Salem, IL 62881 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Salem, IL—62881

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$137,000

3.5% YoY Growth

Household Income

$69,000

47.5% YoY Growth

Days on Market

19.0% Longer YoY

Home Price Forecast

1.3%

Median Rent

$950

22.8% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$950

N/A

3-Bed Rent

$1,200

4.0% YoY Growth

Home Price Trends — Salem, IL

As of Dec '25, the median home price in Salem, IL is $137,000, with a year-over-year change of 3.5%. This indicates that home prices in Salem, IL are increasing. According to Zillow, the 1-year price projection is 1.3%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$137,000	3.5%
Single Family	$138,000	4.5%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

5.6%

1 Bedroom

22.3%

2 Bedrooms

40.5%

3 Bedrooms

24.3%

4 Bedrooms

5.9%

5+ Bedrooms

1.4%

Property Listings — Salem, IL

As of Dec '25, Realtor.com reports that the median days on market for a home in Salem, IL is 72. This is a increase of 5.0% 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 17.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$142,000	-21.0%
Listing Count	40	24.0%
Listings as % of Homes	0.7%	24.0%
Days on Market	89	19.0%

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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%

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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%

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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%

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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

Salem, IL—62881

Key Metrics at a Glance

Home Price Trends — Salem, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Salem, IL

% of Rental Stock

Property Listings — Salem, IL

Demographics — Salem, IL

Race and Ethnicity

Mortgage and Risk — Salem, IL

Mortgages

Rentals and Section 8 — Salem, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Salem, IL

Home Price to Income Ratio

Salem, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Alma, IL

Kell, IL

Odin, IL

Iuka, IL

Kinmundy, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	1.7
Median Home Price	$137,000
Median Household Income	$69,000

Salem, IL—62881

Key Metrics at a Glance

Home Price Trends — Salem, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Salem, IL

% of Rental Stock

Property Listings — Salem, IL

Demographics — Salem, IL

Race and Ethnicity

Mortgage and Risk — Salem, IL

Mortgages

Rentals and Section 8 — Salem, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Salem, IL

Home Price to Income Ratio

Salem, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Alma, IL

Kell, IL

Odin, IL

Iuka, IL

Kinmundy, IL

Frequently Asked Questions

What is the average home price in Salem, IL 62881?

How have home prices in Salem, IL 62881 changed over the past year?

What is the home price projection for Salem, IL 62881?

What are the demographics of Salem, IL 62881?

How long does it take homes to sell in Salem, IL 62881?

What is the average rent price in Salem, IL 62881?