Legacy Real Estate | November 13, 2026 | Data: Willamette Valley MLS, October 2026
The short version: The Salem Oregon housing market and the wider Willamette Valley gave buyers more room in October 2026. Active listings rose 10% from a year earlier to 3,503, and months of inventory climbed to 5.32 from 4.67, according to the Willamette Valley Multiple Listing Service. Closed sales fell 9%, and homes sold for 97.3% of list price on average, down from 98.6%.
How did the Willamette Valley housing market do in October 2026?
These figures come from the Willamette Valley Multiple Listing Service (WVMLS) October 2026 Valley Real Estate Review and cover all property types across the MLS, compared with October 2025.
- Closed sales: 662, down 9.2% from 729.
- New listings: 861, down 3.5% from 892.
- Pending sales: 785, down 17.0% from 946.
- Average sales price: $456,766, down 4.1% from $476,498.
- Sale price as a share of list price: 97.28%, down from 98.61%.
- Active listings: 3,503, up 10.1% from 3,181.
- Months of inventory: 5.32, up from 4.67.
Through October, 6,648 homes have sold across the MLS in 2026, about 3% fewer than at the same point in 2025. New listings for the year total 10,690, about 1.5% fewer than last year.
The pattern is a market with more homes to choose from and fewer buyers moving at once. Because pending sales lead closings, the drop in October pendings is worth watching in the November and December numbers.
Are Salem home prices going up or down?
For the year, prices are holding steady. The WVMLS residential median sales price for 2026 so far is $462,900, compared with $460,000 for all of 2025. The residential average is $519,180, up from $511,807.
October’s all-types average of $456,766 was lower than a year ago, but a single month can swing with the mix of homes that close. WVMLS itself advises looking at data over a longer period to judge trends, so the year-to-date figures are the better guide to values.
What are homes selling for in Salem and Keizer?
Here are average residential sales prices for 2026 year to date by WVMLS area, with the average share of original list price and average days on market.
- Keizer: $492,935, 99.1% of list, 82 days
- Central Salem: $352,276, 99.2% of list, 88 days
- Suburban East: $448,282, 99.6% of list, 90 days
- Suburban Southeast: $446,365, 99.3% of list, 89 days
- Southeast Salem: $515,826, 98.9% of list, 94 days
- South Salem: $595,090, 98.6% of list, 99 days
- West Salem: $558,797, 98.0% of list, 102 days
- Marion County (outside Salem-Keizer): $525,543, 98.4% of list, 111 days
- Polk County: $512,452, 99.0% of list, 119 days
Across Salem and Keizer, homes that sold this year closed at 98% to 99.6% of their original list price on average. That tells us well-priced homes are still selling close to asking, even with more inventory.
What is happening with new construction?
New homes remain a steady part of the market. In 2026 through October, 610 newly built homes sold across the main WVMLS areas at an average price of $489,853, or $271 per square foot, with an average of 122 days on market. Another 294 new homes are active, at an average list price of $544,188, and 132 are pending.
WVMLS describes the typical new home sold in the Willamette Valley as a 3-bedroom, 2-bath house of about 1,838 square feet with a two-car garage, on a lot of about 7,178 square feet.
How are buyers paying for homes?
Conventional loans remain the most common financing. Of 2026 sales with reported terms, 3,164 used conventional loans, 1,541 were cash, 1,044 used FHA loans and 487 used VA loans. Cash buyers made up about 24% of those sales.
What does this mean if you are buying?
- More choice: with 10% more homes on the market than last October, you can compare more options before you commit. Browse current listings on the Legacy Real Estate home search.
- More room to negotiate: October sales closed at 97.28% of list price on average, compared with 98.61% a year earlier. Repairs, closing-cost credits and timing are all worth discussing.
- Know your payment: Freddie Mac’s weekly survey put the 30-year fixed rate at an average of 7.11% on November 12, 2026, down from 7.18% the week before. Get fully pre-approved so you know your range, and see our list of things you shouldn’t do when buying a home.
- Think in neighborhoods: prices range from about $352,000 in Central Salem to about $595,000 in South Salem, so the area you choose shapes your budget as much as the house.
What does this mean if you are selling?
- Price to your area, not the headlines: buyers can compare your home with more listings than a year ago. A pricing plan built on recent closed sales in your WVMLS area matters more than ever.
- Well-prepared homes still sell near asking: most Salem and Keizer areas averaged 98% to 99.6% of list price this year.
- Plan for time on market: average days on market ran from 82 in Keizer to 102 in West Salem this year, and the winter months are typically slower.
- Presentation counts: professional photos, video and a pre-listing inspection help a home stand out when buyers have options.
Frequently asked questions
Is Salem a buyer’s market or a seller’s market?
Conditions have shifted toward buyers. Months of inventory across the Willamette Valley MLS reached 5.32 in October 2026, up from 4.67 a year earlier, and homes sold for 97.28% of list price on average. Well-priced homes in most Salem neighborhoods are still selling close to asking.
Are home prices dropping in Salem, Oregon?
Not for the year. The 2026 year-to-date residential median is $462,900, slightly above 2025’s $460,000. October’s all-types average of $456,766 was 4.1% lower than October 2025, but one month can swing with the mix of homes sold.
How long does it take to sell a home in Salem?
In 2026, average days on market for residential sales ranged from 82 in Keizer to 102 in West Salem, according to WVMLS.
Where does this data come from?
From the Willamette Valley Multiple Listing Service, a member-owned cooperative MLS since 1949. Its statistics reflect sales by member offices for properties listed in the Willamette Valley.
Talk with a local broker
Legacy Real Estate has worked with buyers and sellers in the Mid-Willamette Valley since 2001. If you are thinking about buying, selling or managing property in Salem, Keizer or the surrounding area, contact a Legacy Real Estate broker for a current look at your neighborhood and price range. You can also meet the Legacy team before you reach out.
Sources
- Willamette Valley Multiple Listing Service, Valley Real Estate Review, October 2026
- Freddie Mac, Primary Mortgage Market Survey, week of November 12, 2026
Statistics are compiled by WVMLS from sales by member offices and are deemed reliable but not guaranteed. This article is general information, not financial or legal advice. Legacy Real Estate is an independent brokerage in Salem, Oregon. Equal Housing Opportunity.