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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 174,365 people, 60,519 houses or apartments, and a median cost of homes of $308,714, 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 59.89% of the city's housing units. Other types of housing that are prevalent in Salem include large apartment complexes or high rise apartments ( 21.90%), duplexes, homes converted to apartments or other small apartment buildings ( 9.49%), and a few mobile homes or trailers ( 4.98%).

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 51.71% owning and 48.29% 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 ( 24.68%). A lesser amount of the housing stock also hails from between 2000 and later ( 16.83%). There's also some housing in Salem built before 1939 ( 8.82%).

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 74.06% over the last ten years, which is an average annual home appreciation rate of 5.70%, 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.

Appreciation rates are so strong in Salem that despite a nationwide downturn in the housing market, Salem real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Salem appreciation rates continue to be some of the highest in America, at 6.67%, which is higher than appreciation rates in 80.62% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Salem. Salem appreciation rates in the latest quarter were at 2.18%, which equates to an annual appreciation rate of 9.01%.

Relative to Oregon, our data show that Salem's latest annual appreciation rate is higher than 70% 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

 
info

Median Home Value:
$308,714

Salem, OR HOME PRICES

> $1,288,000
0.5%
0.5%
$966,001 - $1,288,000
1.0%
1.0%
$644,001 - $966,000
3.4%
3.4%
$515,001 - $644,000
5.7%
5.7%
$386,001 - $515,000
14.8%
14.8%
$258,001 - $386,000
36.9%
36.9%
$129,001 - $258,000
28.9%
28.9%
$64,001 - $129,000
2.8%
2.8%
$0 - $64,000
6.0%
6.0%
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:
60,519

Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OR*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
123.65% 3.91%
7
9
* 10 is highest

Rent & Ownership

 
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Average Market Rent:
$1,230 / per month

Homeownership Rate

Owners
51.7%
51.7%
Renters
48.3%
48.3%
Vacant
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
16.8%
16.8%
1970 - 1999
49.7%
49.7%
1940 - 1969
24.7%
24.7%
1939 or Older
8.8%
8.8%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.9%
59.9%
Townhomes
3.7%
3.7%
Small Apt. Buildings
9.5%
9.5%
Apt. Complexes
21.9%
21.9%
Mobile Homes
5.0%
5.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
9.8%
9.8%
2 Bedrooms
31.3%
31.3%
3 Bedrooms
41.1%
41.1%
4 Bedrooms
12.3%
12.3%
5 or more bedrooms
3.2%
3.2%
0.0% 100.0%
% OF HOMES