Salem, NJ—08079
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, NJ
As of Oct '25, the median home price in Salem, NJ is $225,000, with a year-over-year change of 2.9%. This indicates that home prices in Salem, NJ are increasing. According to Zillow, the 1-year price projection is 1.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $225,000 | 3.0% |
| Single Family | $227,000 | 1.3% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $153,000 | 4.1% |
3 Bed | $225,000 | 3.2% |
4 Bed | $241,000 | 3.9% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Salem, NJ
As of July '25, Rentcast reports the average rent in Salem, NJ is $1,530, with a year-over-year rent change of -0.6%. Per bedroom, the median rent as of July '25 in Salem, NJ is studios: $1,900, 1-bedrooms: $1,050, 2-bedrooms: $1,420, 3-bedrooms: $1,460, 4-bedrooms: $1,990. The most common rental property sizes in Salem, NJ are 2-bedroom and 1-bedroom, accounting for 40.7% and 23.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,420 | $1,530 |
| Studio Rent | $1,900 | $1,900 |
| 1 Bed Rent | $1,050 | $1,050 |
| 2 Bed Rent | $1,400 | $1,420 |
| 3 Bed Rent | $1,420 | $1,460 |
| 4 Bed Rent | $2,000 | $1,990 |
% of Rental Stock
Property Listings — Salem, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, NJ is 30. This is a increase of 7.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $200,000 | -9.0% |
Listing Count | 59 | 9.0% |
| Listings as % of Homes | 1.0% | 9.0% |
Days on Market | 30 | 7.0% |
Demographics — Salem, NJ
As of the latest ACS Survey released in 2023, Salem, NJ has a population of 10,700, which has increased by 5.9% over the past 5 years. Salem, NJ is a moderately popular place for families, as children make up 22.4% of the population. The area has a poorly educated workforce, with 18.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 11.3% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 10,700 | 5.9% |
% Under 18 | 22.4% | -14.2% |
% Seniors | 20.4% | 7.9% |
% WFH | 11.3% | 289.7% |
% w/ College Degree | 18.5% | 41.2% |
As of the latest ACS Survey released in 2023, Salem, NJ is a predominantly white area, with 58.7% of the population identifying as white. The white population has grown by 8.3% in the last 5 years. The second most common race or ethnicity in Salem, NJ is black, making up 31.4% of the population. Foreign-born residents account for 1.8% of the population in Salem, NJ, and this percentage has decreased by 10.0% 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 | 58.7% | 8.3% |
% Black | 31.4% | -8.2% |
% Hispanic | 6.0% | -30.2% |
% Asian | 1.1% | 175.0% |
% Foreign Born | 1.8% | -10.0% |
Mortgage and Risk — Salem, NJ
According to HUD data as of 2023, there were 170 mortgage originations in Salem, NJ, of which 63.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Salem, NJ. Investor activity is low, as 6.0% 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 | 170 |
% Conventional Loans | 63.0% |
% Government Loans | 37.0% |
% Investor Loans | 6.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Salem, NJ
As of 2024, the percent of homes in Salem, NJ under the Section 8 program is 9.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Salem, NJ, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 336 |
Total Units Section 8 | 156 |
% Rentals under Section 8 | 9.1% |
% Occupied Section 8 | 100.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $190 | $1,050 | $1,240 |
| 2 Bedroom | $80 | $1,400 | $1,480 |
| 3 Bedroom | $360 | $1,420 | $1,780 |
| 4 Bedroom | $30 | $2,000 | $2,030 |
Affordability — Salem, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.1 |
| Median Home Price | $225,000 |
| Median Household Income | $60,400 |