Commercial Real Estate Market in Salem, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
53 active listings and 1,201 off-market properties in Salem, VA. Commercial property asks $143/SF to buy (based on 9 listings) and $13.50/SF/Yr to lease (based on 7 listings).
Market Trends
Salem, VA spans 101.2 square miles in Salem County, Virginia. Figures below refresh monthly; last updated 31 October 2026.
Office
Office space in Salem, VA has a median asking sale price of $155/SF (based on 5 listings). Vacancy runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Retail
Retail vacancy in Salem, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
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%.
Multifamily
Multifamily vacancy in Salem, VA runs 11.3% across the South region in 2025, up from 8.5% in 2022.
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
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.
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.
Tools
Frequently Asked Questions
What is the median price per square foot for commercial property in Salem?
How much does it cost to lease commercial space in Salem?
What zoning applies to commercial property in Salem?
Where does Realmo's Salem market data come from?
Methodology & data sources
- Asking prices and medians
- There are 29 active for-sale and 24 active for-lease listings in Salem, VA. The medians are based on 9 of the for-sale and 7 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
