Salem & Keizer Real Estate Market Report — January 2026

Salem Keizer Living  ·  Real Estate Market  ·  February 2026

Data sourced from the Willamette Valley Multiple Listing Service (WVMLS), updated 02/18/26. Residential properties under 0.5 acres, Marion County (Keizer & Salem).

Every month I pull the latest data from the Willamette Valley Multiple Listing Service and break down what's actually happening in the Salem and Keizer housing market — not the national headlines, not the Oregon averages, but what's going on right here in our neighborhoods. January 2026 tells an interesting story: prices are up, inventory is growing, and buyers finally have a little more room to breathe than they've had in years. Here's what the numbers mean for you.

January 2026 At a Glance

Median Sales Price$444,995▲ 3.7% vs Jan 2025 ▲ 8.5% vs Dec 2025Closed Sales103▼ 10.4% vs Jan 2025 ▼ 22.6% vs Dec 2025Median Days on Market94▲ 21.4% vs Jan 2025 ▲ 24.7% vs Dec 2025List Price Received99.8%▲ 0.2% vs Jan 2025 ▲ 0.2% vs Dec 2025Median Sold $/SqFt$270▲ 1.9% vs Jan 2025 ▲ 0.4% vs Dec 2025New Listings174▼ 9.8% vs Jan 2025 ▲ 68.9% vs Dec 2025Active Inventory398▼ 1.0% vs Jan 2025 ▼ 6.8% vs Dec 2025Months Supply3.9▲ 10.5% vs Jan 2025 ▲ 20.4% vs Dec 2025

What the Numbers Are Really Saying

On the surface, January looks a little quiet — only 103 closed sales, down from both last January and last December. But January is always the slowest month of the real estate calendar, and the more meaningful signals are in the directional trends rather than the raw counts.

The headline story this month is a market in healthy transition. Prices are still appreciating — $444,995 median is up 3.7% from a year ago, and the cost per square foot at $270 confirms that appreciation is real and broad-based, not just a handful of outlier sales. At the same time, the market is clearly loosening. Months of supply has climbed to 3.9 — up over 10% from January 2025 — and median days on market has grown to 94 days, a 21% jump year-over-year. Homes are still selling, but they're taking longer to get there.

That combination — rising prices, more inventory, longer days on market — is the hallmark of a market finding its equilibrium after years of extreme imbalance. It's not a crash. It's a correction toward something more sustainable, and it has real implications for both buyers and sellers right now.

The one number that says it all A 99.8% list-price-received ratio means that on average, homes in Salem and Keizer are selling for essentially their full asking price. This tells you that correctly priced homes are still moving — the market hasn't softened to the point where sellers need to take significant cuts. But that 94-day median is a reminder that pricing strategy matters more than it did two years ago.

What This Means for Buyers

If you've been sitting on the sidelines waiting for the market to give you more breathing room, January's data suggests that moment has arrived — at least compared to where we were in 2022 and 2023. With 3.9 months of supply and homes sitting on the market for a median of 94 days, you have more time to make thoughtful decisions, more opportunity to negotiate, and less competition than buyers faced during the frenzied peak years.

That said, prices are still moving upward. The 3.7% year-over-year appreciation means waiting isn't free — every month you delay, the median price has historically crept higher. The window of relative calm in the market is real, but it likely won't last indefinitely as spring inventory season picks up and buyer activity increases.

For first-time buyers in Salem and Keizer, this is worth paying attention to. The combination of more inventory, longer marketing times, and stable-but-rising prices creates a window that is genuinely more favorable than what buyers faced 18 months ago. We also have a full breakdown of whether 2026 is a good time to buy in Salem and Keizer if you want the broader picture beyond just January's numbers.

What This Means for Sellers

The 99.8% list-price-received figure is the number sellers should focus on — it means the market is still rewarding well-priced homes with offers near asking. But the 94-day median days on market is the number that should shape your strategy. Homes that are overpriced, poorly presented, or hitting the market without preparation are sitting. The days of receiving multiple offers in the first weekend regardless of condition are largely behind us in this market.

The surge in new listings — 174 in January, up nearly 69% from December — signals that spring inventory season is beginning to arrive. If you're planning to list this spring, getting ahead of that wave rather than being part of it is a meaningful competitive advantage. Homes that hit the market in late February or early March, before the full wave of spring listings arrives, tend to face less competition for buyer attention.

If you're thinking about listing, our guide on what to fix — and what to skip — before selling in Salem and Keizer is worth reading before you spend a dollar on repairs or updates. Strategic preparation in this market matters more than it did when every home was getting five offers regardless of condition.

🏡 For Buyers

✔ More inventory than a year ago

✔ Homes taking longer to sell = more negotiating room

✔ 3.9 months supply = balanced-to-buyer-favorable conditions

⚠ Prices still rising — waiting has a cost

⚠ Spring may bring more competition

📋 For Sellers

✔ 99.8% list price received — correctly priced homes sell

✔ Prices up 3.7% year-over-year

✔ 174 new listings — spring market is waking up

⚠ 94 days on market — overpriced homes will sit

⚠ List before the spring wave for best exposure

The Bigger Picture: Where Salem & Keizer Fit

The trends we're seeing locally — modest price appreciation, growing days on market, slowly increasing supply — mirror broader patterns playing out across Oregon's real estate market as a whole. Higher mortgage rates have cooled the urgency that defined 2021 and 2022, but they haven't caused prices to collapse in markets with strong fundamentals — and Salem and Keizer have strong fundamentals. Steady population growth, a state government employment base, and proximity to Portland without Portland's price tag continue to make this market resilient.

3.9 months of supply puts us firmly in balanced-to-slightly-seller-favoring territory. A true buyer's market typically requires six or more months of supply — we're not there. What we have is a market where buyers have meaningfully more leverage than they did two years ago, but sellers who price correctly and prepare their homes well are still achieving excellent outcomes.

Worth watching The 68.9% jump in new listings from December to January is partly seasonal — January always sees a surge compared to the holiday slowdown of December. Watch February and March numbers to see whether that new-listing momentum continues. If inventory keeps climbing through spring, we could see days on market extend further and price growth moderate. That would be good news for buyers and a signal for sellers to move sooner rather than later.

Want to Dig Into the Data Yourself?

All the numbers in this report come directly from the Willamette Valley Multiple Listing Service, the authoritative source for real estate data in our region. If you want to explore the live market snapshot beyond what's covered here, WVMLS publishes a public market dashboard with current stats you can filter and explore yourself.

I publish this market report monthly so Salem and Keizer residents always have a clear, local picture of what's happening — not national noise, not state averages, but the data that actually reflects your neighborhood. If you want these updates delivered directly to your inbox, subscribe to the Salem Keizer Living newsletter.

Thinking About Making a Move?

Whether you're buying, selling, or just trying to figure out what your home is worth in today's market, I'd love to help you make sense of the numbers. I'm Hannah Fouts-Sparks with Sparks Property Group — your local Salem and Keizer real estate expert.

Let's talk about what January's data means for your specific situation.

Visit Sparks Property Group →

Data provided by WVMLS and updated 02/18/26. Residential properties under 0.5 acres, Marion County (Keizer & Salem). This information is deemed reliable but not guaranteed. ©2026 Domus Analytics®