Dan Seiffert SVP, Accounting | realtors.com
Homebuyers looking to save by moving out of a pricey urban area—and those who decorate for Halloween early—may find Salem, MA appealing. The ZIP code 01970 in Salem ranked third on the Realtor.com® Hottest ZIP Code in America list, its first appearance.
Salem, only 16 miles north of Boston, offers significantly cheaper housing. In June 2024, the median home listing price in Salem was $254,000 less than in the Boston metro area.
“Salem offers the advantages of urban living without the hefty price tag,” says real estate agent Andrea Bennett of William Raveis Real Estate in Salem.
This historic coastal town, known for the 1692 Salem witch trials, has about 44,000 residents. However, it becomes bustling in October as America’s All Hallow’s Eve capital.
“On Halloween night, imagine Mardi Gras, except with better costumes,” says real estate agent Jim Armstrong of Armstrong Field Real Estate in Salem.
“It is wall-to-wall people in downtown Salem, with over a million people visiting during the month,” adds Stacia Cooper, assistant director of Destination Salem.
Homes in Salem are highly sought after. In the first half of 2024, homes spent a median of 16 days on the market—37 days less than the national average.
“Salem is still experiencing some bidding wars due to a shortage of available homes and sustained demand,” says Armstrong. “I don’t anticipate that changing anytime soon, especially with falling mortgage interest rates.”
Properties in ZIP code 01970 attracted 3.6 times as many views per listing from January through June 2024 compared to the U.S. median.
The hottest ZIP codes list was compiled by analyzing housing market supply and demand using Realtor.com listing data from January to June 2023. The economic research team assessed views per listing and selling speed. Only one ZIP code per metropolitan area was included to maintain competitiveness.
In June, Salem’s median list price was $596,000—28.9% below Boston's metro average of $879,000.
“Though higher-priced than the U.S. median, ZIP 01970 was more affordable than the Boston metro median,” says Realtor.com senior economic research analyst Hannah Jones.
Salem also has a significant number of condos across various price ranges providing buyers with multiple options according to Armstrong.
Employment opportunities contribute to drawing people to Salem. Major employers include Salem Hospital, City of Salem, and Salem State University. Massachusetts Gov. Maura Healey recently initiated construction on the $300 million Salem Offshore Wind Terminal set to open in 2026 and create hundreds of jobs.
New York metro shoppers showed notable interest in Salem housing with 12.9% of home listing views coming from there during the first half of 2024; however, most interest came from within Boston metro at 42.5%.
“People far and wide are drawn to this very inclusive and diversified community,” says Armstrong.
Additionally, commuting into Boston is convenient via Massachusetts Bay Transportation Authority commuter rail or seasonal use of the Salem Ferry according to Cooper.
Salem’s seaside location includes beaches such as Dead Horse Beach and Devereux Beach within proximity while downtown is walkable with attractions like Peabody Essex Museum and more than 30 miles of trails for nature enthusiasts according to Cooper.
With its vibrant nightlife and cultural scenes attracting younger demographics while maintaining strong community ties noted by Bennett: “People here really know and take care of their neighbors.”
Ready to shop for a home? Here are some listings:
49 Summit St., Price: $529,900
10 Rawlins St., Price: $619,000
19 Webb St., Price: $650,000
Alerts Sign-up