What Is My Home Worth In Salem IN?
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SALEM HOUSING MARKET INFORMATION
With a population of 6,171, 2,697 total housing units (homes and apartments), and a median house value of $140,188, house prices in Salem are solidly below the national average.
Single-family detached homes are the single most common housing type in Salem, accounting for 71.78% 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 ( 11.59%), mobile homes or trailers ( 7.99%), and a few large apartment complexes or high rise apartments ( 4.94%).
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 59.50% owning and 40.50% renting.
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 38.33% of the city’s housing hails from this era. Other housing ages represented in Salem include homes built between 1970-1999 ( 33.52%) and housing constructed before 1939 ( 21.37%). There’s also some housing in Salem built between 2000 and later ( 6.78%).
Vacant housing appears to be an issue in Salem. Fully 11.72% 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 HOME APPRECIATION RATES
Real estate appreciation rates in Salem’s have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.32% during the period.
NeighborhoodScout’s data show that during the latest twelve months, Salem’s appreciation rate, at 6.62%, has been at or slightly above the national average. In the latest quarter, Salem’s appreciation rate has been 1.58%, which annualizes to a rate of 6.48%.
Relative to Indiana, our data show that Salem’s latest annual appreciation rate is higher than 60% of the other cities and towns in Indiana.
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.