Salem, OR—97306
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 $491,000, 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 0.1%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $491,000 | 0.3% |
| Single Family | $496,000 | 0.2% |
| Condos | $302,000 | 2.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $351,000 | 1.2% |
3 Bed | $457,000 | 0.2% |
4 Bed | $591,000 | 0.2% |
| 5 Bed | $670,000 | -0.1% |
% of Housing Stock
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.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,050 | $1,970 |
| Studio Rent | N/A | N/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 |
% 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 67. This is a increase of 10.0% 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 36.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $558,000 | -1.0% |
Listing Count | 150 | -18.0% |
| Listings as % of Homes | 0.8% | -18.0% |
Days on Market | 67 | 10.0% |
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.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 34,200 | 5.9% |
% Under 18 | 22.7% | -10.6% |
% Seniors | 15.6% | -0.6% |
% WFH | 14.8% | 228.9% |
% w/ College Degree | 41.7% | 13.6% |
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
| Metric | Latest Census | 5-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% |
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
| Metric | Zip 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% |
Loan Activity
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 Size | HUD Premium | Market Rent | Max 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
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $491,000 |
| Median Household Income | $89,800 |