Salem City, Virginia home prices
Typical home $290,648 · +3.8% in a year · property tax 0.9%
The typical home in Salem City is worth $290,648, 29% less than the Virginia typical home ($412,252). Values changed +3.8% in the past year and +34.1% over five years. Homeowners here pay a median 0.9% of their home's value in property tax each year ($2,603 on the typical home), versus 0.71% statewide.
Mortgage on the typical Salem City home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $58,130 | $232,518 | $1,564 | $0 | $362 | $1,926 | $82,600 |
| 10% down | $29,065 | $261,583 | $1,760 | $109 | $362 | $2,231 | $95,600 |
| 5% down | $14,532 | $276,115 | $1,857 | $115 | $362 | $2,335 | $100,100 |
| 3.5% down (FHA) | $10,173 | $285,383 | $1,920 | $129 | $362 | $2,411 | $103,300 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.9% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
What it takes: see what you can afford by salary in Virginia · part of the Roanoke metro area.
Virginia counties with similar prices
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Newport News City | $291,426 | +2.8% | 1.01% |
| Appomattox County | $289,196 | +7.8% | 0.52% |
| Cumberland County | $288,159 | +9.4% | 0.57% |
| Staunton City | $288,132 | +3.8% | 0.7% |
| Waynesboro City | $293,551 | +2.0% | 0.67% |
| Essex County | $296,194 | +2.9% | 0.57% |
| Highland County | $283,985 | +3.4% | 0.57% |
| King and Queen County | $299,161 | +5.6% | 0.52% |
| Colonial Heights City | $280,370 | +0.5% | 0.84% |
| Dinwiddie County | $300,969 | +5.4% | 0.55% |
Frequently asked questions
What is the average home price in Salem City, VA?
The typical home value in Salem City is $290,648 (Zillow Home Value Index, September 2026).
How much do you need to earn to buy a house in Salem City?
About $82,600 a year for the typical home with 20% down at a 7.11% 30-year rate.
What is the property tax rate in Salem City?
The median effective rate is 0.9% of home value a year (Census ACS 2024 5-year estimates).