Salem, Oregon’s real estate market has stabilized into a balanced landscape, with the median home sale price hovering around $450,000 to $509,000. While values are holding steady or experiencing slight month-over-month increases, homes are taking longer to sell, giving buyers more time to make decisions.
Here are the specific, actionable details you need to know about the current market:
Market Snapshot
- Median Sale Price: $450,000 – $509,000, depending on the specific neighborhood and data source.
- Days on Market (DOM): Homes are sitting on the market for an average of 46 to 57 days, a noticeable increase from the frenzied multi-offer days of the pandemic.
- Market Dynamics: The city has shifted away from a severe seller’s market. Supply and demand are generally balanced, which means sellers are regularly accepting offers at or slightly under list price.
Neighborhood Breakdown
Prices vary widely across the greater Salem area:
Entry-Level/More Affordable: Neighborhoods like Northgate, Northeast Neighbors, and the 97301 zip code offer more affordable entry points, with median prices ranging from $370,000 to $400,000.
Higher-Priced Areas: Neighborhoods like Croisan-Illahe and Southwest Salem frequently boast median listing prices upwards of $700,000.
Mid-Range/Accessible Areas: Zip codes like 97306 and 97302 typically see median listings in the mid-$500,000 range.
