Real Estate Investing in Salem, Virginia (24153)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24153 (Salem, VA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.2% vacancy may signal weakening demand.
What’s happening in Salem, VA (24153)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 24153 Salem
Not every below-median market is a bargain. Salem's 24153 ZIP clocks in at signals that favor experienced operators who can absorb the risk $312K pricing implies.
For an experienced owner, 24153 can be a a credible choice for hunting ground — but the discount at $312K reflects genuine risk that outside investors often underestimate.
The gap between 24153 and stronger Salem ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 24153 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Strategy in 24153 is an operator game, not a passive one. From a cash-flow lens, entry prices of $312K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Salem:
Property Strategy for 24153
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $157,761 | $1,180 | 5.4% | +9.9% | $157,761 |
| 2BR | $203,753 | $1,400 | 4.9% | +8.4% | $101,877 |
| 3BR | $282,435 | $1,950 | 5.0% | +7.4% | $94,145 |
| 4BR | $392,009 | $2,350 | 4.3% | +7.0% | $98,002 |
| 5BR | $535,782 | — | — | +7.1% | $107,156 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 24153 Compare?
| Metric | 24153 | Salem | Roanoke, VA | Virginia |
|---|---|---|---|---|
| Home Value | $312,358 | $312,358 | N/A | $403,170 |
| 5-Year CAGR | 6.4% | 6.4% | N/A | 6.4% |
| Avg Rent | $1,609 | $1,609 | N/A | - |
| Cap Rate | 4.0% | 4.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 24153 (Salem, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $312,358 |
| Monthly Rent | $1,609 |
| Price-to-Rent | 16.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.2% |
| Cap Rate | 4.0% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +5.0% ▲ |
| 5-Year CAGR | +6.4% ▲ |
| 10-Year CAGR | +6.4% ▲ |
🏠 Rent Trends
| 1-Year | +7.3% ▲ |
| 3-Year CAGR | +5.3% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 24153
Population: 38,249
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 24153
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 709 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the average home sale price in Salem, VA?
Expect median prices around $312K in Salem, VA. The market has run at a 0.0% 5-year CAGR, so entry costs have been measured.
What is the tenant pool like in Salem, VA?
The tenant pool in Salem, VA is solid, supported by local employment and population fundamentals. Rents of $1,609/mo are well-absorbed by the market.
Are landlord laws favorable in Salem, VA?
Salem, VA operates under VA law, which is landlord-friendly overall for landlords. Expect reliable treatment in typical lease and eviction cases.
What type of investing works in Salem, VA?
Investors usually favor careful cash-flow rentals with hands-on management in Salem, VA. With home values at $312K and rents near $1,609/mo, other strategies can work but produce reliable rather than outsized returns.
Are rents high in Salem, VA?
Salem, VA rentals go for roughly $1,609/mo a month. That puts gross yield in solid territory relative to $312K acquisition costs.
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