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 44,722 people, 19,887 houses or apartments, and a median cost of homes of $606,040, real estate costs in Salem are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Massachusetts communities.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Salem, accounting for 36.19% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 31.21%), single-family detached homes ( 25.48%), and a few row houses and other attached homes ( 6.95%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Salem primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Salem has a mixture of owner-occupied and renter-occupied housing.
The housing in Salem was primarily built before 1939 ( 49.89%), 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 1970-1999 ( 22.29%), followed by between 1940-1969 ( 18.52%). There's also some housing in Salem built between 2000 and later ( 9.29%).
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 106.19%, which ranks in the top 40% nationwide. This equates to an annual average Salem house appreciation rate of 7.50%.
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 7.39%, 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 1.06%, which equates to an annual appreciation rate of 4.33%.
Relative to Massachusetts, our data show that Salem's latest annual appreciation rate is lower than 70% of the other cities and towns in Massachusetts.
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.
$606,040
for Massachusetts
for nation
19,887
$3,430 / per month