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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 Q2 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (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, 365 total housing units (homes and apartments), and a median house value of $216,414, 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 67.55% 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 ( 23.62%), mobile homes or trailers ( 4.42%), and a few large apartment complexes or high rise apartments ( 4.42%).

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 75.78% of Salem's homes, and 43.71% have either three or four bedrooms, which is average sized relative to America.

The housing in Salem was primarily built before 1939 ( 80.13%), 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 ( 8.39%), followed by between 1970-1999 ( 8.39%). There's also some housing in Salem built between 2000 and later ( 3.09%).

Vacant housing appears to be an issue in Salem. Fully 19.43% 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 3.43%, which is lower than 80% of US communities.

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 11.28%, 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 1.38%, which equates to an annual appreciation rate of 5.65%.

Notably, Salem's appreciation rate in the latest quarter is one of the lowest in America.

Relative to New York, our data show that Salem's latest annual appreciation rate is lower than 50% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$216,414

Salem, NY HOME PRICES

> $1,307,000
$980,001 - $1,307,000
$653,001 - $980,000
$523,001 - $653,000
$392,001 - $523,000
$261,001 - $392,000
$130,001 - $261,000
$65,001 - $130,000
$0 - $65,000
0.0%
0.0%
0.4%
0.4%
7.7%
7.7%
4.2%
4.2%
5.3%
5.3%
16.5%
16.5%
43.3%
43.3%
20.4%
20.4%
2.2%
2.2%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for NY

Value Relative To Nation

Number Of Homes And Apartments:
365

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2022 Q1 - 2022 Q2
Last 12 Months:
2021 Q2 - 2022 Q2
Last 2 Years:
2020 Q2 - 2022 Q2
Last 5 Years:
2017 Q2 - 2022 Q2
Last 10 Years:
2012 Q2 - 2022 Q2
Since 2000:
2000 Q1 - 2022 Q2
149.61% 4.15%
8
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,365 / per month

Homeownership Rate

Owners
Renters
Vacant
75.8%
75.8%
24.2%
24.2%
19.4%
19.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
3.1%
3.1%
8.4%
8.4%
8.4%
8.4%
80.1%
80.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
67.5%
67.5%
0.0%
0.0%
23.6%
23.6%
4.4%
4.4%
4.4%
4.4%
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
1.3%
1.3%
9.3%
9.3%
32.9%
32.9%
29.6%
29.6%
14.1%
14.1%
12.8%
12.8%
0.0% 100.0%
% OF HOMES