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 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.
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.
|$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|
|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||10.5|
|1970 - 1999||17.4|
|1940 - 1969||35.3|
|1939 or Older||36.7|
|TYPE OF Salem HOMES|
|Small Apt. Buildings||16.1|
|SIZE OF Salem HOMES|
|5 or more bedrooms||2.44|