Salem, OR—97304
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 $494,000, with a year-over-year change of -0.3%. This indicates that home prices in Salem, OR are flat. According to Zillow, the 1-year price projection is 0.3%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $494,000 | -0.3% |
| Single Family | $496,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $306,000 | 1.7% |
2 Bed | $370,000 | -0.3% |
3 Bed | $462,000 | -0.2% |
4 Bed | $555,000 | 0.2% |
| 5 Bed | $626,000 | -0.6% |
% of Housing Stock
Rental Trends — Salem, OR
As of July '25, Rentcast reports the average rent in Salem, OR is $1,680, with a year-over-year rent change of -7.2%. Per bedroom, the median rent as of July '25 in Salem, OR is studios: $1,000, 1-bedrooms: $1,210, 2-bedrooms: $1,390, 3-bedrooms: $2,390, 4-bedrooms: $2,500. The most common rental property sizes in Salem, OR are 2-bedroom and 3-bedroom, accounting for 41.3% and 28.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,360 | $1,680 |
| Studio Rent | $1,000 | $1,000 |
| 1 Bed Rent | $1,180 | $1,210 |
| 2 Bed Rent | $1,300 | $1,390 |
| 3 Bed Rent | $2,500 | $2,390 |
| 4 Bed Rent | $2,500 | $2,500 |
% 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 decrease of -1.0% from last year, suggesting that homes are sitting on the market about the same amount of time than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $576,000 | 1.0% |
Listing Count | 193 | 25.0% |
| Listings as % of Homes | 0.8% | 25.0% |
Days on Market | 58 | -1.0% |
Demographics — Salem, OR
As of the latest ACS Survey released in 2023, Salem, OR has a population of 34,800, which has increased by 9.9% over the past 5 years. Salem, OR is a moderately popular place for families, as children make up 23.7% of the population. The area has a moderately educated workforce, with 39.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,800 | 9.9% |
% Under 18 | 23.7% | -2.1% |
% Seniors | 19.4% | 6.6% |
% WFH | 21.7% | 121.4% |
% w/ College Degree | 39.4% | 8.2% |
As of the latest ACS Survey released in 2023, Salem, OR is a predominantly white area, with 76.0% of the population identifying as white. The white population has shrunk by 0.8% in the last 5 years. The second most common race or ethnicity in Salem, OR is hispanic, making up 12.7% of the population. Foreign-born residents account for 6.4% of the population in Salem, OR, and this percentage has decreased by 38.5% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.0% | -0.8% |
% Black | 0.8% | -11.1% |
% Hispanic | 12.7% | -13.6% |
% Asian | 3.5% | 66.7% |
% Foreign Born | 6.4% | -38.5% |
Mortgage and Risk — Salem, OR
According to HUD data as of 2023, there were 639 mortgage originations in Salem, OR, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 52.0%, with 23.0% 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 | 639 |
% Conventional Loans | 83.0% |
% Government Loans | 17.0% |
% 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 9.1%. 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. In Salem, OR, all tracked home sizes have HUD payment amounts above market rent, suggesting strong Section 8 opportunity across the board.
Section 8 Market Size
Total Units under HUD | 750 |
Total Units Section 8 | 457 |
% Rentals under Section 8 | 9.1% |
% Occupied Section 8 | 86.6% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $420 | $1,180 | $1,600 |
| 2 Bedroom | $530 | $1,300 | $1,830 |
| 3 Bedroom | $30 | $2,500 | $2,530 |
| 4 Bedroom | $430 | $2,500 | $2,930 |
Affordability — Salem, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.2 |
| Median Home Price | $494,000 |
| Median Household Income | $91,700 |