Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$290,648+3.8% YoY · prices are rising fast
Market right nowBalanced, leaning buyersMore homes for sale than last year, 28% have cut their price
Income needed to buy, per year$63,006About 0.9× the local median income ($66,996): affordable for a typical household
Days on market45 daysFaster than a year ago: sellers have the edge
Next 12 months+2.8%Zillow expects prices to rise slightly
The typical home in Salem City, VA is worth $290,648, up 3.8% from a year ago. That is well above what local incomes have historically supported: fair value is about $243,267, so the area is 19.5% overvalued. It is a balanced market, leaning toward buyers: homes take about 45 days to sell, listings are up 53% from a year ago, 28% of listings have had a price cut. Zillow expects prices to rise about 2.8% over the next year. A household needs about $63,006 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $66,996. Typical rent is $1,531 a month, or $1,885 for a house. In the latest IRS figures, 67 more people moved in than out.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$290,648
Change in 1 year
+3.8%
Overvalued %
+19.5%
Show 7 more
Fair home value
$243,267
Change in 5 years
+34.1%
Zillow forecast, next 12 months
+2.8%
Home value to income
4.3×
Monthly mortgage payment (20% down)
$1,575
Income needed to afford it
$63,006
Property tax rate
0.90%
Rent and investing
Typical rent
$1,531
Typical rent for houses
$1,885
Price-to-rent ratio
15.8×
Show 3 more
HUD Fair Market Rent, 2 bedrooms
$1,464
Gross rental yield
6.32%
Cap rate (estimate)
4.11%
Market activity
Listings vs a year ago
+52.9%
Days on market
45
Listings with a price cut
27.8%
Show 3 more
Homes for sale
104
Pending sales per 100 listings
41
Asking price per sq ft
$190
People and jobs
Median household income
$66,996
Population change (1 year)
+0.3%
Unemployment rate
3.6%
Show 4 more
Population
25,816
Income adjusted for cost of living
$71,577
Net moves in (IRS)
+67
Cost of living (US = 100)
93.6
Schools, risk and environment
School rating (1 to 10)
6.5
FEMA hazard risk score (0 to 100)
18.6
Unhealthy air days a year
0
Show 4 more
Flood risk score
44.8
Wildfire risk score
1.4
Walkability (1 to 20)
10.3
Road, rail and air noise
51 dB
Questions people ask
Is Salem City, VA overvalued?
Home prices in Salem City, VA are well above what local incomes have historically supported: fair value is about $243,267, so the area is 19.5% overvalued.
Is Salem City, VA a buyer's or seller's market?
Salem City, VA is a balanced market, leaning toward buyers: homes take about 45 days to sell, listings are up 53% from a year ago, 28% of listings have had a price cut.
Are home prices going down in Salem City, VA?
Home values in Salem City, VA are up 3.8% over the last year. Zillow's forecast for the next 12 months is +2.8%.
How much do you need to earn to buy a home in Salem City, VA?
A household needs about $63,006 a year to afford the typical home in Salem City, VA at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $66,996.