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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Salem, NY Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Salem, NY Housing Market Trends

With a population of 811, 377 total housing units (homes and apartments), and a median house value of $225,147, 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 80.65% of the town's housing units. Other types of housing that are prevalent in Salem include duplexes, homes converted to apartments or other small apartment buildings ( 16.34%), mobile homes or trailers ( 3.01%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Salem. Owner-occupied housing accounts for 82.23% of Salem's homes, and 62.15% have either three or four bedrooms, which is average sized relative to America.

The housing in Salem was primarily built before 1939 ( 84.30%), 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 ( 7.10%), followed by between 1970-1999 ( 6.45%). There's also some housing in Salem built between 2000 and later ( 2.15%).

Vacant housing appears to be an issue in Salem. Fully 18.92% 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

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 4.35%, which is lower than 80% 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 8.90%, which is higher than appreciation rates in 91.15% 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 5.09%, which equates to an annual appreciation rate of 21.97%.

Importantly, this makes Salem one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to New York, our data show that Salem's latest annual appreciation rate is higher than 70% of the other cities and towns in New York.

Average Home Values

Median Home Value

$225,147

Salem, NY Home Prices
> $1,212,000
$909,001 - $1,212,000
$606,001 - $909,000
$484,001 - $606,000
$363,001 - $484,000
$243,001 - $363,000
$121,001 - $243,000
$60,001 - $121,000
$0 - $60,000
1.9%
1.9%
3.3%
3.3%
5.8%
5.8%
6.2%
6.2%
5.0%
5.0%
12.1%
12.1%
40.6%
40.6%
20.4%
20.4%
4.7%
4.7%
0% 100.0%
% of Homes
Low

for New york

Average

for nation

Number of Homes And Apartments:

377

Salem Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,522 / per month

Homeownership Rate

Owners
Renters
82.2%
82.2%
17.8%
17.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
18.9%
18.9%
81.1%
81.1%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
2.2%
2.2%
6.5%
6.5%
7.1%
7.1%
84.3%
84.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
80.6%
80.6%
0.0%
0.0%
16.3%
16.3%
0.0%
0.0%
3.0%
3.0%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
0.0%
0.0%
5.6%
5.6%
20.9%
20.9%
44.9%
44.9%
17.2%
17.2%
11.4%
11.4%
0% 100.0%
% of Homes