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 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.
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.
|$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|
|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||1.6|
|1970 - 1999||10.0|
|1940 - 1969||14.6|
|1939 or Older||73.8|
|TYPE OF Salem HOMES|
|Small Apt. Buildings||13.5|
|SIZE OF Salem HOMES|
|5 or more bedrooms||7.57|