Metro area index
Home appreciation in the Salem, OR metro area
FHFA HPI® data shows the Salem, OR metro area's all-transactions index changed -0.2% over the year to Q2 2026, versus +1.6% for Oregon and +3.0% for the U.S. That ranks 371st of 410 metro areas and divisions FHFA tracks.
- 1-year change
- -0.2%
- 5-year change
- +27.7%
- Since Q1 1995
- +328%
- Metro rank (1 year)
- 371st
U.S. +3.0%
U.S. +41.3%
U.S. +292%
of 410
Salem, OR vs Oregon and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Salem, OR: 428.2
- Oregon: 447.6
- United States: 391.6
Appreciation by time window
| Window | Metro | OR | U.S. | Gap vs OR | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | -0.2% | +1.6% | +3.0% | −1.9 pts | −3.3 pts |
| 3 years | +6.5% | +6.0% | +12.9% | +0.5 pts | −6.3 pts |
| 5 years | +27.7% | +23.8% | +41.3% | +3.9 pts | −13.6 pts |
| 10 years | +107% | +80.0% | +93.3% | +27.0 pts | +13.6 pts |
| Since Q1 1995 | +328% | +348% | +292% | −19.4 pts | +36.7 pts |
3-digit ZIP regions in the Salem, OR area
Regions with at least 10% of their 2010 population inside the metro, largest overlap first. A 3-digit ZIP region can extend beyond the metro boundary.
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 | Population in metro |
|---|---|---|---|---|---|
| 973 · Salem, OR area | OR | +0.5% | +29.7% | +322% | 58% |
Boom, bust, and recovery in Salem, OR area
Salem, OR area's index peaked in Q4 2007, fell 26.9% to its low in Q2 2012, and regained its peak in Q4 2016, about 9 years after the top. Today it sits +100% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| Metro | Q4 2007 | Q2 2012 | -26.9% | Q4 2016 (9 yrs) | +100% |
| OR | Q2 2007 | Q2 2012 | -26.0% | Q1 2016 (8.8 yrs) | +87.0% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Salem, OR area's index has changed +93.4% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | Metro after inflation | OR after inflation | U.S. after inflation |
|---|---|---|---|---|
| 1 year | +3.9% | -3.9% | -2.1% | -0.8% |
| 3 years | +9.8% | -3.0% | -3.5% | +2.8% |
| 5 years | +24.0% | +3.0% | -0.1% | +13.9% |
| 10 years | +39.1% | +48.8% | +29.4% | +39.0% |
| Since Q1 1995 | +121% | +93.4% | +102% | +76.8% |
If you bought in the Salem, OR area in…
An example $300,000 purchase grown at the metro index rate to Q2 2026.
| Bought in | Index change | $300,000 then, at the metro rate |
|---|---|---|
| Q2 1995 | +314% | $1,241,188 |
| Q2 2000 | +236% | $1,007,158 |
| Q2 2005 | +159% | $777,198 |
| Q2 2010 | +139% | $717,069 |
| Q2 2015 | +128% | $682,805 |
| Q2 2020 | +48.2% | $444,463 |
| Q2 2021 | +27.7% | $383,071 |
| Q2 2023 | +6.5% | $319,615 |
| Q2 2025 | -0.2% | $299,329 |
Frequently asked questions
- How much have home prices risen in the Salem, OR area?
- FHFA HPI® data for the Salem, OR metro area shows changes of -0.2% over one year, +27.7% over five years, and +107% over ten years to Q2 2026, and +328% since Q1 1995.
- Is the Salem, OR area beating the national average?
- Over the past year the metro's index moved −3.3 pts versus the U.S.; over five years the gap is −13.6 pts.
- What area does this metro index cover?
- FHFA computes metro indexes using the counties in each OMB-defined metropolitan statistical area. The index covers the whole area, so individual neighborhoods and homes can differ from it.