Salem, OR Open Space and Mountain Views Attract Home Buyers
Housing in Salem, OR
The cost of a home in Salem ranges all the way from a $139,000 cape on East Park Avenue to a $2.5 million estate home on Sunset Ridge Road. But there is one constant linking every home in the Cherry City: their value is increasing.
Revitalized Downtown
Nearly 400 apartments and condos are on the drawing table in the downtown core.
Property owners in February 2008 approved an Economic Improvement District that will generate $200,000 a year for Go Downtown Salem! – a nonprofit with big plans to market downtown as a destination for arts, culture, dining, music and living.
Affordable Housing
Bucking national trends, Salem is a stark anomaly amidst hundreds of other midsize cities whose housing stock has increased while sales prices have decreased. According to the National Association of Realtors, Salem’s average house price was $228,000 in 2007 – not nearly among the highest in the nation but higher than the national average – but that median price had soared 25 percent in 2006. That fast growth has slackened somewhat, but according to the Home Builders Association of Marion and Polk counties, prices continue to climb and so does growth. Though it’s worth noting, of all markets in Oregon, Washington and California, only Spokane has lower housing prices than Salem.
“With affordable housing prices that continue to appreciate, Salem really is an excellent housing market for home buyers,” says Mike Erdmann, executive vice president of the Home Builders Association.
Employment Opportunities
Salem’s desirability as a place to live notwithstanding, there are a handful of factors that have made the city not only a stable place to own a home, but a good investment as well.
State government owns 18 percent of all property within Salem city limits – a high proportion for any state capital – which has kept home prices healthy because government employment has remained steady. Moreover, the economy is as stable as any other in the Pacific Northwest, buoyed by an employment base of 15,000 state jobs. Salem is also anchored by other major employers, such as Salem Hospital with 3,300 employees, Spirit Mountain Casino with 1,500, and Fred Meyer, Kaiser Permanente, Willamette University, and Norpac – each employing between 600 and 700. Economic stability has led to more housing starts, particularly in west Salem.
Article Comments