Salem, MI housing market
Home prices around Salem have risen about 58% over the past 5 years. Builders were permitted 24 new homes in 2025.
Home values, sales, trends and how Salem compares with the towns next door — updated as new data is published.
Home prices up 58% in 5 years
The federal house price index for the ZIP codes around Salem rose 58% over the past 5 years, faster than across Michigan (52%). Last year prices rose 7.1%. Carrying the Census median home value forward with that index puts the typical Salem home at roughly $529,000 today.
Show as a table
| Year | Change that year | Since 2000 | Michigan since 2000 |
|---|---|---|---|
| 2025 | +7.1% | +145% | +97% |
| 2024 | +5.5% | +128% | +88% |
| 2023 | +8.4% | +116% | +76% |
| 2022 | +14% | +100% | +64% |
| 2021 | +13% | +75% | +45% |
| 2020 | +2.9% | +55% | +30% |
| 2019 | +6% | +51% | +26% |
| 2018 | +7.3% | +42% | +20% |
| 2017 | +9.4% | +33% | +12% |
| 2016 | +7% | +21% | +5.3% |
| 2015 | +6.3% | +13% | 0% |
| 2014 | +7.7% | +6.5% | −4.7% |
| 2013 | +4.6% | −1.1% | −12% |
| 2012 | 0% | −5.5% | −16% |
| 2011 | −4.5% | −5.5% | −16% |
| 2010 | −5.1% | −1% | −12% |
| 2009 | −3.8% | +4.3% | −5% |
| 2008 | −3.9% | +8.4% | +3.5% |
| 2007 | −2.4% | +13% | +11% |
| 2006 | +1.8% | +16% | +16% |
| 2005 | +2.2% | +14% | +18% |
| 2004 | +4.2% | +11% | +14% |
| 2003 | +1.7% | +6.7% | +10% |
| 2002 | +2.2% | +5% | +8.3% |
| 2001 | +2.8% | +2.8% | +5% |
| 2000 | — | — | — |
How Salem ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP codes 49323, 49419, 49315, 49464, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
24 new homes permitted in 2025
Builders were permitted 24 new homes in Salem in 2025, all single-family houses, worth about $9.9 million to build. That's 4.6 per 1,000 residents, faster than across Michigan (2.3). Over the past 10 years, Salem has permitted 205 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Salem gained 710 residents while 235 new homes were permitted: about 3 new residents per new home. Building and growth moved roughly in step. Across Michigan: 1.2 new residents per new home.
How Salem ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 13 | 13 | 0 | $5 million |
| 2025 | 24 | 24 | 0 | $9.9 million |
| 2024 | 30 | 30 | 0 | $12.9 million |
| 2023 | 10 | 10 | 0 | $3.1 million |
| 2022 | 5 | 5 | 0 | $1.6 million |
| 2021 | 0 | 0 | 0 | — |
| 2020 | 17 | 17 | 0 | $4 million |
| 2019 | 27 | 27 | 0 | $5.9 million |
| 2018 | 25 | 25 | 0 | $4.7 million |
| 2017 | 37 | 37 | 0 | $6.7 million |
| 2016 | 30 | 24 | 6 | $5.6 million |
| 2015 | 29 | 29 | 0 | $5.4 million |
| 2014 | 21 | 21 | 0 | $3.5 million |
| 2013 | 30 | 26 | 4 | $4.6 million |
| 2012 | 15 | 15 | 0 | $2.3 million |
| 2011 | 8 | 8 | 0 | $1.1 million |
| 2010 | 13 | 9 | 4 | $1.7 million |
| 2009 | 17 | 17 | 0 | $1.5 million |
| 2008 | 21 | 21 | 0 | $1.9 million |
| 2007 | 28 | 28 | 0 | $2.5 million |
| 2006 | 37 | 37 | 0 | $3.3 million |
| 2005 | 41 | 41 | 0 | $3.6 million |
| 2004 | 43 | 43 | 0 | $3.8 million |
| 2003 | 34 | 34 | 0 | $2.4 million |
| 2002 | 15 | 15 | 0 | $760,000 |
| 2001 | 14 | 14 | 0 | $709,000 |
| 2000 | 13 | 13 | 0 | $659,000 |
How Salem ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Salem and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Salem | — | +7.1%† | $1,350 | 24 | $89,034 |
| Overisel | — | +4.6%† | $1,410 | 9 | $101,331 |
| Monterey | — | +6.2%† | $1,130 | 11 | $91,207 |
| Jamestown | — | +5.2%† | $1,590 | 61 | $119,676 |
| Dorr | $383K | +5.8% | $1,370 | 12 | $97,542 |
† FHFA price index change, where Zillow has no home value for the town.
3.5 years of income
The typical Salem home costs about 3.5 years of the town's median household income, about the same as across Michigan (3.7).
How Salem ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $1,350
HUD's Fair Market Rent for a two-bedroom in Salem is $1,350 a month, utilities included: roughly what a modest, recently rented unit costs. A two-bedroom takes about 18% of the town's median household income.
Studio $1,060 · 4 bedrooms $1,910
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (49315, 49323, 49419, 49464; Grand Rapids-Wyoming, MI HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.