Salem, OR—97317
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 $452,000, 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 0.2%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $452,000 | 0.3% |
| Single Family | $452,000 | 0.4% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $357,000 | -0.8% |
3 Bed | $406,000 | -0.2% |
4 Bed | $624,000 | 0.8% |
| 5 Bed | $685,000 | 0.7% |
% of Housing Stock
Rental Trends — Salem, OR
As of July '25, Rentcast reports the average rent in Salem, OR is $1,800, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Salem, OR is 1-bedrooms: $1,340, 2-bedrooms: $1,620, 3-bedrooms: $2,310. The most common rental property sizes in Salem, OR are 2-bedroom and 3-bedroom, accounting for 48.2% and 27.6% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,740 | $1,800 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,400 | $1,340 |
| 2 Bed Rent | $1,700 | $1,620 |
| 3 Bed Rent | $2,200 | $2,310 |
| 4 Bed Rent | N/A | N/A |
% 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 83. This is a increase of 5.0% 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 39.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $650,000 | -1.0% |
Listing Count | 72 | 23.0% |
| Listings as % of Homes | 0.4% | 23.0% |
Days on Market | 83 | 5.0% |
Demographics — Salem, OR
As of the latest ACS Survey released in 2023, Salem, OR has a population of 26,200, which has increased by 6.7% over the past 5 years. Salem, OR is a moderately popular place for families, as children make up 20.3% of the population. The area has a poorly educated workforce, with 21.6% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 7.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,200 | 6.7% |
% Under 18 | 20.3% | 1.0% |
% Seniors | 19.6% | 24.1% |
% WFH | 7.4% | 68.2% |
% w/ College Degree | 21.6% | 23.4% |
As of the latest ACS Survey released in 2023, Salem, OR is a predominantly white area, with 61.4% of the population identifying as white. The white population has grown by 0.7% in the last 5 years. The second most common race or ethnicity in Salem, OR is hispanic, making up 28.5% of the population. Foreign-born residents account for 10.8% of the population in Salem, OR, and this percentage has decreased by 26.0% 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 | 61.4% | 0.7% |
% Black | 0.3% | -87.5% |
% Hispanic | 28.5% | 0.0% |
% Asian | 2.1% | -22.2% |
% Foreign Born | 10.8% | -26.0% |
Mortgage and Risk — Salem, OR
According to HUD data as of 2023, there were 285 mortgage originations in Salem, OR, of which 72.0% of loans were conventional mortgages. The average loan-to-value was 63.0%, with 34.0% 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. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 285 |
% Conventional Loans | 72.0% |
% Government Loans | 28.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Salem, OR
Salem, OR lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 242 |
Total Units Section 8 | 227 |
% Rentals under Section 8 | 8.6% |
% Occupied Section 8 | 87.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$70 | $1,400 | $1,330 |
| 2 Bedroom | $10 | $1,700 | $1,710 |
| 3 Bedroom | $180 | $2,200 | $2,380 |
| 4 Bedroom | N/A | N/A | $2,590 |
Affordability — Salem, OR
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $452,000 |
| Median Household Income | $81,200 |