Salem, MA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Salem Neighborhoods Since 2000




Salem, MA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Salem Housing Market Information

With 42,869 people, 18,029 houses or apartments, and a median cost of homes of $385,049, real estate costs in Salem are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Salem, accounting for 39.21% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 27.31%), single-family detached homes ( 25.00%), and a few row houses and other attached homes ( 8.31%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Salem primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Salem has a mixture of owner-occupied and renter-occupied housing.

The housing in Salem was primarily built before 1939 ( 54.98%), 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 1970-1999 ( 20.31%), followed by between 1940-1969 ( 17.98%). There's also some housing in Salem built between 2000 and later ( 6.72%).

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 2.85%, which ranks in the top 50% nationwide. This equates to an annual average Salem house appreciation rate of 0.28%.

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 6.15%, which is higher than appreciation rates in 75.33% 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 1.07%, which equates to an annual appreciation rate of 4.36%.

Relative to Massachusetts, our data show that Salem's latest annual appreciation rate is higher than 80% of the other cities and towns in Massachusetts.

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.

Average Home Values

 

Median Home Value:
$385,049

Salem, MA HOME PRICES

Value Range
> $1,202,000 1.0
$902,001 - $1,202,000 1.8
$601,001 - $902,000 5.2
$481,001 - $601,000 11.8
$361,001 - $481,000 31.0
$241,001 - $361,000 37.0
$120,001 - $241,000 9.2
$60,001 - $120,000 1.3
$0 - $60,000 1.8

Average for MA
Very High for Nation

Value Relative to Nation Value Relative to State
10.1722723543888 47.1153846153846

Number Of Homes And Apartments:
18,029

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
53.44% 2.51% 6 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,659 / per month

Homeownership Rate

Homeownership
Owners 45.96
Renters 54.04
Vacant 6.61

Housing Market Details

 

Age of Homes

AGE OF Salem HOMES
2000 or Newer 6.7
1970 - 1999 20.3
1940 - 1969 18.0
1939 or Older 55.0

Types of Homes

TYPE OF Salem HOMES
Single-Family 25.0
Townhomes 8.3
Small Apt. Buildings 39.2
Apt. Complexes 27.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Salem HOMES
No Bedroom 2.65
1 Bedroom 20.26
2 Bedrooms 41.70
3 Bedrooms 24.42
4 Bedrooms 7.77
5 or more bedrooms 3.19