Salem, OR—97301
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Salem, OR
As of Oct '25, the median home price in Salem, OR is $365,000, with a year-over-year change of -0.4%. This indicates that home prices in Salem, OR are flat. According to Zillow, the 1-year price projection is 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $365,000 | -0.4% |
| Single Family | $367,000 | -0.3% |
| Condos | $286,000 | 3.2% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $264,000 | 0.8% |
2 Bed | $315,000 | -0.6% |
3 Bed | $373,000 | 0.0% |
4 Bed | $422,000 | -0.5% |
| 5 Bed | $453,000 | -0.2% |
% of Housing Stock
Rental Trends — Salem, OR
As of July '25, Rentcast reports the average rent in Salem, OR is $1,500, with a year-over-year rent change of 2.0%. Per bedroom, the median rent as of July '25 in Salem, OR is studios: $1,140, 1-bedrooms: $1,200, 2-bedrooms: $1,410, 3-bedrooms: $2,080, 4-bedrooms: $2,510. The most common rental property sizes in Salem, OR are 2-bedroom and 1-bedroom, accounting for 42.1% and 26.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,300 | $1,500 |
| Studio Rent | $1,050 | $1,140 |
| 1 Bed Rent | $1,100 | $1,200 |
| 2 Bed Rent | $1,350 | $1,410 |
| 3 Bed Rent | $2,100 | $2,080 |
| 4 Bed Rent | $2,450 | $2,510 |
% of Rental Stock
Property Listings — Salem, OR
As of Oct '25, Realtor.com reports that the median days on market for a home in Salem, OR is 58. This is a increase of 2.0% 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 30.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $377,000 | -7.0% |
Listing Count | 164 | 1.0% |
| Listings as % of Homes | 0.6% | 1.0% |
Days on Market | 58 | 2.0% |
Demographics — Salem, OR
As of the latest ACS Survey released in 2023, Salem, OR has a population of 56,300, which has increased by 1.5% over the past 5 years. Salem, OR is a moderately popular place for families, as children make up 22.7% of the population. The area has a poorly educated workforce, with 18.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 56,300 | 1.5% |
% Under 18 | 22.7% | -0.9% |
% Seniors | 12.8% | 17.4% |
% WFH | 10.4% | 92.6% |
% w/ College Degree | 18.1% | 25.7% |
As of the latest ACS Survey released in 2023, Salem, OR is a predominantly white area, with 54.8% of the population identifying as white. The white population has remained stable in the last 5 years. The second most common race or ethnicity in Salem, OR is hispanic, making up 34.6% of the population. Foreign-born residents account for 17.4% of the population in Salem, OR, and this percentage has increased by 6.7% 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 | 54.8% | 0.0% |
% Black | 1.7% | -19.0% |
% Hispanic | 34.6% | -1.1% |
% Asian | 2.5% | 13.6% |
% Foreign Born | 17.4% | 6.7% |
Mortgage and Risk — Salem, OR
According to HUD data as of 2023, there were 800 mortgage originations in Salem, OR, of which 66.0% of loans were conventional mortgages. The average loan-to-value was 66.0%, with 42.0% above 90% LTV (very high). This implies large mortgage risk in Salem, OR. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 800 |
% Conventional Loans | 66.0% |
% Government Loans | 34.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Salem, OR
As of 2024, the percent of homes in Salem, OR under the Section 8 program is 13.2%. 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 and 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Salem, OR, because HUD payments exceed market rent, while 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,532 |
Total Units Section 8 | 1,478 |
% Rentals under Section 8 | 13.2% |
% Occupied Section 8 | 89.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $30 | $1,100 | $1,130 |
| 2 Bedroom | $100 | $1,350 | $1,450 |
| 3 Bedroom | -$80 | $2,100 | $2,020 |
| 4 Bedroom | -$260 | $2,450 | $2,190 |
Affordability — Salem, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.2 |
| Median Home Price | $365,000 |
| Median Household Income | $57,500 |