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 4,655 people, 2,053 houses or apartments, and a median cost of homes of $116,846, house prices in Salem are some of the most affordable in Missouri as well as the nation.
Single-family detached homes are the single most common housing type in Salem, accounting for 66.75% 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 ( 25.65%), large apartment complexes or high rise apartments ( 3.63%), and a few row houses and other attached homes ( 2.46%).
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.
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 39.85% of the city's housing hails from this era. Other housing ages represented in Salem include homes built between 1970-1999 ( 35.75%) and housing constructed before 1939 ( 12.22%). There's also some housing in Salem built between 2000 and later ( 12.18%).
Vacant housing appears to be an issue in Salem. Fully 11.36% 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'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 5.24%, which is lower than 70% of US communities.
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 6.67%, which is higher than appreciation rates in 70.74% 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 0.31%, which equates to an annual appreciation rate of 1.23%.
Relative to Missouri, our data show that Salem's latest annual appreciation rate is lower than 50% of the other cities and towns in Missouri.
$116,846
for Missouri
for nation
2,053
$1,114 / per month