Salem city, Virginia Housing Market
In Salem city, Virginia, the median home value is $258,600, with a median monthly rent of $1,133. This places Salem city at #843 nationally out of 3134 counties by median home value, and #67 within Virginia.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,205
- Establishments: 1,072
- BLS QCEW, 2025
Housing Supply
- Single-family: 17
- Multi-family: 0
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 10,579 (avg $76,438)
- Outflow: 9,834 (avg $77,329)
- IRS Statistics of Income
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💰 Mortgage Guide → 🧾 Property Tax Data →How Salem city Compares
| Metric | Salem city | Virginia Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $258,600 | $295,807 | $227,706 |
| Median Gross Rent | $1,133 | $1,169 | $968 |
| Owner Occupancy Rate | 62.8% | 70.8% | 73.3% |
| Price/Rent Ratio | 19.0 | 20.3 | 18.7 |
Market Analysis
The median home value in Salem city is 12.6% below the Virginia state average and 13.6% above the U.S. national average. The median rent of $1,133/month is 3.1% below the state average.
With a price-to-rent ratio of 19.0, the buy-vs-rent decision in Salem city is balanced. Whether buying or renting makes more sense depends on your time horizon, down payment capacity, and local market conditions.
Salem city has an owner-occupancy rate of 62.8%, compared to 70.8% in Virginia and 73.3% nationally. This indicates a more renter-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Sauk County | Wisconsin | $258,600 | $1,018 |
| Story County | Iowa | $258,700 | $1,018 |
| Butler County | Ohio | $258,500 | $1,135 |
| Rensselaer County | New York | $258,400 | $1,217 |
| Wakulla County | Florida | $258,300 | $1,108 |
Other Counties in Virginia
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Staunton city | $259,200 | $1,024 | 60.9% |
| Dinwiddie County | $257,800 | $1,224 | 79.6% |
| Franklin city | $256,600 | $988 | 53.9% |
| Newport News city | $260,600 | $1,339 | 48.2% |
| Rockbridge County | $248,800 | $925 | 79.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).