Salem, IL—62881
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, IL
As of Oct '25, the median home price in Salem, IL is $135,000, with a year-over-year change of 3.0%. This indicates that home prices in Salem, IL are increasing. According to Zillow, the 1-year price projection is -0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $135,000 | 3.0% |
| Single Family | $135,000 | 3.1% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Salem, IL
As of July '25, Rentcast reports the average rent in Salem, IL is $965, with a year-over-year rent change of -22.8%. Per bedroom, the median rent as of July '25 in Salem, IL is 2-bedrooms: $887, 3-bedrooms: $1,200. The most common rental property sizes in Salem, IL are 2-bedroom and 3-bedroom, accounting for 40.5% and 24.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $950 | $965 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $950 | $887 |
| 3 Bed Rent | $1,200 | $1,200 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Salem, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, IL is 65. This is a increase of 18.0% 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 42.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $149,000 | -15.0% |
Listing Count | 53 | 39.0% |
| Listings as % of Homes | 0.7% | 39.0% |
Days on Market | 65 | 18.0% |
Demographics — Salem, IL
As of the latest ACS Survey released in 2023, Salem, IL has a population of 11,200, which has increased by 3.5% over the past 5 years. Salem, IL is a moderately popular place for families, as children make up 23.1% of the population. The area has a poorly educated workforce, with 18.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 4.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,200 | 3.5% |
% Under 18 | 23.1% | 0.0% |
% Seniors | 19.0% | -3.6% |
% WFH | 4.8% | 336.4% |
% w/ College Degree | 18.1% | -1.1% |
As of the latest ACS Survey released in 2023, Salem, IL is a predominantly white area, with 92.8% of the population identifying as white. The white population has shrunk by 2.3% in the last 5 years. The second most common race or ethnicity in Salem, IL is black, making up 2.8% of the population. Foreign-born residents account for 0.8% of the population in Salem, IL, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 92.8% | -2.3% |
% Black | 2.8% | 300.0% |
% Hispanic | 0.2% | -84.6% |
% Asian | 0.8% | 0.0% |
% Foreign Born | 0.8% | 0.0% |
Mortgage and Risk — Salem, IL
According to HUD data as of 2023, there were 103 mortgage originations in Salem, IL, of which 65.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 32.0% above 90% LTV (very high). This implies large mortgage risk in Salem, IL. Investor activity is low, as 3.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 103 |
% Conventional Loans | 65.0% |
% Government Loans | 35.0% |
% Investor Loans | 3.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Salem, IL
Salem, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 232 |
Total Units Section 8 | 103 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 94.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $770 |
| 2 Bedroom | -$30 | $950 | $920 |
| 3 Bedroom | -$10 | $1,200 | $1,190 |
| 4 Bedroom | N/A | N/A | $1,540 |
Affordability — Salem, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 1.7 |
| Median Home Price | $135,000 |
| Median Household Income | $69,000 |