Salem’s housing market is experiencing a period of stabilization, with recent data indicating a balanced environment for both buyers and sellers. As of March 2026, the median sale price of homes in Salem was $450,000, reflecting a modest 0.7% increase compared to the previous year. Homes are spending an average of 67 days on the market, up from 56 days last year, suggesting a slight cooling in market pace. Additionally, the number of homes sold in March rose to 165, up from 161 in the same month last year, indicating steady demand.
New Developments Addressing Housing Needs
To meet the growing demand for diverse housing options, several new developments are underway in Salem:
Mahonia Crossing
Mahonia Crossing is a mixed-income community designed to foster intergenerational connections. The development includes 94 senior apartments and 219 family apartments, with a focus on sustainability and community engagement. The project achieved National Green Building Standard Gold certification and features a Path-to-Net-Zero community building.
The Cannery Project
The Cannery Project aims to revitalize Salem’s historic waterfront by creating a vibrant, mixed-use neighborhood. The development plans to offer over 380 modern apartments and approximately 51,000 square feet of commercial space, emphasizing walkability and sustainability.
Legacy Heights
Located in South Salem, Legacy Heights is a new home development featuring energy-efficient homes ranging from 1,100 to 1,800 square feet. Designed by Stafford Homes & Land, these residences are certified by Energy Star and the Energy Trust of Oregon, offering modern amenities and sustainable living options.
City Initiatives to Promote Housing Development
Recognizing the need for increased housing availability, the City of Salem adopted its first Housing Production Strategy (HPS) in May 2025. This plan outlines 17 actions aimed at encouraging housing development and promoting equitable housing outcomes. Key components include updating zoning codes and improving the permitting process to facilitate efficient housing development.
As Salem continues to evolve, these developments and strategies play a crucial role in shaping a housing market that meets the diverse needs of its residents, ensuring a vibrant and sustainable community for years to come.