Commercial Real Estate Market in Salem, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
68 active listings and 1,201 off-market properties in Salem, VA.
Market Trends
Salem, VA spans 101.2 square miles in Salem County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Salem, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Salem, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Vacancy Rate % in South region
Industrial
Industrial vacancy in Salem, VA runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily vacancy in Salem, VA runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 63.2%
- Industrial 17.2%
- Commercial 10.6%
- Agricultural 6.3%
- Civic 1.9%
- Mixed use 0.4%
- Planned_development 0.4%
Largest Zones share of zoned land by district
Residential Single Family District
Heavy Manufacturing District
Highway Business District
Agriculture District
Light Manufacturing District
Salem, VA zones 8,137 acres across 22 districts. Commercial zoning covers 10.6% of zoned land, residential 63.2% and industrial 17.2%. The largest single district is Residential Single Family District at 58.7%. For commercial buyers the practical constraint is that only 27.8% of land carries a commercial or industrial designation.
Residential Single Family District (RSF)
The RSF Residential Single Family District is created in recognition that most residential neighborhoods in Salem are comprised primarily of single family dwellings on relatively small lots
Market overview
Demographics & Economy
Salem, VA has 38,728 residents in 16,387 households. Density runs 383 people per square mile. Median household income here is $72,691 and median gross rent $1,058 a month.
38,728
Population
16,387
Households
2.4
Avg Household Size
44
Median Age
30%
College-Educated
94%
High-School Grad
101.2 sq mi
ZIP Area
383
Density / Sq Mi
$72,691
Median Household Income
$39,851
Median Earnings
$1,058
Median Rent
$251,400
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Hanging Rock | — | — |
| Melrose | — | — |
| Glenvar | — | — |
| Cave Spring | — | — |
Frequently Asked Questions
What zoning applies to commercial property in Salem?
Salem, VA zones 8,137 acres across 22 districts, of which 10.6% is commercial and 17.2% industrial. The largest single district is Residential Single Family District at 58.7% of zoned land. The RSF Residential Single Family District is created in recognition that most residential neighborhoods in Salem are comprised primarily of single family dwellings on relatively small lots Residential zoning covers 63.2% and open space 0%.
Where does Realmo's Salem market data come from?
Realmo compiles Salem, VA figures from 7 recent recorded sales, 47 active sale listings, 21 active lease listings, 1,201 tracked off-market properties, the current Salem zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 47 active for-sale and 21 active for-lease listings in Salem, VA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 8,137 zoned acres across 22 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at South region level, retail vacancy is reported at South region level and industrial vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
