Market Overview
Home Prices in Salem, VA
The median home value in Salem, VA is $314,298 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 4.3% compared to a year ago and up 2.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Salem are priced23% below average. Salem is part of the Roanoke, VA metro area.
Over the past five years, Salem home values have risen by approximately33.4%, reflecting strong long-term appreciation in this market.
Price History
Salem Home Price Trend
2020
$206,016
$206K
—
2021
$235,570
$236K
+14.3%
2022
$263,315
$263K
+11.8%
2023
$278,820
$279K
+5.9%
2024
$293,689
$294K
+5.3%
2025
$301,305
$301K
+2.6%
2026
$314,298
$314K
+4.3%
City Comparison
Salem vs. National Median
🏠 Salem
$314,298
National Median
$410,000
At $314,298, homes in Salem cost 23% below the national median of $410,000. This makes Salem a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Salem?
20% Down Payment
$62,860
on $314,298
Monthly P&I
$1,639/mo
30-yr @ 6.8%
Total Monthly Est.
~$2,082/mo
incl. taxes & insurance
Income Needed
$83,280
gross annual (30% rule)
10% Down Option
$31,430
+ PMI applies
Loan Amount (20% dn)
$251,438
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Salem, VA?
The median home value in Salem is $314,298 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 4.3% year-over-year.
How much have home prices changed in Salem?
Over the past year, home values in Salem have increased by 4.3%. Over five years, prices have risen approximately 33.4%.
How much do I need to earn to buy a home in Salem?
To comfortably afford the median home price of $314,298 with a 20% down payment ($62,860) at today's rates (6.8%), you'd need a gross annual income of approximately $83,280. This assumes keeping total housing costs at or below 30% of gross income.
How does Salem compare to the national average home price?
The national median home value is approximately $410,000. At $314,298, homes in Salem are 23% below the national average.
What metro area is Salem part of?
Salem is part of the Roanoke, VA metropolitan area. Home prices and market conditions can vary across the broader metro region.