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 a population of 6,073, 2,251 total housing units (homes and apartments), and a median house value of $331,723, Salem real estate is some of the most expensive in Alabama, although Salem home values aren't among America's most expensive.
Single-family detached homes are the single most common housing type in Salem, accounting for 70.31% of the town's housing units. Other types of housing that are prevalent in Salem include mobile homes or trailers ( 25.96%), large apartment complexes or high rise apartments ( 2.10%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.63%).
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 85.96% of Salem's homes, and 72.01% have either three or four bedrooms, which is average sized relative to America.
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 2000 and later ( 43.83%). A lesser amount of the housing stock also hails from between 1940-1969 ( 7.97%).
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 94.33%, which ranks in the top 50% nationwide. This equates to an annual average Salem house appreciation rate of 6.87%.
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 15.89%, which is higher than appreciation rates in 89.30% 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 -0.36%, which equates to an annual appreciation rate of -1.41%.
Relative to Alabama, our data show that Salem's latest annual appreciation rate is higher than 90% of the other cities and towns in Alabama.
$331,723
for Alabama
for nation
2,251
$533 / per month