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 a population of 811, 377 total housing units (homes and apartments), and a median house value of $224,029, 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 80.65% of the town's housing units. Other types of housing that are prevalent in Salem include duplexes, homes converted to apartments or other small apartment buildings ( 16.34%), mobile homes or trailers ( 3.01%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Salem. Owner-occupied housing accounts for 82.23% of Salem's homes, and 62.15% have either three or four bedrooms, which is average sized relative to America.
The housing in Salem was primarily built before 1939 ( 84.30%), making the housing stock in Salem some of the oldest overall in America, although there is a range of ages of homes in Salem. The next most important housing age is between 1940-1969 ( 7.10%), followed by between 1970-1999 ( 6.45%). There's also some housing in Salem built between 2000 and later ( 2.15%).
Vacant housing appears to be an issue in Salem. Fully 18.92% of the housing stock is classified as vacant. Left unchecked, vacant Salem homes and apartments can be a drag on the real estate market, holding Salem real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Salem, where house values have increased just 54.49%, which is annualized rate of 4.45%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
Over the last year, Salem appreciation rates have trailed the rest of the nation. In the last twelve months, Salem's appreciation rate has been 3.90%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Salem were at -7.43%, which equates to an annual appreciation rate of -26.57%.
Notably, Salem's appreciation rate in the latest quarter is one of the lowest in America.
Relative to New York, our data show that Salem's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.
$224,029
for New york
for nation
377
$1,471 / per month