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 about Scout's Real Estate Data
With 11,715 people, 5,109 houses or apartments, and a median cost of homes of $161,765, house prices in Salem are some of the most affordable in Ohio as well as the nation.
Single-family detached homes are the single most common housing type in Salem, accounting for 68.76% of the city's housing units. Other types of housing that are prevalent in Salem include duplexes, homes converted to apartments or other small apartment buildings ( 18.23%), large apartment complexes or high rise apartments ( 7.09%), and a few row houses and other attached homes ( 5.61%).
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 56.90% owning and 43.10% renting.
The housing in Salem was primarily built before 1939 ( 39.41%), 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 ( 34.10%), followed by between 1970-1999 ( 19.80%). There's also some housing in Salem built between 2000 and later ( 6.69%).
Vacant housing appears to be an issue in Salem. Fully 11.19% 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'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 5.76%, which is lower than 70% 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 9.46%, which is higher than appreciation rates in 75.69% 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 2.55%, which equates to an annual appreciation rate of 10.61%.
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 Ohio, our data show that Salem's latest annual appreciation rate is higher than 80% of the other cities and towns in Ohio.
$161,765
for Ohio
for nation
5,109
$1,078 / per month