Rockingham Times

Housing prices in Salem are likely to continue rising for the rest of the year due to a shortage of supply and a high volume of buyers, according to a Patch report.

“The floor is getting swept in the housing market here in New Hampshire and Maine," Zay LaSoul tweeted on Oct. 12. "Sheesh, they even got a bot making ridiculous offers on the radio.”

Daryl Fairweather, chief economist at Redfin, a national real estate brokerage, said that although demand for housing remains high throughout the country, supply is limited, resulting in steadily increasing prices. Traditionally, however, home prices decrease during the autumn and winter seasons.

"We definitely need to build more homes to alleviate the price pressure," Fairweather told Patch. "People are also moving to areas where it's easier to build homes."

According to Redfin, the average selling price for single-family residences in the 07039 zip code from June through August was $500,000, marking a 23% increase over the previous year. Redfin reports that 48% of single-family homes for sale in the Salem area were purchased within two weeks of being listed.