,200 square-foot unit built in 1880 listed at $599,000. The average price of a condominium in the city was recently estimated to be $336,854. Condos have increased in value by 78% since 2000.

The following is a description of some of the condominium communities in the city:

The Village at Vinnin Square Condos

The 172 unit was built in 1980 and features both townhouses and garden-style condominiums. They range in size from one to three-bedroom, with living space in the small units of 885 square-feet, and living space in the large units of 2,730 square-feet. Based on previous sales, the average price for a one-bedroom unit was $184,000, while two-bedroom units ranged from $196,000 to $550,000. Three-bedroom units ranged in price from $280,000 to $350,000. The units feature a first-floor master suite, fireplace, and private deck. The complex is in a secluded setting with wooded views and offers such amenities as garage parking, swimming pool, tennis court, and clubroom.

The Highlands

This complex is located off of Route 107 near Spring Pond and features 140 townhouse units constructed in 1988. There are two and three-bedroom units. The living area ranges from 1867 to 2632 square-feet. Each unit has a master-bedroom suite with a private bath, a fireplace, skylights, private patio, a large area of closet and storage space, and a deeded garage. In recent years, the two-bedroom units’ price ranged from $292,500 to $320,000. The three-bedroom price was $295,000. The property has secluded, wooded surroundings and a swimming pool.

Pickering Wharf Condos

This 55 unit development was built in 1980 in the town’s historic downtown district. It is located on the ocean waterfront. The units feature an open floor plan with large bedrooms and ocean views. They range from one-bedroom, one-bath units with 840 square-feet of living space to three-bedroom, three-bath units with living space of 2,517 square-feet. Sale prices for two-bedroom in recent years ranged from $204,500 to $274,900. Each unit has stainless steel appliances, a fireplace, and deeded parking.

Collins Cove Condos

This oceanfront complex was built in 1980 and includes 36 units. There are both two-bedroom, one-and-a-half bath units with 1360 square-feet living space and three-bedroom, two-and-a-half bath units with 2100 square-feet. The price of two-bedroom units in recent years has ranged from $500,000 to $550,000. Three-bedroom unit prices have ranged from $550,000 to $599,000. Each condo features a fireplace, stainless steel appliances, and a private patio. The development amenities include a clubroom, garage parking, and a private beach.

Colonial Hill Condos

This is a small complex built in 1800 and updated in 2012. It has 12 units and is situated on the town’s waterfront. Each unit features high ceilings, an open floor plan, a kitchen island, granite countertops, and stainless steel appliances. They range from two to four-bedroom units, with the living space ranging from 1,102 to 2,361 square-feet. Recent sale prices for two-bedroom units ranged from $406,000 to $450,000. The development amenities include an intercom security system and off-street deeded parking.

Apartments

Just over half of the city’s 42,824 residents live in apartments. The median rent in the city is $1,734. This is more than the state average of $705. The median year of construction for the city’s apartments is 1939. Fifty percent of the community’s rent prices are in the $1000 to $1,999 range with 23.8% falling in between $1000 to $1,249. Rent prices vary from neighborhood to neighborhood across the city. In the center of town, the average rent is $1,641. The average monthly rent in the northern section of town is $1,947. In the southern neighborhood of Highland Avenue/Swampscott Road, the average rent is $1532.

The following is a description of some apartment complexes across the community:

Vinnin Square Apartments

This complex is located in the southern section of the city, only 12 miles from Boston. It offers one, two, and three-bedroom apartments with walk-in closets, granite countertops, stainless steel appliances, and fireplaces. One-bedroom units come in four different floor plans, and rent prices range from $1,975 to $2,010. There are nine different floor plans available in the two-bedroom units. These units range in monthly rent from $1,975 to $3,190. The three-bedroom apartments come in only one floor plan with monthly rent starting at $2,950. The complex is pet-friendly, allowing dogs up to 60 pounds for a monthly fee of $65. Some breeds of dogs are prohibited. Tenants may have a cat for a $35 monthly fee.

Hawthorne Commons

This property is situated in the center of the city. It features one and two-bedroom units, both having six different floor plans. The smaller apartments range in monthly rent from $1,875 to $1,990. The larger units’ rental prices range from $2,070 to $2,120 a month. Each apartment features nine-foot ceilings, gas fireplaces, a private patio/balcony. The complex’s amenities include a swimming pool, trash pickup, and a fitness center. It is a pet-friendly apartment, allowing two pets per tenant. The monthly pet fee for a dog is $45 and $35 for a cat.

Bell at Station

This complex is located near the MBTA train station. It offers both one and two-bedroom units. There are five different floor plans for the one-bedroom apartments, which range in living space from 815 square-feet to 964 square-feet. The monthly rent for a mid-size one-bedroom goes from $1,930 to $2,750. The two-bedroom units come in eight different floor plans, which range in living space from 1,108 square-feet to 1,538 square-feet. Mid-size two-bedroom units vary in rent from $2,375 to $3,410. Units feature granite countertops, gas fireplaces, balconies/patios, 8’6” ceilings, and outside storage. The community amenities include a riverfront clubhouse, jogging trails, fitness center, media room with theater seating, and a heated swimming pool.

Community Overview

The community combines many promising characteristics that make it an attractive place to live. First, the health of the local real estate market shows many positive signs. The value of homes in the area is increasing. In 2017, the city’s home values increased 7.7%. This is better than the national average, which saw a 6.5% increase in the home values. Experts predict that town’s house values will increase 3.2 % for 2018.

Also, the number of days a house stays on the market in the community indicates a strong property market. The average home is on the market 13 days and receives 10 offers in that time period. With such strong demand locally for homes, the market favors sellers presently.

Another positive property indicator is the inventory of local homes on the market. This demonstrates that it is a seller’s market. There were 41 homes sold in a recent month, with 130 sales occurring in the last six months. This is an average of 21 homes sold each month. Presently, there is a little under a 2 ½ month’s inventory supply. This is below the six months’ benchmark that experts see as a normal inventory for a local housing market. These factors demonstrate that it is very easy for an owner to sell a home.

The list-to-sale ratio also reveals the community’s property market is strong. The average sale to list price is 100.7%. This means that in recent home sales, buyers paid a little over the original asking price. This has become increasingly common in the last few years nationally. Over 17% of homes sold for more than the original asking price in 2012. In 2017, the number of homes selling above the original price rose to 24.1%. Professionals in the business see this as a sign of a healthy property market.

Finally, the number of owners experiencing financial troubles with their mortgage shows the area’s property health. The percentage of homes in the city with negative equity is better than the national average. There are 8.6% of the homes with a negative equity locally, while the national rate is 10.4%. The rate of owners delinquent on their mortgage is 1.1% locally, while the national average is 1.6%.

Second, the city’s infrastructure makes it a good choice for those who must commute into Boston. It is 15 miles northeast of Boston, with Route 1A passing through the town’s east side. There is also a Metro Boston Transit Authority Newburyport/Rockport Commuter Rail Line that has a station in the city. Seven MBTA bus lines also link the community to Boston and other nearby communities. A ferry service from the city to Boston is operated by Boston Harbor Cruises from May to October. Approximately 61,000 riders use the service annually, with commuters making up 11,000 of the total.

Third, the city’s commitment to education is strong. The average total expenditure for each student by the local school district is $20,207. This rate is 13% more than the state average. The average number of students per classroom is 10, which is also much better than the state averaged of 13.

All these features combine to help make the town a good place to make a home and raise a family. As one recent transplant commented, “My husband and I moved [to the city] from Long Island, New York five years ago, and we love it! ...this town has a real sense of community, awesome town life and a mixed crowd of people.”

Salem Condo Developments

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