Is Salem, OR 97304 a buyer’s or seller’s market?

The Salem housing market right now

In the three months ending August 31, 2026, 19% of homes in Salem, OR 97304 sold above their list price, the typical home went under contract in 68 days and there were 4.6 months of supply. Four to six months of supply is a balanced market, where pricing and condition decide how much room there is to negotiate. That’s based on 127 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 22%, homes sold more slowly (49 days then) and the median sale price rose 2% to $508,780. Overall, Salem is less competitive than a year ago, which gives buyers more room.

Within Polk County, homes here sell more slowly than in 75% of the county’s ZIP codes, and sell more often over asking than in 50%. On our competition score, Salem ranks #108 of 170 OR ZIP codes with enough sales (score 40 out of 100).

Nearby, buyers who want less competition could look at Rickreall 97371 (0% sold over asking) or Dallas 97338 (15% sold over asking), while Independence 97351 (30% sold over asking) and Monmouth 97361 (24% sold over asking) are even more competitive.