Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 7,113 people, 2,971 houses or apartments, and a median cost of homes of $159,562, house prices in Salem are solidly below the national average.
Single-family detached homes are the single most common housing type in Salem, accounting for 68.68% of the city's housing units. Other types of housing that are prevalent in Salem include duplexes, homes converted to apartments or other small apartment buildings ( 14.71%), mobile homes or trailers ( 10.35%), and a few large apartment complexes or high rise apartments ( 6.26%).
The most prevalent building size and type in Salem are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.91% owning and 41.09% renting.
There is a lot of housing in Salem built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Salem built between 1940-1969 ( 36.87%). A lesser amount of the housing stock also hails from before 1939 ( 12.24%). There's also some housing in Salem built between 2000 and later ( 7.45%).
Salem's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Salem during the period has been just 5.58%, which is lower than 70% of US communities.
Appreciation rates are so strong in Salem that despite a nationwide downturn in the housing market, Salem real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Salem appreciation rates continue to be some of the highest in America, at 12.65%, which is higher than appreciation rates in 94.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Salem. Salem appreciation rates in the latest quarter were at 1.42%, which equates to an annual appreciation rate of 5.82%.
Relative to Illinois, our data show that Salem's latest annual appreciation rate is higher than 90% of the other cities and towns in Illinois.
$159,562
for Illinois
for nation
2,971
$1,164 / per month