Salem, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Salem Neighborhoods Since 2000




Salem, NJ 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 a population of 4,894, 1,980 total housing units (homes and apartments), and a median house value of $83,018, house prices in Salem are some of the most affordable in New Jersey as well as the nation.

Single-family detached homes are the single most common housing type in Salem, accounting for 39.92% of the city's housing units. Other types of housing that are prevalent in Salem include row houses and other attached homes ( 26.73%), large apartment complexes or high rise apartments ( 17.23%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 16.13%).

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.

The housing in Salem was primarily built before 1939 ( 36.71%), 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 1940-1969 ( 35.34%), followed by between 1970-1999 ( 17.42%). There's also some housing in Salem built between 2000 and later ( 10.52%).

Vacant housing appears to be an issue in Salem. Fully 24.51% 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 Home Appreciation Rates

Homes have actually lost value in Salem over the last then years, as home values have seen a decline of 25.73% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Salem home appreciation rates at 0.08%, which equates to an annual appreciation rate of 0.32%.

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 -0.87%, 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 0.08%, which equates to an annual appreciation rate of 0.32%.

Relative to New Jersey, our data show that Salem's latest annual appreciation rate is lower than 90% of the other cities and towns in New Jersey.

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:
$83,018

Salem, NJ HOME PRICES

Value Range
> $998,000 0.3
$749,001 - $998,000 0.0
$499,001 - $749,000 0.0
$399,001 - $499,000 0.0
$299,001 - $399,000 0.7
$200,001 - $299,000 8.4
$100,001 - $200,000 36.9
$50,001 - $100,000 45.6
$0 - $50,000 8.2

Very Low for NJ
Very Low for Nation

Value Relative to Nation Value Relative to State
88.544474393531 100.0

Number Of Homes And Apartments:
1,980

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
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
21.24% 1.12% 1 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,160 / per month

Homeownership Rate

Homeownership
Owners 35.92
Renters 64.08
Vacant 24.51

Housing Market Details

 

Age of Homes

AGE OF Salem HOMES
2000 or Newer 10.5
1970 - 1999 17.4
1940 - 1969 35.3
1939 or Older 36.7

Types of Homes

TYPE OF Salem HOMES
Single-Family 39.9
Townhomes 26.7
Small Apt. Buildings 16.1
Apt. Complexes 17.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Salem HOMES
No Bedroom 0.84
1 Bedroom 20.36
2 Bedrooms 30.39
3 Bedrooms 33.74
4 Bedrooms 12.24
5 or more bedrooms 2.44