Salem, MA—01970
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, MA
As of Oct '25, the median home price in Salem, MA is $599,000, with a year-over-year change of 1.4%. This indicates that home prices in Salem, MA are increasing. According to Zillow, the 1-year price projection is 1.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $599,000 | 1.4% |
| Single Family | $664,000 | 0.6% |
| Condos | $502,000 | 1.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $377,000 | 1.9% |
2 Bed | $523,000 | 1.4% |
3 Bed | $652,000 | 0.8% |
4 Bed | $735,000 | 0.8% |
| 5 Bed | $892,000 | 1.2% |
% of Housing Stock
Rental Trends — Salem, MA
As of July '25, Rentcast reports the average rent in Salem, MA is $2,860, with a year-over-year rent change of 5.5%. Per bedroom, the median rent as of July '25 in Salem, MA is studios: $1,830, 1-bedrooms: $2,370, 2-bedrooms: $3,020, 3-bedrooms: $3,210, 4-bedrooms: $3,470. The most common rental property sizes in Salem, MA are 2-bedroom and 1-bedroom, accounting for 41.0% and 31.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,820 | $2,860 |
| Studio Rent | $1,700 | $1,830 |
| 1 Bed Rent | $2,500 | $2,370 |
| 2 Bed Rent | $3,000 | $3,020 |
| 3 Bed Rent | $3,000 | $3,210 |
| 4 Bed Rent | $3,500 | $3,470 |
% of Rental Stock
Property Listings — Salem, MA
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, MA is 46. This is a increase of 57.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 44.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $579,000 | 2.0% |
Listing Count | 63 | 31.0% |
| Listings as % of Homes | 0.1% | 31.0% |
Days on Market | 46 | 57.0% |
Demographics — Salem, MA
As of the latest ACS Survey released in 2023, Salem, MA has a population of 44,100, which has increased by 2.2% over the past 5 years. Salem, MA is a moderately popular place for families, as children make up 15.7% of the population. The area has a highly educated workforce, with 49.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 19.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 44,100 | 2.2% |
% Under 18 | 15.7% | -7.1% |
% Seniors | 16.4% | 9.3% |
% WFH | 19.5% | 219.7% |
% w/ College Degree | 49.7% | 22.7% |
As of the latest ACS Survey released in 2023, Salem, MA is a predominantly white area, with 67.7% of the population identifying as white. The white population has shrunk by 4.2% in the last 5 years. The second most common race or ethnicity in Salem, MA is hispanic, making up 19.5% of the population. Foreign-born residents account for 15.5% of the population in Salem, MA, and this percentage has decreased by 1.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 67.7% | -4.2% |
% Black | 5.3% | -10.2% |
% Hispanic | 19.5% | 0.0% |
% Asian | 3.3% | 65.0% |
% Foreign Born | 15.5% | -1.9% |
Mortgage and Risk — Salem, MA
According to HUD data as of 2023, there were 664 mortgage originations in Salem, MA, of which 94.0% of loans were conventional mortgages. The average loan-to-value was 56.0%, with 17.0% above 90% LTV (elevated). This implies medium mortgage risk in Salem, MA. Investor activity is low, as 3.0% of loans were by investors. 7.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 664 |
% Conventional Loans | 94.0% |
% Government Loans | 6.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 7.0% |
Loan Activity
Rentals and Section 8 — Salem, MA
As of 2024, the percent of homes in Salem, MA under the Section 8 program is 18.8%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Salem, MA, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 2,667 |
Total Units Section 8 | 2,606 |
% Rentals under Section 8 | 18.8% |
% Occupied Section 8 | 62.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$360 | $2,500 | $2,140 |
| 2 Bedroom | -$450 | $3,000 | $2,550 |
| 3 Bedroom | $80 | $3,000 | $3,080 |
| 4 Bedroom | -$110 | $3,500 | $3,390 |
Affordability — Salem, MA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.3 |
| Median Home Price | $599,000 |
| Median Household Income | $85,200 |