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Salem, OR Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2022. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Salem, OR Housing Market Trends

With a population of 175,535, 62,988 total housing units (homes and apartments), and a median house value of $371,259, Salem real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Salem, accounting for 59.06% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 23.01%), duplexes, homes converted to apartments or other small apartment buildings ( 9.09%), and a few mobile homes or trailers ( 4.91%).

The most prevalent building size and type in Salem are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 52.31% owning and 47.69% renting.

There is a lot of housing in Salem built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Salem built between 1940-1969 ( 24.88%). A lesser amount of the housing stock also hails from between 2000 and later ( 17.84%). There's also some housing in Salem built before 1939 ( 9.02%).

Salem Home Appreciation Rates

In the last 10 years, Salem has experienced some of the highest home appreciation rates of any community in the nation. Salem real estate appreciated 135.45% over the last ten years, which is an average annual home appreciation rate of 8.94%, putting Salem in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Salem definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Salem's appreciation rate, at 17.30%, has been at or slightly above the national average. In the latest quarter, Salem's appreciation rate has been 1.71%, which annualizes to a rate of 7.00%.

Relative to Oregon, our data show that Salem's latest annual appreciation rate is lower than 50% of the other cities and towns in Oregon.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Salem differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Salem - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Salem real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$371,259

Salem, OR HOME PRICES

> $1,418,000
$1,063,001 - $1,418,000
$709,001 - $1,063,000
$567,001 - $709,000
$425,001 - $567,000
$284,001 - $425,000
$142,001 - $284,000
$71,001 - $142,000
$0 - $71,000
0.6%
0.6%
1.0%
1.0%
4.8%
4.8%
8.1%
8.1%
19.4%
19.4%
36.5%
36.5%
20.8%
20.8%
3.9%
3.9%
4.8%
4.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Average for OR

Value Relative To Nation

Number Of Homes And Apartments:
62,988

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OR*
Compared To
America*
Latest Quarter:
2021 Q4 - 2022 Q1
Last 12 Months:
2021 Q1 - 2022 Q1
Last 2 Years:
2020 Q1 - 2022 Q1
Last 5 Years:
2017 Q1 - 2022 Q1
Last 10 Years:
2012 Q1 - 2022 Q1
Since 2000:
2000 Q1 - 2022 Q1
170.44% 4.57%
6
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,583 / per month

Homeownership Rate

Owners
Renters
Vacant
52.3%
52.3%
47.7%
47.7%
5.7%
5.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
17.8%
17.8%
48.3%
48.3%
24.9%
24.9%
9.0%
9.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
59.1%
59.1%
3.8%
3.8%
9.1%
9.1%
23.0%
23.0%
4.9%
4.9%
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.3%
2.3%
10.4%
10.4%
31.5%
31.5%
40.6%
40.6%
12.3%
12.3%
2.9%
2.9%
0.0% 100.0%
% OF HOMES