Salem, CT 06420 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Salem, CT—06420

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$468,000

7.0% YoY Growth

Household Income

$119,000

3.6% YoY Growth

Days on Market

48.0% Longer YoY

Home Price Forecast

2.5%

Median Rent

$1,450

16.9% YoY Growth

1-Bed Rent

$1,300

6.2% YoY Growth

2-Bed Rent

$1,650

N/A

3-Bed Rent

N/A

Home Price Trends — Salem, CT

As of May '26, the median home price in Salem, CT is $468,000, with a year-over-year change of 7.0%. This indicates that home prices in Salem, CT are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$468,000	7.0%
Single Family	$483,000	6.9%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

Rental Trends — Salem, CT

As of July '25, Rentcast reports the average rent in Salem, CT is $1,520, with a year-over-year rent change of 16.9%. Per bedroom, the median rent as of July '25 in Salem, CT is 1-bedrooms: $1,380, 2-bedrooms: $1,620. The most common rental property sizes in Salem, CT are 1-bedroom and 4-bedroom, accounting for 48.8% and 31.8% of the rental stock.

Type	Median Rent	Average Rent
Average Rent	$1,450	$1,520
Studio Rent	N/A	N/A
1 Bed Rent	$1,300	$1,380
2 Bed Rent	$1,650	$1,620
3 Bed Rent	N/A	N/A
4 Bed Rent	N/A	N/A

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% of Rental Stock

1 Bedroom

48.8%

2 Bedrooms

5.2%

3 Bedrooms

14.2%

4 Bedrooms

31.8%

Property Listings — Salem, CT

As of May '26, Realtor.com reports that the median days on market for a home in Salem, CT is 54. This is a increase of 48.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$472,000	1.0%
Listing Count	18	38.0%
Listings as % of Homes	0.6%	38.0%
Days on Market	54	48.0%

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Demographics — Salem, CT

As of the latest ACS Survey released in 2023, Salem, CT has a population of 4,320, which has increased by 2.9% over the past 5 years. Salem, CT is a moderately popular place for families, as children make up 23.2% of the population. The area has a highly educated workforce, with 52.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.4% reporting working from home.

Metric	Latest Census	YoY % Change
Population	4,320	2.9%
% Under 18	23.2%	2.2%
% Seniors	18.8%	15.3%
% WFH	17.4%	176.2%
% w/ College Degree	52.6%	13.4%

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As of the latest ACS Survey released in 2023, Salem, CT is a predominantly white area, with 88.8% of the population identifying as white. The white population has shrunk by 0.1% in the last 5 years. The second most common race or ethnicity in Salem, CT is hispanic, making up 4.0% of the population. Foreign-born residents account for 6.9% of the population in Salem, CT, and this percentage has increased by 53.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

Race and Ethnicity

Metric	Latest Census	5-Year % Change
% White	88.8%	-0.1%
% Black	1.3%	-58.1%
% Hispanic	4.0%	5.3%
% Asian	1.2%	-76.0%
% Foreign Born	6.9%	53.3%

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Mortgage and Risk — Salem, CT

According to HUD data as of 2023, there were 93 mortgage originations in Salem, CT, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 64.0%, with 30.0% above 90% LTV (very high). This implies large mortgage risk in Salem, CT. Investor activity is low, as 3.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

Mortgages

Metric	Zip Code Average
Total Loan Originations	93
% Conventional Loans	82.0%
% Government Loans	18.0%
% Investor Loans	3.0%
% Second Loans	2.0%
% Cash Out Refinance	10.0%

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Rentals and Section 8 — Salem, CT

Salem, CT lacks sufficient Section 8 program data for analysis.

Section 8 Market Size

Total Units under HUD	2
Total Units Section 8	2
% Rentals under Section 8	0.9%
% Occupied Section 8	N/A

Section 8 Opportunity

Home Size	HUD Premium	Market Rent	Max HUD Rent
1 Bedroom	$140	$1,300	$1,440
2 Bedroom	$120	$1,650	$1,770
3 Bedroom	N/A	N/A	$2,290
4 Bedroom	N/A	N/A	$2,970

Salem, CT—06420

Key Metrics at a Glance

Home Price Trends — Salem, CT

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Salem, CT

% of Rental Stock

Property Listings — Salem, CT

Demographics — Salem, CT

Race and Ethnicity

Mortgage and Risk — Salem, CT

Mortgages

Rentals and Section 8 — Salem, CT

Section 8 Market Size

Section 8 Opportunity

Affordability — Salem, CT

Home Price to Income Ratio

Salem, CT — ZIP Code Boundary Map

Nearby ZIP Codes

Montville, CT

East Lyme, CT

Colchester, CT

Bozrah, CT

East Haddam, CT

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.1
Median Home Price	$468,000
Median Household Income	$119,000

Salem, CT—06420

Key Metrics at a Glance

Home Price Trends — Salem, CT

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Salem, CT

% of Rental Stock

Property Listings — Salem, CT

Demographics — Salem, CT

Race and Ethnicity

Mortgage and Risk — Salem, CT

Mortgages

Rentals and Section 8 — Salem, CT

Section 8 Market Size

Section 8 Opportunity

Affordability — Salem, CT

Home Price to Income Ratio

Salem, CT — ZIP Code Boundary Map

Nearby ZIP Codes

Montville, CT

East Lyme, CT

Colchester, CT

Bozrah, CT

East Haddam, CT

Frequently Asked Questions

What is the average home price in Salem, CT 06420?

How have home prices in Salem, CT 06420 changed over the past year?

What is the home price projection for Salem, CT 06420?

What are the demographics of Salem, CT 06420?

How long does it take homes to sell in Salem, CT 06420?

What is the average rent price in Salem, CT 06420?