Salem appreciation rates and housing market information

Salem housing market information

With 136,694 people, 53,730 houses or apartments, and a median cost of homes of $238,850, Salem real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Salem, accounting for 59.39% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments (21.17%), duplexes, homes converted to apartments, or other small apartment buildings (9.05%), mobile homes or trailers (5.80%), and a few row houses and other attached homes (4.34%).

People in Salem primarily live in small (one, two, or no bedroom) single-family detached homes. Salem has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Salem built from 1970-1994, 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 from 1940-1969 (32.27%). A lesser amount of the housing stock also hails from 1995 and later (13.02%), and some were built from 1939 and earlier (13.02%).

Salem home appreciation rates

Appreciation rates for homes in Salem have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 84.85%, which ranks in the top 40% nationwide. This equates to an annual average Salem house appreciation rate of 8.48%.

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 -2.50%, 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 -1.62%, which equates to an annual appreciation rate of -6.48%.

Notably, Salem's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Oregon, our data show that Salem's latest annual appreciation rate is higher than 53% of the other cities and towns in Oregon.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Salem differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Salem - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Salem real estate investment or home purchase decisions.