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
With 6,217 people, 2,598 houses or apartments, and a median cost of homes of $120,696, 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 69.67% 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 ( 12.09%), mobile homes or trailers ( 10.19%), and a few large apartment complexes or high rise apartments ( 6.50%).
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 60.54% owning and 39.46% 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 ( 37.75%). A lesser amount of the housing stock also hails from before 1939 ( 17.37%). There's also some housing in Salem built between 2000 and later ( 5.65%).
Vacant housing appears to be an issue in Salem. Fully 12.05% 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.
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 3.54%, which ranks in the top 50% nationwide. This equates to an annual average Salem house appreciation rate of 0.35%.
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 6.30%, which is higher than appreciation rates in 76.50% 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 1.69%, which equates to an annual appreciation rate of 6.95%.
Importantly, this makes Salem one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Indiana, our data show that Salem's latest annual appreciation rate is higher than 80% of the other cities and towns in Indiana.
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 2000, to assist you in making the best Salem real estate investment or home purchase decisions.
|$839,001 - $1,118,000||0.7|
|$559,001 - $839,000||0.0|
|$447,001 - $559,000||0.2|
|$336,001 - $447,000||1.1|
|$224,001 - $336,000||9.1|
|$112,001 - $224,000||30.9|
|$56,001 - $112,000||41.3|
|$0 - $56,000||16.2|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Salem HOMES|
|2000 or Newer||5.7|
|1970 - 1999||39.2|
|1940 - 1969||37.7|
|1939 or Older||17.4|
|TYPE OF Salem HOMES|
|Small Apt. Buildings||12.1|
|SIZE OF Salem HOMES|
|5 or more bedrooms||1.62|