Salem Homes under $500,000

Welcome to Salem, Oregon—a city bursting with charm, rich history, and a vibrant community spirit! Nestled in the heart of the Willamette Valley, Salem is not just the state capital but also a place where natural beauty and urban conveniences blend seamlessly. With picturesque parks, scenic rivers, and a flourishing arts scene, Salem offers an inviting atmosphere for families, professionals, and retirees alike.

One of the most appealing aspects of Salem is its diverse housing market, particularly for those seeking affordable options. If you're looking for homes under $500,000, you're in luck! The city boasts a variety of properties that cater to different tastes and lifestyles. From cozy bungalows and modern townhouses to charming historic homes, there’s something for everyone within this price range.

Salem’s neighborhoods are as varied as its residents, each offering a unique vibe. The historic district is perfect for those who appreciate classic architecture, while newer developments in areas like South Salem provide contemporary living spaces with easy access to amenities. Plus, with a strong sense of community, excellent schools, and abundant recreational opportunities, it’s easy to see why so many choose to call Salem home.

Whether you're a first-time homebuyer or looking to downsize, Salem’s real estate market offers an array of options that won’t break the bank. Discover your dream home in this enchanting city, where affordability meets quality living in a picturesque setting.

Newest Salem Homes under $500,000

$39,900

2 Beds ⋅ 2 Baths ⋅ 846272 MLS

Move-In Ready 2 Bed / 2 Bath in Salem 55+ Community – $39,900Special Offer: Enjoy 3 Months FREE Rent with your purchase!Looking for comfort, affordability, and space? This charming, updated 2-bedroom, 2-bathroom manufactured home offers roughly 1,056 sq ft of easy living. Located at 5422 Portland Rd NE, Space 67, it’s completely move-in ready and waiting for you to call it home. Don't miss out on this fantastic value!

5422 Portland Rd Ne Unit 67, Salem

Listing Courtesy of HOMESMART REALTY GROUP. Cell: 503-339-6954

$99,000

2 Beds ⋅ 2 Baths ⋅ 350575538 MLS

Welcome home to this **beautifully rebuilt and completely updated home** located at **4915 Swegle Rd NE, Unit 59 in Salem!** Taken down to the studs and thoughtfully rebuilt from the inside out, this home offers the feel of a brand-new space with **new finishes and updates throughout**. Step inside to a bright, fresh, and inviting interior that has been exceptionally well cared for and is truly move-in ready. Every detail feels clean, modern, and thoughtfully finished, making this a home you can simply unpack and enjoy. Outside, relax under the **covered patio** overlooking your **fenced backyard**, offering a private space for pets, gardening, entertaining, or enjoying a quiet Oregon afternoon. Located within a beautifully maintained park surrounded by **mature landscaping**, this home offers a peaceful setting while remaining conveniently located near Salem amenities. **Fresh, updated, and ready for its new owners—this is one you won't want to miss!**

4915 NE SWEGLE RD Unit #59, Salem

Listing Courtesy of eXp Realty, LLC.

$99,000

2 Beds ⋅ 2 Baths ⋅ 846271 MLS

Welcome home to this **beautifully rebuilt and completely updated home** located at **4915 Swegle Rd NE, Unit 59 in Salem!** Taken down to the studs and thoughtfully rebuilt from the inside out, this home offers the feel of a brand-new space with **new finishes and updates throughout**. Step inside to a bright, fresh, and inviting interior that has been exceptionally well cared for and is truly move-in ready. Every detail feels clean, modern, and thoughtfully finished. Making this a home you can simply unpack and enjoy. Outside, relax under the covered patio overlooking your fenced backyard, offering a private space for pets, gardening, entertaining, or enjoying a quiet Oregon afternoon. Located within a beautifully maintained park surrounded by mature landscaping, this home offers a peaceful setting while remaining conveniently located near Salem amenities. Fresh, updated, and ready for its new owners—this is one you won't want to miss!

4915 Swegle Rd Ne Unit 59, Salem

Listing Courtesy of EXP REALTY, LLC. Cell: 971-237-6415

$399,900

3 Beds ⋅ 2 Baths ⋅ 846269 MLS

NEW carpet, updated SS appliances & FRESH interior paint! Desirable South Salem neighborhood with easy access to I-5, schools, parks, and shopping. Spacious kitchen/dining area w breakfast bar. The light-filled living room offers a cozy brick hearth fireplace & skylight. Primary suite w ensuite bath for added comfort. Fully fenced, spacious backyard for outdoor entertaining. Other updates: vinyl windows and slider, new roof and primary shower (24), new patio (23), & new garage door & skylight (22).

1036 Charlene St S, Salem

Listing Courtesy of HOMESMART REALTY GROUP. Direc: 503-510-6580

$429,900

4 Beds ⋅ 2 Baths ⋅ 108377359 MLS

Vacant, show anytime! please text LA

8196 65TH AVE, Salem

Listing Courtesy of HomeSmart Realty Group.

$305,000

2 Beds ⋅ 1 Baths ⋅ 846121 MLS

Instant equity opportunity! This charming home on a large lot features a spacious layout, original wood floors, and an enclosed porch with floor to ceiling windows! The roomy kitchen, large laundry/mud room and unique breezeway make for a cozy home like no other. The large backyard is ready to customize for entertaining. Don't miss the detached 768 sq. ft. garage with a 3/4 bathroom. This is a great opportunity to roll up your sleeves and customize this home with your updates and finishes.

4020 Mahrt Ave Se, Salem

Listing Courtesy of EXP REALTY, LLC. cell: 971-312-5904

$429,900

4 Beds ⋅ 2 Baths ⋅ 846263 MLS

Beautifully Remodeled Country Home with Separate Living Quarters! Welcome Home to this nice & bright, yet super cozy fully remodeled home! It looks, feels and smells - NEW! This home offers modern comfort, cozy country living and incredible flexibility! Fully finished daylight basement offers additional private living space. Peaceful country setting, low property taxes & plenty of room for all your vehicles and toys - makes this property an especially attractive opportunity. Vacant, please show anytime, but text LA with showings as a courtesy

8196 65th Ave Ne, Salem

Listing Courtesy of HOMESMART REALTY GROUP. Direc: 503-990-2782

$345,000

3 Beds ⋅ 1 Baths ⋅ 846256 MLS

Spacious .024 acre fully fenced corner lot. Major upgrades: $50k Solar 2023 paid off at closing. Low prop taxes. Type 2 EV charger. 200 amp panel. Roof 2017. Windows 2019 w/ warranty. Furnace/AC 2019. Exterior paint in 2025. Recent tiled kitchen floors and plumbing and electrical upgrades. Large flat yard includes garden & orchard w/ apple, peach, plum trees. Covered patio. Enclosed carport. Paved parking w/ room for vehicles and RV. Hardwood under carpet. Low cost of living. Set on a spacious 0.24-acre fully fenced corner lot, this home offers an impressive combination of major upgrades, usable outdoor space, and features designed to help keep ownership costs down. Approximately $50,000 in solar panels installed in 2023 are included in the sale and will be paid off at closing, benefiting the next owner. Add comparatively low property taxes, a 20-ft Type 2 EV charger, and an upgraded 200-amp electrical panel, this home offers compelling advantages when it comes to monthly payments as well as lower cost of living on both utility & transportation costs. Many of the big-ticket improvements have already been completed, including a new roof (2017), triple-pane windows with transferable “double lifetime” warranty (2019), new furnace and oversized A/C (2019), electrical and plumbing upgrades, exterior paint (2023), and recently tiled kitchen flooring.Outside, the expansive level yard offers plenty of room to spread out. Cross fencing separates the garden and orchard area with apple, peach, and plum trees and its own entrance. A large covered patio on the opposite side of home provides even more curated spaces to enjoy on this large yard. A huge paved front parking area accommodates multiple vehicles with room for trailers or RV parking.All these major improvements leave an opportunity to focus on your own cosmetic updates inside. Original hardwood floors remain beneath the carpet and offer exciting refinishing potential. The enclosed carport adds flexible bonus space with future conversion possibilities while maintaining vehicle and storage access.Purchased from the original owner in 2017 and thoughtfully improved since, this property brings together space, infrastructure, lower-cost living potential, and room to make it your own. The home was appraised at $365,000 in 2026 without taking into consideration the solar upgrades.

404 36th Ave Ne, Salem

Listing Courtesy of PREMIERE PROPERTY GROUP, LLC - SOUTH SALEM. Cell: 971-388-0339

$49,900

2 Beds ⋅ 2 Baths ⋅ 846251 MLS

Beautiful 2-bedroom, 2-bathroom home offering 1,411 sq. ft. of living space in a 55+ community. The spacious living area features large windows that bring in plenty of natural light, along with a sliding glass door for easy outdoor access. The home also offers a spacious kitchen with ample cabinetry, a brand-new air conditioning system, and a beautifully landscaped outdoor space. Park rent is $1,265/month. Conveniently located near shopping, dining, and other amenities. Come take a look!

2410 Lancaster Dr Sw Unit 354, Salem

Listing Courtesy of REALTY OF AMERICA, LLC. CELL: 971-237-3605

$49,900

2 Beds ⋅ 2 Baths ⋅ 566329189 MLS

Beautiful 2-bedroom, 2-bathroom home offering 1,411 sq. ft. of living space in a 55+ community. The spacious living area features large windows that bring in plenty of natural light, along with a sliding glass door for easy outdoor access. The home also offers a spacious kitchen with ample cabinetry, a brand-new air conditioning system, and a beautifully landscaped outdoor space. Conveniently located near shopping, dining, and other amenities. Come take a look!

2410 LANCASTER DR Unit #354, Salem

Listing Courtesy of Realty of America, LLC.

$360,000

3 Beds ⋅ 2 Baths ⋅ 584906336 MLS

Must see home! Granite slab counters, tons of storage, laundry room, over sized 2 car garage with work bench, covered patio, delicious fig tree in back, RV parking, gas furnace with Central air conditioning, and SOLAR PANELS! So much to offer!

548 CITATION DR, Salem

Listing Courtesy of MORE Realty.

$380,000

3 Beds ⋅ 1 Baths ⋅ 136683653 MLS

Charming 3-bd PLUS OFFICE with wood floors and 2 car garage. Dual fireplace in the living and dining room. Single level floor plan. ** Newer Roof ** RV Pad ** and spacious yard with room to garden, entertain or relax. Conveniently located near Morningside Elementary, parks, shopping, dining, and major routes. A great opportunity in a well established South Salem neighborhood.

3603 PIONEER SE DR, Salem

Listing Courtesy of eXp Realty, LLC.

Start Your Search

The content relating to real estate for sale on this site comes in part from the IDX program of the RMLS of Portland, Oregon. Real Estate listings held by brokerage firms other than this firm are marked with the RMLS logo, and detailed information about these properties include the name of the listing's broker. Listing content is copyright © 2026 RMLS of Portland, Oregon. All information provided is deemed reliable but is not guaranteed and should be independently verified. This content last updated on . Some properties which appear for sale on this web site may subsequently have sold or may no longer be available.

Based on information from Willamette Valley Multiple Listing Service, which neither guarantees nor is in any way responsible for its accuracy. All data is provided AS IS and with all faults. Data maintained by Willamette Valley Multiple Listing Service may not reflect all real estate activity in the market.