Something unusual is happening in Salem’s real estate economy.
Homes are sitting longer. Sellers feel forced to reduce their asking prices, yet homes still remain out of reach for many prospective buyers. Builders are increasingly constructing rental housing rather than homes for purchase. Commercial properties are changing hands, and investors are spending millions to bring aging downtown buildings back to life. Yet several prominent commercial spaces remain underutilized in the long term, and some redevelopment projects are struggling to get off the ground.
So, is Salem’s economy struggling? Or are the ways residents and businesses participate in that economy fundamentally changing?…