There are currently 11,499 real estate properties in Salem, MA, with a median automated valuation model (AVM) price of $510,400.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Salem, MA, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Salem, MA, is $510,695.00, with the most expensive house in Salem, MA, topping out at $3,863,600.00 and the cheapest home in Salem, MA, clocking in at $109,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Salem, MA!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Salem, MA, is on a rollercoaster ride. The average rent price in Salem, MA, is $1,848.00. Indeed, when looking to rent in Salem, MA, you can expect to pay as little as $980.00 or as much as $3,000.00, with the average rent median estimated to be $1,850.00. The good news is that finding an affordable and desirable property to rent in Salem, MA -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Salem, MA area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Salem, MA and much more. Save thousands at closing with home foreclosure listings in Salem, MA — up to 75% off market value!
Salem is located in Essex, Massachusetts, with an estimated municipal population of 43,226 residents. All of the best foreclosed homes for sale in Salem are located in the following zip code areas on Foreclosure.com: 01970 01971. The estimated population per square kilometer (.62 miles) in Salem is 2,012.
So, about how much do homes cost in Salem? The most recent median value of resident-owned homes in Salem is 367,343. An estimated 51.5 percent of households in Salem own their homes, with an average family size of 2.98. The median household income in Salem is 68,808, with32.6 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Salem, the median commute time of resident workers (in minutes) is 31.3. And last, but certainly not least, are you looking for homes to rent in Salem? If so, the average rent price paid by renters in Salem is 1,289, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Salem, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Salem is 37.1, split between 45.3 percent male versus 54.7 female. The percentage of residents who report being married in Salem is 40.1, with an average family size of 2.98.
The percentage of residents who report their race in Salem is as follows:
|Black / African American||6.6%|
|American Indian / Alaskan Native||0.6%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Salem? Or maybe you are searching for 55+ active adult communities in and/or near Salem?
The percentage of residents who report their age in Salem is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Salem with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Salem.
How do you know that living in -- or moving to -- Salem is right where you need to be? Perhaps you grew up in Salem or already live nearby; therefore, the decision to buy a home in Salem is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Salem for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Salem:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Salem.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Salem can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Salem, meanwhile, can field multiple offers from more qualified buyers.