Salem, VA—24153
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, VA
As of Oct '25, the median home price in Salem, VA is $295,000, with a year-over-year change of 2.7%. This indicates that home prices in Salem, VA are increasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $295,000 | 2.7% |
| Single Family | $298,000 | 2.8% |
| Condos | $206,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $158,000 | 3.3% |
2 Bed | $204,000 | 3.0% |
3 Bed | $282,000 | 2.5% |
4 Bed | $392,000 | 3.2% |
| 5 Bed | $536,000 | 3.3% |
% of Housing Stock
Rental Trends — Salem, VA
As of July '25, Rentcast reports the average rent in Salem, VA is $1,540, with a year-over-year rent change of 2.7%. Per bedroom, the median rent as of July '25 in Salem, VA is 1-bedrooms: $1,100, 2-bedrooms: $1,340, 3-bedrooms: $2,150, 4-bedrooms: $2,350. The most common rental property sizes in Salem, VA are 2-bedroom and 3-bedroom, accounting for 45.0% and 23.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,380 | $1,540 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,000 | $1,100 |
| 2 Bed Rent | $1,310 | $1,340 |
| 3 Bed Rent | $2,000 | $2,150 |
| 4 Bed Rent | $2,400 | $2,350 |
% of Rental Stock
Property Listings — Salem, VA
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, VA is 66. This is a increase of 8.0% 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 31.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $380,000 | -3.0% |
Listing Count | 205 | 37.0% |
| Listings as % of Homes | 0.6% | 37.0% |
Days on Market | 66 | 8.0% |
Demographics — Salem, VA
As of the latest ACS Survey released in 2023, Salem, VA has a population of 38,200, which has remained stable by 0.3% over the past 5 years. Salem, VA is a moderately popular place for families, as children make up 18.3% of the population. The area has a moderately educated workforce, with 30.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 8.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 38,200 | 0.3% |
% Under 18 | 18.3% | -4.2% |
% Seniors | 21.0% | 6.6% |
% WFH | 8.8% | 76.0% |
% w/ College Degree | 30.0% | 4.9% |
As of the latest ACS Survey released in 2023, Salem, VA is a predominantly white area, with 84.4% of the population identifying as white. The white population has shrunk by 4.3% in the last 5 years. The second most common race or ethnicity in Salem, VA is black, making up 6.5% of the population. Foreign-born residents account for 4.1% of the population in Salem, VA, and this percentage has increased by 78.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 84.4% | -4.3% |
% Black | 6.5% | 10.2% |
% Hispanic | 4.2% | 75.0% |
% Asian | 1.7% | 21.4% |
% Foreign Born | 4.1% | 78.3% |
Mortgage and Risk — Salem, VA
According to HUD data as of 2023, there were 766 mortgage originations in Salem, VA, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 60.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Salem, VA. Investor activity is low, as 4.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 766 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 4.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Salem, VA
As of 2024, the percent of homes in Salem, VA under the Section 8 program is 6.9%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Salem, VA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 319 |
Total Units Section 8 | 319 |
% Rentals under Section 8 | 6.9% |
% Occupied Section 8 | 78.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,000 | $1,020 |
| 2 Bedroom | -$80 | $1,310 | $1,230 |
| 3 Bedroom | -$280 | $2,000 | $1,720 |
| 4 Bedroom | -$370 | $2,400 | $2,030 |
Affordability — Salem, VA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.6 |
| Median Home Price | $295,000 |
| Median Household Income | $72,700 |