Salem, Virginia Housing Market Prices
Salem Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 31% above the Virginia median$334,782
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Median rent 28% below the Virginia median$1,132
Housing Market Overview
| Metric | Salem | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,782 | $256,082 | $248,835 |
| Price Trend (Annual %) | 23.4% | 3.5% | 7.5% |
| Median Gross Rent | $1,132 | $1,579 | $1,407 |
| Rent Trend (Annual %) | 3.8% | 4.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Salem is about 31% higher than in Virginia. Rent is about 28% lower than the Virginia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Salem, up about 23.4% and 3.8% a year respectively. Home prices are changing faster.
Median rent in Salem rose about 35.5% between 2015 and 2024, from $835 to $1,132. Over the same span, rent in Virginia rose about 41.5%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Salem.
Buying the median-priced home in Salem costs roughly 24.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Salem. The price-to-rent ratio in Virginia is about 13.5.
| Metric | Salem | Virginia Avg | US Average |
|---|---|---|---|
| Median Home Price | $334,782 | $256,082 | $248,835 |
| Median Household Income | $66,398 | $93,527 | $80,455 |
| Price-to-Income Ratio | 5.0 | 2.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Salem rose about 306.7%, while median household income rose about 35.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Salem | Virginia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 58.0% | 61.5% | 58.5% |
| Rental Rate | 34.3% | 29.8% | 31.2% |
| Vacancy Rate | 7.7% | 8.7% | 10.2% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Salem has a homeownership rate of 58.0%, lower than the Virginia average of 61.5%. Its housing vacancy rate is 7.7%, compared with 8.7% in Virginia.
Housing Stock
| Metric | Salem | Virginia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.27 people | 2.52 people | 2.53 people |
| Median Structure Built Year | 1969 | 1982 | 1978 |
| Median Number of Rooms | 6.0 | 6.0 | 5.5 |
The typical housing unit in Salem was built around 1969. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 12.0 years on average.
Salem, VA Housing Compared With Nearby Cities
How Salem, VA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Salem, VA | 25,618 | $334,782 #1/2 | $1,132 #1/2 | 62.8% #1/2 |
| Roanoke, VA | 98,343 | $196,627 | $995 | 52.4% |
Frequently Asked Questions
Common questions about the housing market in Salem, Virginia.
What is the median home price in Salem, Virginia?
The median home price in Salem, Virginia is $334,782, higher than the Virginia average of $256,082.
What is the average home price in Salem, Virginia?
The typical home price in Salem, Virginia, reported as the median sale price, is $334,782. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Salem, Virginia?
The median gross rent in Salem, Virginia is $1,132 per month, lower than the Virginia average of $1,579.
What was the median gross rent in Salem in 2020?
In 2020, the median gross rent in Salem, Virginia was $926 per month.
What is the price-to-rent ratio in Salem, Virginia?
The price-to-rent ratio in Salem, Virginia is about 24.6, meaning it would take roughly 24.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Salem.
Are home prices or rent rising faster in Salem, Virginia?
Both home prices and rent are rising in Salem, up about 23.4% and 3.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Salem, Virginia?
58.0% of households in Salem, Virginia own their home, lower than the Virginia average of 61.5%.
What is the vacancy rate in Salem, Virginia?
The housing vacancy rate in Salem, Virginia is 7.7%, lower than the Virginia average of 8.7%.
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