Salem, NY
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Salem Neighborhoods Since 2000




Salem, NY 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 929 people, 329 houses or apartments, and a median cost of homes of $148,453, Salem real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Salem, accounting for 80.27% of the village's housing units. Other types of housing that are prevalent in Salem include duplexes, homes converted to apartments or other small apartment buildings ( 13.51%), large apartment complexes or high rise apartments ( 3.78%), and a few mobile homes or trailers ( 1.89%).

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 74.77% of Salem's homes, and 63.51% have either three or four bedrooms, which is average sized relative to America.

The housing in Salem was primarily built before 1939 ( 73.78%), 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 ( 14.59%), followed by between 1970-1999 ( 10.00%). There's also some housing in Salem built between 2000 and later ( 1.62%).

Vacant housing appears to be an issue in Salem. Fully 11.08% 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

Real estate appreciation rates in Salem's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.49% during the period.

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 6.55%, which is higher than appreciation rates in 78.22% 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 2.67%, which equates to an annual appreciation rate of 11.14%.

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

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

Average Home Values

 

Median Home Value:
$148,453

Salem, NY HOME PRICES

Value Range
> $1,036,000 1.0
$777,001 - $1,036,000 0.0
$518,001 - $777,000 1.2
$414,001 - $518,000 2.9
$311,001 - $414,000 5.7
$207,001 - $311,000 16.9
$104,001 - $207,000 44.3
$52,001 - $104,000 25.3
$0 - $52,000 2.7

Low for NY
Average for Nation

Value Relative to Nation Value Relative to State
50.7734677135826 60.9427609427609

Number Of Homes And Apartments:
329

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
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
92.65% 3.87% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$949 / per month

Homeownership Rate

Homeownership
Owners 74.77
Renters 25.23
Vacant 11.08

Housing Market Details

 

Age of Homes

AGE OF Salem HOMES
2000 or Newer 1.6
1970 - 1999 10.0
1940 - 1969 14.6
1939 or Older 73.8

Types of Homes

TYPE OF Salem HOMES
Single-Family 80.3
Townhomes 0.5
Small Apt. Buildings 13.5
Apt. Complexes 3.8
Mobile Homes 1.9
Other 0.0

Home Size

SIZE OF Salem HOMES
No Bedroom 0.00
1 Bedroom 12.43
2 Bedrooms 16.49
3 Bedrooms 42.97
4 Bedrooms 20.54
5 or more bedrooms 7.57