Salem/Keizer Market Trends
Let's start with residential real estate in Salem and Keizer. The median home value in Salem is currently $354,500, an impressive increase of 19.6% over the past year. Meanwhile, in Keizer, the median home value is $383,500, up 22.1% from last year.
These increases reflect the strong demand for homes in the area, and the low inventory is driving up prices. The low inventory means that competition among buyers is fierce, and it can be challenging to find the right home. However, we believe that there are still opportunities for buyers to find their dream home. Our team at Legacy Real Estate can help you navigate the market, identify opportunities, and make an informed decision.
The commercial real estate market in Salem and Keizer is also showing positive signs. The vacancy rate for office spaces in Salem is currently at 4.6%, while the retail vacancy rate is at 3.6%. In Keizer, the retail vacancy rate is even lower, at 3.3%. The industrial market is also strong, with vacancy rates of just 2.5% in Salem and 1.2% in Keizer.
The strong economic growth and low unemployment rates in the area are contributing to the demand for commercial real estate. Many businesses are looking to expand or relocate to the area, and our team at Legacy Real Estate can help you find the perfect commercial property to meet your needs.
Regional & National Market Trends
But what about the wider region and the nation as a whole?
According to the Federal Housing Finance Agency (FHFA), the Pacific Northwest region has seen the highest increase in home prices of any region in the United States. Home prices in the Pacific Northwest increased by 22.4% from the first quarter of 2022 to the first quarter of 2023.
Nationally, the limited inventory in many parts of the country is contributing to the rise in home prices, with many buyers competing for a limited number of homes. However, low mortgage rates are making homeownership more affordable for many buyers. Additionally, the commercial real estate market in the United States is also strong, with a growing demand for office, retail, and industrial spaces.
Legacy Can Help
At Legacy Real Estate, we understand that these trends can be overwhelming. That's why we are committed to providing you with personalized, expert guidance. We take pride in our personalized approach, and we are committed to helping you achieve your real estate goals. Whether you are a first-time homebuyer, a seasoned investor, or a business owner looking for the perfect location, we are here to help.
Contact Legacy Real Estate to make your real estate dreams a reality!