What is the typical home value in Salem - OR?

The typical home in Salem - OR, OR is worth $449,621 as of the most recent Zillow Home Value Index reading. Year over year the value has changed by +0.5%.

How long do homes stay on the market in Salem - OR?

The median days to pending (time on market before a sale) in Salem - OR is currently 28 days. Shorter days on market indicate a seller's market; longer days indicate more buyer leverage.

Are sellers cutting prices in Salem - OR?

31.9% of active listings in Salem - OR have had a price reduction. This is a signal of softening seller expectations relative to buyer demand.

Is it cheaper to rent or buy in Salem - OR?

The price-to-rent ratio in Salem - OR is 23.2x (typical home value divided by a year of typical rent), which puts it in renting territory on the Rent vs Buy Index. Typical rent is $1,618 a month versus a principal-and-interest mortgage payment of about $2,490 on the typical home at 7.4% with 20% down.

What income do you need to buy a home in Salem - OR?

About $130,800 a year in household income, assuming 20% down ($89,924), a 30-year fixed mortgage at 7.4%, property tax and insurance, and a 28% payment-to-income cap. The monthly payment works out to about $3,052.

Is Salem - OR a buyer's or seller's market?

Based on days-on-market, price-cut share, and year-over-year appreciation, Salem - OR is currently a balanced market. Buyers should watch days-on-market and price-cut trends monthly.

OR · Metro #126

Salem - OR housing market

The Salem metro has a typical home value of $449,621, up 0.5% from a year ago. Homes sell in 28 days on average, a balanced market. 32% of listings have had a price cut. Data from Zillow Research, updated monthly.

Typical home value

$449,621

+0.5% vs. year ago

Median sale price

$452,201

+1.5% YoY

Median list price

$508,283

Sale-to-list ratio

99.4%

Selling below ask

Days on market

28d

Listings w/ price cut

31.9%

New listings / mo

464

+3.6% YoY

Homes for sale

1,677

+14.9% YoY

Typical rent

$1,618/mo

+0.6% YoY

Income needed to buy

$130,800

$3,052/mo · #154 of 195

Rent vs buy

23.2x

Renting territory · #25 of 195

October 2026 report · Zillow data through August 2026

Salem housing market, October 2026

The typical Salem home is worth $449,620 as of August 2026, up 0.0% from the prior month, down 0.1% over three months, and up 0.5% from a year ago. Over the past two years values have ranged from $446,982 to $451,701.

Homes are going pending in about 28 days, slower than the 20 days seen three months earlier. There are roughly 1,677 homes for sale, 15% more than a year ago. 31.9% of listings have taken a price cut (up from 24.7% three months ago).

Typical rent is $1,618 a month, up 0.6% year over year, which puts the price-to-rent ratio at 23.2.

At this week's 7.40% mortgage rate with 20% down ($89,924), the typical Salem home costs about $3,052 a month including tax and insurance, which needs a household income of roughly $130,800 to stay under a 28% payment-to-income ratio.

Typical home value, 24 months

Days to pending, 24 months

Homes for sale, 24 months

Income needed to buy assumes 20% down, a 30-year fixed mortgage at 7.4% (Freddie Mac weekly average), property tax at 1.1% and insurance at 0.4% of value per year, and a 28% payment-to-income cap. Local taxes and insurance vary; treat it as a comparison figure across metros, not a lender's answer. All metros ranked →

Context

How to read this data

The typical home value ($449,621) is the Zillow Home Value Index for the Salem - OR metro area: a smoothed, seasonally adjusted estimate of the typical value for middle-tier homes (33rd to 67th percentile) across single-family and condo properties.

Prices are up 0.5% over the past year. In Salem - OR, that means a home worth $447,384 last year is now worth roughly $449,621.

The median sale price, what homes actually close for, is $452,201. Homes are selling at 99.4% of list price, meaning buyers have room to negotiate.

Homes listed in Salem - OR sit on the market for roughly 28 days before going pending. Shorter = seller's market; longer = buyer's market.

About 31.9% of current listings have had at least one price cut. High price-cut shares signal sellers are adjusting expectations downward.

Roughly 464 new listings hit the market each month in Salem - OR. There are currently 1,677 homes for sale, up 14.9% from a year ago.

The typical monthly rent in Salem - OR is $1,618, up 0.6% year over year. On the Rent vs Buy Index that is a price-to-rent ratio of 23.2x, renting territory (#25 of 195 metros). The mortgage on a typical home here, 20% down at today's 7.4% 30-year rate, runs about $2,490 a month in principal and interest, $872 more than renting before taxes, insurance and upkeep. The two break even at a 3.51% rate.