Salem home values
Salem at a glance
- Zillow’s Home Value Index puts the typical home at $445,200 (Aug 2026), +0.2% over the past 12 months and +12% over five years.
- The Census median home value in Salem is about $396,200 — 21% below Oregon overall and 16% above the U.S. median.
- Median household income is about $78,400; median rent about $1,320/month.
- Neighborhood values range from $311K to $470K across 5 distinct ZIP codes.
Salem home value trend
Over the 12 months to Aug 2026, typical home values in Salem were essentially flat, to about $445,200. That is 0.5 percentage points faster than Oregon (−0.3%). Over five years the typical home gained $47,100 in value (+12%).
Year-by-year values
| Month | Typical value | Change vs year before |
|---|---|---|
| Aug 2026 | $445,200 | +0.2% |
| Aug 2025 | $444,400 | −0.1% |
| Aug 2024 | $445,000 | +1.7% |
| Aug 2023 | $437,800 | −2.0% |
| Aug 2022 | $446,600 | +12.2% |
| Aug 2021 | $398,100 | +21.1% |
| Aug 2020 | $328,600 | +5.3% |
| Aug 2019 | $312,000 | +6.8% |
| Aug 2018 | $292,100 | +12.0% |
| Aug 2017 | $260,800 | +12.5% |
| Aug 2016 | $231,800 | — |
Source: Zillow Home Value Index (ZHVI), typical value of mid-tier homes, smoothed & seasonally adjusted. Areas with several ZIPs: population-weighted.
About Salem
Salem is the capital city of the U.S. state of Oregon, and the county seat of Marion County. It is located in the center of the Willamette Valley alongside the Willamette River, which runs north through the city. The river forms the boundary between Marion and Polk counties, and the city neighborhood of West Salem is in Polk County.
Source: en.wikipedia.org (CC BY-SA)
Salem home value score
from local value, rent & income
In Salem (5 ZIPs), prices are high relative to rents (a low gross yield), and homes are expensive against local incomes.
How the Value Score is built
Computed figures
A transparent value snapshot — computed from U.S. Census ACS (2023) for Salem (5 ZIPs): home value, gross rent and household income. It is not a market-timing or appreciation forecast.
Salem neighborhoods compared
| Name | Home value | 1-yr | Income | Rent | Price / income |
|---|---|---|---|---|---|
| Bush Park ZIP 97302 · shared | $415K | +0.1% | $84K | $1,230 | 5.0× |
| Downtown city data | — | — | — | — | — |
| East Lancaster ZIP 97301 · shared | $311K | −0.1% | $57K | $1,197 | 5.4× |
| Englewood ZIP 97301 · shared | $311K | −0.1% | $57K | $1,197 | 5.4× |
| Faye Wright city data | — | — | — | — | — |
| Grant city data | — | — | — | — | — |
| Highland | $397K | +0.2% | $81K | $1,361 | 4.9× |
| Keizer | — | — | — | — | — |
| Lansing ZIP 97301 · shared | $311K | −0.1% | $57K | $1,197 | 5.4× |
| Morningside city data | — | — | — | — | — |
| Northeast Neighbors city data | — | — | — | — | — |
| South Central city data | — | — | — | — | — |
| South Gateway ZIP 97301 · shared | $311K | −0.1% | $57K | $1,197 | 5.4× |
| South Salem ZIP 97302 · shared | $415K | +0.1% | $84K | $1,230 | 5.0× |
| Southeast Mill Creek city data | — | — | — | — | — |
| Sunnyslope | $439K | −0.1% | $90K | $1,455 | 4.9× |
| West Salem | $470K | +0.9% | $92K | $1,441 | 5.1× |
Home value, income and rent: Census ACS medians; 1-yr: Zillow ZHVI change over 12 months. Tap a column heading to sort.
Salem vs Oregon and the U.S.
| Salem | Oregon | U.S. | |
|---|---|---|---|
| Typical value (Zillow, Aug 2026) | $445,200 | $519,600 | — |
| 1-year change | +0.2% | −0.3% | — |
| 5-year change | +12% | +6% | — |
| Median home value (Census) | $396,200 | $501,100 | $340,200 |
| Median household income | $78,400 | $81,700 | $78,500 |
| Median gross rent | $1,320/mo | $1,524/mo | $1,406/mo |
| Price-to-income ratio | 5.1× | 6.1× | 4.3× |
| Gross rental yield | 4.0% | 3.6% | 5.0% |
| Rent as share of income | 20% | 22% | 21% |
| Mortgage payment* | $2,003/mo | $2,534/mo | $1,720/mo |
Census figures: U.S. Census Bureau ACS 5-year estimates; areas spanning several ZIPs use population-weighted averages of ZIP medians, and city/state columns cover the ZIPs of the places listed on this site. Zillow: ZHVI. *Principal & interest on the Census median value, 20% down, 6.5% fixed, 30 years.
What it costs to buy a home in Salem
At today’s typical value of $445,200 (Zillow, Aug 2026), a buyer putting 20% down ($89,040) and financing the rest at 6.5% over 30 years would pay about $2,251 a month in principal and interest — 34% of the median household income here. That is above the common 28% guideline but under 36%, so budgets are stretched but workable for a median earner. The median rent is $1,320/month, so owning costs roughly 71% more per month than renting, before taxes, insurance and upkeep — the trade-off is building equity.
Estimate only: excludes property tax, insurance, HOA and PMI, which vary by property. Incomes and rents are the latest Census (ACS 2023) figures. Run your own numbers in the estimator below.
What this means for buyers, sellers and investors in Salem
Buyers
At 5.1× local income, prices are moderate — compare a few nearby areas before committing.
Sellers
Values are up 0.2% on the year, so recent sales support your price — and get a home-specific estimate: condition and size move the number more than the area average.
Investors
A gross rental yield of 4.0% is low — this is an appreciation play rather than a cash-flow market.
Salem real estate FAQ
Are home prices going up in Salem?
What is the typical home value in Salem?
Is Salem affordable?
How much is rent in Salem?
Is Salem good for rental property investment?
What is the most affordable neighborhood in Salem?
What is the most expensive neighborhood in Salem?
Where are home values rising fastest in Salem?
Where is the best rental yield in Salem?
What’s your Salem home worth?
Estimates are informational only and are not an appraisal.
About this data
Data last updated: September 2026.
Current values and trends use the Zillow Home Value Index (ZHVI) — the typical value of mid-tier homes, smoothed and seasonally adjusted — through Aug 2026. It is refreshed monthly.
Median values, incomes, rents, housing stock and commutes come from the U.S. Census Bureau’s American Community Survey (ACS) 5-year estimates at ZIP Code Tabulation Area level. City and state figures are population-weighted averages of their ZIPs.
The Value Score (0–10) blends gross rental yield and price-to-income affordability. It is a value snapshot, not a forecast.
Mortgage figures assume 20% down and a 6.5% fixed 30-year loan, principal and interest only.
These are area-level statistics, not an appraisal of any individual property, and not financial advice.
Sources: U.S. Census ACS · Zillow ZHVI.