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 7,113, 2,971 total housing units (homes and apartments), and a median house value of $137,772, 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%).
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 48.49%, which is annualized rate of 4.03%. 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 4.66%, 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 1.05%, which equates to an annual appreciation rate of 4.25%.
Relative to Illinois, our data show that Salem's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.
$137,772
for Illinois
for nation
2,971
$1,112 / per month