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 121 people, 53 houses or apartments, and a median cost of homes of $265,156, 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 78.41% of the town's housing units. Other types of housing that are prevalent in Salem include mobile homes or trailers ( 21.59%).
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 92.45% of Salem's homes, and 69.32% have either three or four bedrooms, which is average sized relative to America.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Salem's housing was primarily built during this period, from the '40s through the '60s. A full 40.91% of the town's housing hails from this era. Other housing ages represented in Salem include homes built between 1970-1999 ( 34.09%) and housing constructed between 2000 and later ( 19.32%). There's also some housing in Salem built before 1939 ( 5.68%).
Vacant housing appears to be an issue in Salem. Fully 39.77% 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.
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 108.82%, which ranks in the top 30% nationwide. This equates to an annual average Salem house appreciation rate of 7.64%.
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 10.45%, which is higher than appreciation rates in 89.21% 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 0.52%, which equates to an annual appreciation rate of 2.08%.
Notably, Salem's appreciation rate in the latest quarter is one of the lowest in America.
Relative to South Carolina, our data show that Salem's latest annual appreciation rate is lower than 50% of the other cities and towns in South Carolina.
$265,156
for South carolina
for nation
53
$1,587 / per month