Home values in Salem are rising, with the median sales price in June at $167,500.
But individual home prices within the city vary wildly, reflecting Salem’s many neighborhoods and the occasional juxtaposition of extreme wealth and extreme limits.
“It’s a cliche, but it’s location,” said Byron Hendricks, president of Prudential Real Estate in Salem. “When it comes down to it, it’s convenience, prestige, school district — all of those things add into the value. And I think people probably don’t readily admit it, but it’s also socio-economic; people have the tendency to gather in neighborhoods with similar people.”
Read more at The Statesman Journal.