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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Salem, OH Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2024. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Salem, OH Housing Market Trends

With a population of 11,729, 5,185 total housing units (homes and apartments), and a median house value of $146,145, house prices in Salem are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Salem, accounting for 68.23% 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 ( 18.98%), large apartment complexes or high rise apartments ( 6.31%), and a few row houses and other attached homes ( 5.89%).

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 57.54% owning and 42.46% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Salem's housing was primarily built during this period, from the '40s through the '60s. A full 37.40% of the city's housing hails from this era. Other housing ages represented in Salem include homes built before 1939 ( 36.08%) and housing constructed between 1970-1999 ( 18.52%). There's also some housing in Salem built between 2000 and later ( 7.99%).

Vacant housing appears to be an issue in Salem. Fully 12.04% 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.

Salem Home Appreciation Rates

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 5.26%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Salem's appreciation rate, at 5.77%, has been at or slightly above the national average. In the latest quarter, Salem's appreciation rate has been 1.02%, which annualizes to a rate of 4.16%.

Relative to Ohio, our data show that Salem's latest annual appreciation rate is lower than 70% of the other cities and towns in Ohio.

Average Home Values

Median Home Value

$146,145

Salem, OH Home Prices
> $1,337,000
$1,003,001 - $1,337,000
$669,001 - $1,003,000
$535,001 - $669,000
$401,001 - $535,000
$267,001 - $401,000
$134,001 - $267,000
$67,001 - $134,000
$0 - $67,000
0.4%
0.4%
0.0%
0.0%
0.4%
0.4%
2.1%
2.1%
4.8%
4.8%
9.5%
9.5%
50.2%
50.2%
26.3%
26.3%
6.3%
6.3%
0% 100.0%
% of Homes
Very Low

for Ohio

Very Low

for nation

Number of Homes And Apartments:

5,185

Salem Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,114 / per month

Homeownership Rate

Owners
Renters
57.5%
57.5%
42.5%
42.5%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
12.0%
12.0%
88.0%
88.0%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
8.0%
8.0%
18.5%
18.5%
37.4%
37.4%
36.1%
36.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
68.2%
68.2%
5.9%
5.9%
19.0%
19.0%
6.3%
6.3%
0.6%
0.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.3%
0.3%
13.4%
13.4%
27.4%
27.4%
44.9%
44.9%
11.6%
11.6%
2.4%
2.4%
0% 100.0%
% of Homes