Salem USDA Loans
SALEM, OR
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Salem's 40 lenders originated 148 USDA loans during 2021. The total origination value was $48,380,000, with an average USDA loan value of $326,892.
Salem USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Salem
averaged
5.13%
for the week of 2022-05-20, compared to the national average (all USDA variants) of
5.315% for the same period.
The average rate for the prior week (2022-05-13) was
5.11% and
one month ago for the week of 2022-04-15, the
average rate was 5.01%.
The average rate one year ago was 2.95%.
For refis of the same type during the week of 2022-05-20, the average rate
was 5.01%.
Salem USDA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salem level.
The top Salem USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
14 USDA loans originated. Their average total fees are
$8,912, which is $1,758
higher than the next largest lender,
LPMC, LLC.
The lowest fee Salem USDA lenders (with over 10 loans originated) are
GUILD MORTGAGE COMPANY ($8,912), .
The lowest rate Salem USDA lenders (with over 10 loans originated) are
GUILD MORTGAGE COMPANY (2.73%), .
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $384,950 (35.1%) | $504,971 (34.3%) | 1.42 | 933 |
2018-02-01 | $384,945 (32.1%) | $497,773 (30.3%) | 1.39 | 923 |
2018-03-01 | $379,900 (27.9%) | $485,585 (24.5%) | 1.31 | 947 |
2018-04-01 | $385,000 (26.3%) | $505,771 (25.9%) | 1.29 | 997 |
2018-05-01 | $398,950 (29.8%) | $504,267 (24.9%) | 1.33 | 1,122 |
2018-06-01 | $394,900 (29.5%) | $494,477 (25.2%) | 1.32 | 1,186 |
2018-07-01 | $398,750 (9.3%) | $496,069 (6.7%) | 1.33 | 1,276 |
2018-08-01 | $379,950 (5.6%) | $469,809 (0.8%) | 1.27 | 1,517 |
2018-09-01 | $375,900 (4.5%) | $462,908 (-1.1%) | 1.26 | 1,608 |
2018-10-01 | $372,900 (-1.1%) | $456,885 (-4.3%) | 1.25 | 1,623 |
2018-11-01 | $364,950 (-3.5%) | $444,090 (-8.3%) | 1.22 | 1,638 |
2018-12-01 | $369,900 (-4.2%) | $446,519 (-10.9%) | 1.27 | 1,545 |
2019-01-01 | $367,000 (-4.7%) | $439,844 (-12.9%) | 1.27 | 1,418 |
2019-02-01 | $362,450 (-5.8%) | $427,023 (-14.2%) | 1.21 | 1,369 |
2019-03-01 | $366,657 (-3.5%) | $428,472 (-11.8%) | 1.19 | 1,392 |
2019-04-01 | $368,707 (-4.2%) | $431,215 (-14.7%) | 1.16 | 1,457 |
2019-05-01 | $369,450 (-7.4%) | $434,839 (-13.8%) | 1.14 | 1,573 |
2019-06-01 | $369,900 (-6.3%) | $436,074 (-11.8%) | 1.14 | 1,725 |
2019-07-01 | $374,950 (-6.0%) | $437,898 (-11.7%) | 1.17 | 1,789 |
2019-08-01 | $375,000 (-1.3%) | $445,432 (-5.2%) | 1.18 | 1,740 |
2019-09-01 | $375,000 (-0.2%) | $456,545 (-1.4%) | 1.19 | 1,690 |
2019-10-01 | $379,900 (1.9%) | $460,521 (0.8%) | 1.21 | 1,708 |
2019-11-01 | $383,400 (5.1%) | $463,939 (4.5%) | 1.24 | 1,587 |
2019-12-01 | $384,450 (3.9%) | $470,338 (5.3%) | 1.28 | 1,365 |
2020-01-01 | $387,450 (5.6%) | $478,308 (8.7%) | 1.29 | 1,190 |
2020-02-01 | $389,990 (7.6%) | $482,290 (12.9%) | 1.26 | 1,098 |
2020-03-01 | $407,175 (11.1%) | $505,855 (18.1%) | 1.27 | 1,062 |
2020-04-01 | $399,900 (8.5%) | $490,217 (13.7%) | 1.25 | 1,176 |
2020-05-01 | $419,900 (13.7%) | $511,280 (17.6%) | 1.27 | 1,082 |
2020-06-01 | $430,000 (16.3%) | $538,418 (23.5%) | 1.26 | 908 |
2020-07-01 | $429,950 (14.7%) | $547,700 (25.1%) | 1.23 | 844 |
2020-08-01 | $430,000 (14.7%) | $556,533 (24.9%) | 1.23 | 764 |
2020-09-01 | $449,995 (20.0%) | $583,753 (27.9%) | 1.29 | 633 |
2020-10-01 | $439,000 (15.6%) | $569,358 (23.6%) | 1.25 | 637 |
2020-11-01 | $454,475 (18.5%) | $602,169 (29.8%) | 1.30 | 530 |
2020-12-01 | $435,000 (13.2%) | $600,801 (27.7%) | 1.28 | 438 |
2021-01-01 | $448,000 (15.6%) | $608,113 (27.1%) | 1.32 | 383 |
2021-02-01 | $450,000 (15.4%) | $602,677 (25.0%) | 1.29 | 324 |
2021-03-01 | $427,450 (5.0%) | $565,187 (11.7%) | 1.20 | 341 |
2021-04-01 | $433,250 (8.3%) | $585,419 (19.4%) | 1.16 | 380 |
2021-05-01 | $445,000 (6.0%) | $566,984 (10.9%) | 1.17 | 452 |
2021-06-01 | $468,448 (8.9%) | $591,425 (9.9%) | 1.22 | 523 |
2021-07-01 | $449,950 (4.7%) | $596,763 (9.0%) | 1.17 | 637 |
2021-08-01 | $472,450 (9.9%) | $601,357 (8.1%) | 1.24 | 766 |
2021-09-01 | $467,400 (3.9%) | $607,226 (4.0%) | 1.23 | 860 |
2021-10-01 | $449,900 (2.5%) | $602,025 (5.7%) | 1.18 | 843 |
2021-11-01 | $452,500 (-0.4%) | $620,889 (3.1%) | 1.19 | 719 |
2021-12-01 | $477,450 (9.8%) | $642,836 (7.0%) | 1.27 | 570 |
2022-01-01 | $489,000 (9.2%) | $705,786 (16.1%) | 1.30 | 422 |
2022-02-01 | $495,800 (10.2%) | $732,407 (21.5%) | 1.26 | 404 |
2022-03-01 | $512,420 (19.9%) | $718,311 (27.1%) | 1.27 | 433 |
2022-04-01 | $512,900 (18.4%) | $672,800 (14.9%) | 1.21 | 532 |
Salem's median listing price comes in at 121% of the national average.
Salem's average listing price for 2022-04-01 was $672,800, a difference of $87,381 (14.9%) versus the prior year and $-45,511 versus the prior month.
For the 2022-04-01 period, Salem had 532 MLS listings, a difference of 99 listings (23%) versus the prior month and 152 listings (40%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Salem (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 70 days | 2,159 sqft |
2018-02-01 | 56 days | 2,119 sqft |
2018-03-01 | 40 days | 2,074 sqft |
2018-04-01 | 37 days | 2,084 sqft |
2018-05-01 | 32 days | 2,094 sqft |
2018-06-01 | 35 days | 2,064 sqft |
2018-07-01 | 43 days | 2,111 sqft |
2018-08-01 | 37 days | 2,055 sqft |
2018-09-01 | 44 days | 2,019 sqft |
2018-10-01 | 52 days | 2,016 sqft |
2018-11-01 | 53 days | 2,000 sqft |
2018-12-01 | 61 days | 2,004 sqft |
2019-01-01 | 72 days | 1,982 sqft |
2019-02-01 | 61 days | 1,944 sqft |
2019-03-01 | 49 days | 1,984 sqft |
2019-04-01 | 45 days | 1,994 sqft |
2019-05-01 | 43 days | 1,988 sqft |
2019-06-01 | 39 days | 1,988 sqft |
2019-07-01 | 41 days | 1,985 sqft |
2019-08-01 | 46 days | 2,000 sqft |
2019-09-01 | 49 days | 2,015 sqft |
2019-10-01 | 51 days | 2,038 sqft |
2019-11-01 | 55 days | 2,048 sqft |
2019-12-01 | 65 days | 2,001 sqft |
2020-01-01 | 72 days | 2,001 sqft |
2020-02-01 | 69 days | 1,988 sqft |
2020-03-01 | 43 days | 2,046 sqft |
2020-04-01 | 44 days | 2,016 sqft |
2020-05-01 | 49 days | 2,127 sqft |
2020-06-01 | 44 days | 2,228 sqft |
2020-07-01 | 39 days | 2,198 sqft |
2020-08-01 | 39 days | 2,164 sqft |
2020-09-01 | 42 days | 2,224 sqft |
2020-10-01 | 36 days | 2,128 sqft |
2020-11-01 | 47 days | 2,158 sqft |
2020-12-01 | 56 days | 2,046 sqft |
2021-01-01 | 49 days | 2,092 sqft |
2021-02-01 | 36 days | 1,984 sqft |
2021-03-01 | 29 days | 1,893 sqft |
2021-04-01 | 23 days | 1,880 sqft |
2021-05-01 | 17 days | 1,948 sqft |
2021-06-01 | 21 days | 1,970 sqft |
2021-07-01 | 22 days | 1,940 sqft |
2021-08-01 | 24 days | 1,946 sqft |
2021-09-01 | 29 days | 1,911 sqft |
2021-10-01 | 33 days | 1,845 sqft |
2021-11-01 | 37 days | 1,894 sqft |
2021-12-01 | 44 days | 1,932 sqft |
2022-01-01 | 52 days | 1,968 sqft |
2022-02-01 | 33 days | 1,913 sqft |
2022-03-01 | 27 days | 1,912 sqft |
2022-04-01 | 23 days | 1,864 sqft |
Salem's median square footage for active listings during the 2022-04-01 period was 1,864 sqft. One year prior, the average listing was 1,880 sqft.