According to statistics, the population in Salem, IL amounts to 7,044, which shows growth 2% compared to the previous year. The median age of the city’s residents is 40. The average household income is $41,122, shifting growth 2% from the past year, and the average property value in Salem, IL decline -3% to $71,600 throughout the year.
|Number Of Employees||2,894|
|Median Property Value||$71,600|
The average household income in Salem, IL grew from $40,295 to $41,122 in the past year. This data is an estimate based upon 2,961 households in Salem, IL . The chart below presents how household income is distributed in Salem, IL in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Salem, IL shifted from $73,600 to $71,600 throughout the year. The subsequent graph indicates the share of properties in the given price range in Salem, IL in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Salem, IL properties falls in the '$60,000 to $69,999' range, which is lower than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Salem, IL compared to median property taxes around the country. The prevalent amount of property taxes in Salem, IL equals $800, which is less than the national average.
|Apartment Size||Jul||vs Last Month|
|Studio for sale||$160,000||N/A|
|1 bed for sale||$39,900||N/A|
|2 bed for sale||$35,750||-26%|
|3 bed for sale||$120,566||-12%|
|4+ bed for sale||$175,500||+139.1%|
During Jul 2022, the average price for an apartment in/near Salem, IL increased by 28.9% to $126,261.
After collecting all data points, we now see that the average price for 1-bed apartment stands at $39,900 with no changes this month. Asking price for 2-bed apartment also decreased by 26% and a place of this size will now cost you $35,750. A 3-bed apartment goes for $120,566, it decreased by 12% lately. We discerned the rise of 4- and more bed apartment price. It increased by 139.1% and made it up to $175,500.
|Listing Type||Jul||vs Last Month|
|Houses for sale||$123,450||+25%|
|Land for sale||$86,500||N/A|
|Duplexes for sale||$160,000||N/A|
Price reports demonstrate that house price increased by 25% this month making it up to $123,450. An average value of duplex is $160,000, thus a median price for a duplex remains the same this month.