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 167,419, 58,193 total housing units (homes and apartments), and a median house value of $276,474, Salem real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Salem, accounting for 60.40% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 20.11%), duplexes, homes converted to apartments or other small apartment buildings ( 9.60%), and a few mobile homes or trailers ( 5.37%).
The most prevalent building size and type in Salem are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.11% owning and 49.89% renting.
There is a lot of housing in Salem built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Salem built between 1940-1969 ( 25.83%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.39%). There's also some housing in Salem built before 1939 ( 8.66%).
Appreciation rates for homes in Salem have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 17.91%, which ranks in the top 30% nationwide. This equates to an annual average Salem house appreciation rate of 1.66%.
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 8.37%, which is higher than appreciation rates in 89.20% 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 2.57%, which equates to an annual appreciation rate of 10.68%.
Importantly, this makes Salem one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to Oregon, our data show that Salem's latest annual appreciation rate is higher than 80% of the other cities and towns in Oregon.
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.
|$1,060,001 - $1,413,000||0.5|
|$706,001 - $1,060,000||1.7|
|$565,001 - $706,000||3.1|
|$424,001 - $565,000||8.7|
|$283,001 - $424,000||25.0|
|$141,001 - $283,000||47.4|
|$71,001 - $141,000||4.4|
|$0 - $71,000||8.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
2000 Q1 - 2018 Q2
|* 10 is highest|
|AGE OF Salem HOMES|
|2000 or Newer||15.4|
|1970 - 1999||50.1|
|1940 - 1969||25.8|
|1939 or Older||8.7|
|TYPE OF Salem HOMES|
|Small Apt. Buildings||9.6|
|SIZE OF Salem HOMES|
|5 or more bedrooms||3.10|