Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$447,087+0.4% YoY · prices are flat
Market right nowBuyer's marketMore homes for sale than last year, 28% have cut their price
Income needed to buy, per year$96,919About 1.2× the local median income ($83,035): a stretch for a typical household
Days on market75 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+0.1%Zillow expects prices to stay about flat
The typical home in Salem, OR is worth $447,087, about the same as a year ago. That is slightly above what local incomes have historically supported: fair value is about $429,551, so the area is 4.1% overvalued. It is a buyer's market: homes take about 75 days to sell, listings are up 20% from a year ago, 28% of listings have had a price cut. Zillow expects prices to rise about 0.1% over the next year. A household needs about $96,919 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 $83,035. Typical rent is $1,646 a month, or $2,301 for a house. In the latest IRS figures, 512 more people moved out than in.
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
$447,087
Change in 1 year
+0.4%
Overvalued %
+4.1%
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Fair home value
$429,551
Change in 5 years
+10.9%
Zillow forecast, next 12 months
+0.1%
Home value to income
5.4×
Monthly mortgage payment (20% down)
$2,423
Income needed to afford it
$96,919
Property tax rate
0.83%
Rent and investing
Typical rent
$1,646
Typical rent for houses
$2,301
Price-to-rent ratio
22.6×
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HUD Fair Market Rent, 2 bedrooms
$1,692
Gross rental yield
4.42%
Cap rate (estimate)
2.87%
Market activity
Listings vs a year ago
+20.0%
Days on market
75
Listings with a price cut
27.9%
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Homes for sale
1,488
Pending sales per 100 listings
26
Asking price per sq ft
$279
People and jobs
Median household income
$83,035
Population change (1 year)
+0.5%
Unemployment rate
5.4%
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Population
445,814
Income adjusted for cost of living
$80,150
Net moves in (IRS)
−512
Cost of living (US = 100)
103.6
Schools, risk and environment
School rating (1 to 10)
4.2
FEMA hazard risk score (0 to 100)
90.9
Unhealthy air days a year
0
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Flood risk score
86.0
Wildfire risk score
56.6
Walkability (1 to 20)
11.6
Road, rail and air noise
54 dB
Questions people ask
Is Salem, OR overvalued?
Home prices in Salem, OR are slightly above what local incomes have historically supported: fair value is about $429,551, so the area is 4.1% overvalued.
Is Salem, OR a buyer's or seller's market?
Salem, OR is a buyer's market: homes take about 75 days to sell, listings are up 20% from a year ago, 28% of listings have had a price cut.
Are home prices going down in Salem, OR?
Home values in Salem, OR are up 0.4% over the last year. Zillow's forecast for the next 12 months is +0.1%.
How much do you need to earn to buy a home in Salem, OR?
A household needs about $96,919 a year to afford the typical home in Salem, OR at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $83,035.