Salem, SD—57058
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, SD
As of Oct '25, the median home price in Salem, SD is $241,000, with a year-over-year change of 2.8%. This indicates that home prices in Salem, SD are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $241,000 | 2.8% |
| Single Family | $241,000 | 2.6% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $148,000 | 1.4% |
3 Bed | $220,000 | 2.3% |
4 Bed | $317,000 | 2.3% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Salem, SD
Salem, SD lacks sufficient rental market data for analysis.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | N/A | N/A |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | N/A | N/A |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Salem, SD
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, SD is 59. This is a decrease of -16.0% 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 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $300,000 | 22.0% |
Listing Count | 9 | 59.0% |
| Listings as % of Homes | 0.5% | 59.0% |
Days on Market | 59 | -16.0% |
Demographics — Salem, SD
As of the latest ACS Survey released in 2023, Salem, SD has a population of 1,790, which has decreased by -12.5% over the past 5 years. Salem, SD is a popular place for families, as children make up 25.8% of the population. The area has a moderately educated workforce, with 25.5% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,790 | -12.5% |
% Under 18 | 25.8% | 1.6% |
% Seniors | 24.9% | 16.4% |
% WFH | 8.4% | 25.4% |
% w/ College Degree | 25.5% | 14.9% |
As of the latest ACS Survey released in 2023, Salem, SD is a predominantly white area, with 93.0% of the population identifying as white. The white population has shrunk by 1.6% in the last 5 years. The second most common race or ethnicity in Salem, SD is hispanic, making up 3.7% of the population. Foreign-born residents account for 0.1% of the population in Salem, SD, and this percentage has decreased by 96.0% 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 | 93.0% | -1.6% |
% Black | 0.2% | ∞% |
% Hispanic | 3.7% | -7.5% |
% Asian | 0.0% | N/A |
% Foreign Born | 0.1% | -96.0% |
Mortgage and Risk — Salem, SD
According to HUD data as of 2023, there were 52 mortgage originations in Salem, SD, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 73.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Salem, SD. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 52 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 0.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Salem, SD
Salem, SD lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 7 |
Total Units Section 8 | 7 |
% Rentals under Section 8 | 2.3% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $860 |
| 2 Bedroom | N/A | N/A | $1,000 |
| 3 Bedroom | N/A | N/A | $1,370 |
| 4 Bedroom | N/A | N/A | $1,680 |
Affordability — Salem, SD
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.9 |
| Median Home Price | $241,000 |
| Median Household Income | $79,100 |