Salem, CT—06420
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, CT
As of Oct '25, the median home price in Salem, CT is $437,000, with a year-over-year change of 4.5%. This indicates that home prices in Salem, CT are increasing. According to Zillow, the 1-year price projection is 3.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $437,000 | 4.5% |
| Single Family | $451,000 | 4.2% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $306,000 | 3.4% |
3 Bed | $430,000 | 4.6% |
4 Bed | $550,000 | 5.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
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 |
% of Rental Stock
Property Listings — Salem, CT
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, CT is 46. This is a decrease of -45.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 22.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $412,000 | -15.0% |
Listing Count | 18 | -4.0% |
| Listings as % of Homes | 0.6% | -4.0% |
Days on Market | 46 | -45.0% |
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% |
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% |
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% |
Loan Activity
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 |
Affordability — Salem, CT
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3 |
| Median Home Price | $437,000 |
| Median Household Income | $119,000 |