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 1,496 people, 599 houses or apartments, and a median cost of homes of $89,134, house prices in Salem are some of the most affordable in West Virginia as well as the nation.
Single-family detached homes are the single most common housing type in Salem, accounting for 71.77% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 18.73%), mobile homes or trailers ( 7.12%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.24%).
People in Salem primarily live in small (one, two or no bedroom) single-family detached homes. Salem has a mixture of owner-occupied and renter-occupied housing.
The housing in Salem was primarily built before 1939 ( 47.76%), 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 ( 30.61%), followed by between 1940-1969 ( 20.58%). There's also some housing in Salem built between 2000 and later ( 1.06%).
Vacant housing appears to be an issue in Salem. Fully 20.98% 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.
Some of the lowest real estate appreciation rates in America over the last ten years have been in Salem, where house values have increased just 44.36%, which is annualized rate of 3.74%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.
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 23.05%, which is higher than appreciation rates in 99.77% 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 1.56%, which equates to an annual appreciation rate of 6.39%.
Relative to West Virginia, our data show that Salem's latest annual appreciation rate is higher than 90% of the other cities and towns in West Virginia.
$89,134
for West virginia
for nation
599
$1,089 / per month