Salem, OR—97302
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 $458,000, with a year-over-year change of 1.0%. This indicates that home prices in Salem, OR are increasing. 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 | $458,000 | 1.0% |
| Single Family | $460,000 | 1.1% |
| Condos | $291,000 | -0.3% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $343,000 | 0.9% |
3 Bed | $439,000 | 0.9% |
4 Bed | $549,000 | 1.1% |
| 5 Bed | $626,000 | 1.0% |
% of Housing Stock
Rental Trends — Salem, OR
As of July '25, Rentcast reports the average rent in Salem, OR is $1,640, with a year-over-year rent change of 1.9%. Per bedroom, the median rent as of July '25 in Salem, OR is studios: $1,320, 1-bedrooms: $1,240, 2-bedrooms: $1,460, 3-bedrooms: $2,340, 4-bedrooms: $2,960. The most common rental property sizes in Salem, OR are 2-bedroom and 1-bedroom, accounting for 46.7% and 23.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,400 | $1,640 |
| Studio Rent | $1,320 | $1,320 |
| 1 Bed Rent | $1,150 | $1,240 |
| 2 Bed Rent | $1,350 | $1,460 |
| 3 Bed Rent | $2,350 | $2,340 |
| 4 Bed Rent | $2,800 | $2,960 |
% 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 70. This is a increase of 19.0% 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 | $550,000 | 4.0% |
Listing Count | 188 | 13.0% |
| Listings as % of Homes | 0.6% | 13.0% |
Days on Market | 70 | 19.0% |
Demographics — Salem, OR
As of the latest ACS Survey released in 2023, Salem, OR has a population of 41,000, which has increased by 6.7% over the past 5 years. Salem, OR is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 42.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.2% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 41,000 | 6.7% |
% Under 18 | 21.6% | -1.8% |
% Seniors | 20.0% | 7.0% |
% WFH | 16.2% | 244.7% |
% w/ College Degree | 42.5% | 5.7% |
As of the latest ACS Survey released in 2023, Salem, OR is a predominantly white area, with 76.6% of the population identifying as white. The white population has shrunk by 5.7% in the last 5 years. The second most common race or ethnicity in Salem, OR is hispanic, making up 12.3% of the population. Foreign-born residents account for 6.1% of the population in Salem, OR, and this percentage has remained stable as of the ACS Survey 5 years prior, suggesting immigration has remained steady.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.6% | -5.7% |
% Black | 1.9% | 35.7% |
% Hispanic | 12.3% | 9.8% |
% Asian | 1.5% | -40.0% |
% Foreign Born | 6.1% | 0.0% |
Mortgage and Risk — Salem, OR
According to HUD data as of 2023, there were 812 mortgage originations in Salem, OR, of which 82.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Salem, OR. Investor activity is low, as 3.0% 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 | 812 |
% Conventional Loans | 82.0% |
% Government Loans | 18.0% |
% Investor Loans | 3.0% |
% 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 9.4%. 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 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 and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 649 |
Total Units Section 8 | 635 |
% Rentals under Section 8 | 9.4% |
% Occupied Section 8 | 86.8% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $1,150 | $1,140 |
| 2 Bedroom | $120 | $1,350 | $1,470 |
| 3 Bedroom | -$300 | $2,350 | $2,050 |
| 4 Bedroom | -$580 | $2,800 | $2,220 |
Affordability — Salem, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.3 |
| Median Home Price | $458,000 |
| Median Household Income | $83,700 |