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Salem, OR—97306

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value
$499,000
0.2% YoY Growth
Household Income
$89,800
36.9% YoY Growth
Days on Market
43
16.0% Shorter YoY
Home Price Forecast
-1.1%
Median Rent
$2,050
3.4% YoY Growth
1-Bed Rent
$1,300
0.8% YoY Growth
2-Bed Rent
$1,550
2.4% YoY Growth
3-Bed Rent
$2,350
7.1% YoY Growth

Other Zip Codes in Salem, OR

97302973179730197304
  • Home Price Trends
  • Rental Trends
  • Property Listings
  • Demographics
  • Mortgage and Risk

Home Price Trends — Salem, OR

As of May '26, the median home price in Salem, OR is $499,000, with a year-over-year change of 0.2%. This indicates that home prices in Salem, OR are flat. According to Zillow, the 1-year price projection is -1.1%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home TypeMedian Home ValueYoY % Change
All Homes
$499,0000.2%
Single Family $504,0000.0%
Condos $306,0002.0%

Cost per Home Size

Home SizeMedian Home ValueYoY % Change
1 Bed
  • Affordability
  • Rentals and Section 8
    • N/A
    N/A
    2 Bed
    		$357,000-1.1%
    3 Bed
    		$465,0000.0%
    4 Bed
    		$598,000-0.2%
    5 Bed $686,421-0.2%
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    % of Housing Stock

    Studio
    1.8%
    1 Bedroom
    3.0%
    2 Bedrooms
    28.1%
    3 Bedrooms
    44.4%
    4 Bedrooms
    17.5%
    5+ Bedrooms
    5.2%

    Rental Trends — Salem, OR

    As of July '25, Rentcast reports the average rent in Salem, OR is $1,970, with a year-over-year rent change of -3.4%. Per bedroom, the median rent as of July '25 in Salem, OR is 1-bedrooms: $1,310, 2-bedrooms: $1,680, 3-bedrooms: $2,420, 4-bedrooms: $2,970. The most common rental property sizes in Salem, OR are 2-bedroom and 3-bedroom, accounting for 59.5% and 22.4% of the rental stock.

    TypeMedian RentAverage Rent
    Average Rent$2,050$1,970
    Studio Rent N/AN/A
    1 Bed Rent $1,300$1,310
    2 Bed Rent $1,550$1,680
    3 Bed Rent $2,350$2,420
    4 Bed Rent $2,450$2,970
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    % of Rental Stock

    Studio
    4.1%
    1 Bedroom
    8.5%
    2 Bedrooms
    59.5%
    3 Bedrooms
    22.4%
    4 Bedrooms
    4.8%
    5+ Bedrooms
    0.8%

    Property Listings — Salem, OR

    As of May '26, Realtor.com reports that the median days on market for a home in Salem, OR is 43. This is a decrease of -16.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 34.0%, representing a large inventory and a lot of supply pressure on home prices.

    MetricZip Code AverageYear over Year % Change
    Median Listing Price
    		$550,000-7.0%
    Listing Count
    		155-5.0%
    Listings as % of Homes0.8%-5.0%
    Days on Market
    		43-16.0%
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    Demographics — Salem, OR

    As of the latest ACS Survey released in 2023, Salem, OR has a population of 34,200, which has increased by 5.9% 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 moderately educated workforce, with 41.7% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 14.8% reporting working from home.

    MetricLatest CensusYoY % Change
    Population
    		34,2005.9%
    % Under 18
    		22.7%-10.6%
    % Seniors
    		15.6%-0.6%
    % WFH
    		14.8%228.9%
    % w/ College Degree
    		41.7%13.6%
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    As of the latest ACS Survey released in 2023, Salem, OR is a predominantly white area, with 73.8% of the population identifying as white. The white population has shrunk by 9.9% in the last 5 years. The second most common race or ethnicity in Salem, OR is hispanic, making up 12.0% of the population. Foreign-born residents account for 8.1% of the population in Salem, OR, and this percentage has increased by 30.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.

    Race and Ethnicity

    MetricLatest Census5-Year % Change
    % White
    		73.8%-9.9%
    % Black
    		1.5%50.0%
    % Hispanic
    		12.0%27.7%
    % Asian
    		5.5%89.7%
    % Foreign Born
    		8.1%30.6%
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    Mortgage and Risk — Salem, OR

    According to HUD data as of 2023, there were 582 mortgage originations in Salem, OR, of which 83.0% of loans were conventional mortgages. The average loan-to-value was 57.0%, with 24.0% above 90% LTV (very high). This implies large mortgage risk in Salem, OR. Investor activity is low, as 1.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.

    Mortgages

    MetricZip Code Average
    Total Loan Originations
    		582
    % Conventional Loans
    		83.0%
    % Government Loans
    		17.0%
    % Investor Loans
    		1.0%
    % Second Loans
    		1.0%
    % Cash Out Refinance
    		10.0%
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    Rentals and Section 8 — Salem, OR

    As of 2024, the percent of homes in Salem, OR under the Section 8 program is 5.5%. 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. 2-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Salem, OR, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom units do not.

    Section 8 Market Size

    Total Units under HUD
    		265
    Total Units Section 8
    		254
    % Rentals under Section 8
    		5.5%
    % Occupied Section 8
    		87.0%

    Section 8 Opportunity

    Home SizeHUD PremiumMarket RentMax HUD Rent
    1 Bedroom-$30$1,300$1,270
    2 Bedroom$90$1,550$1,640
    3 Bedroom-$70$2,350$2,280
    4 Bedroom$30$2,450$2,480

    Affordability — Salem, OR

    Home Price to Income Ratio

    MetricZip Code Average
    Home Price to Income Ratio5.5
    Median Home Price$499,000
    Median Household Income$89,800

    Salem, OR — ZIP Code Boundary Map

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    Nearby ZIP Codes

    Salem, OR

    97302

    Independence, OR

    97351

    Four Corners

    97310

    Jefferson, OR

    97352

    Salem, OR

    97301

    Frequently Asked Questions