NEW PRICE, NEW OPPORTUNITY! Unbeatable value awaits in this beautifully updated 2,400 SQ FT, 3-bedroom, 2-bath home in an established South Salem neighborhood. Situated on a pristine 0.29-acre lot with NO HOA, this home is surrounded by beautifully maintained properties and offers ultimate privacy and convenience. EXTENSIVE 2025 & 2026 UPDATES: The property boasts a brand-new roof, new siding, fresh exterior and interior paint, new luxury vinyl plank flooring, new plush bedroom carpet, and a new insulated garage door. PREMIUM INTERIOR FEATURES: Inside, you'll find a bright, comfortable living space highlighted by vaulted ceilings, granite countertops, stainless steel appliances, spacious bedrooms, and the cozy ambiance of both a wood-burning and an electric fireplace. OUTDOOR OASIS & BONUS SPACE: Step outside to an expansive deck perfect for relaxing or entertaining, complete with mature trees and a serene koi pond water feature. The oversized lot also provides ample room for RV parking, recreational toys, and additional storage. PRIME LOCATION: Hard to beat—just steps from Pringle Elementary School and Wes Bennett Park, and minutes from shopping, dining, and easy I-5 access.
For sale
Listed by: Premiere Property Group, Llc Albany • RHEOLA COY • Contact: Cell: 503-999-5088
Price cut: $14.1K (9/4)
$554,900
5445 Reed Ln SE, Salem, OR 97306
3beds
2,400sqft
Single Family Residence
Built in 1990
0.29 Acres Lot
$553,300 Zestimate®
$231/sqft
$-- HOA
What's special
Electric fireplaceNew insulated garage doorBeautifully landscaped backyardKoi pond water featureFresh interior paintMature treesVaulted ceilings
- 100 days
- 3,006
- 343
Zillow last checked:
Listing updated:
Listed by:
RHEOLA COY Cell:503-999-5088,
Premiere Property Group, Llc Albany
Source: WVMLS,MLS#: 841558
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 3
- Bathrooms: 2
- Full bathrooms: 2
Primary bedroom
- Level: Upper
Bedroom 2
- Level: Upper
Bedroom 3
- Level: Upper
Dining room
- Features: Formal
- Level: Main
Family room
- Level: Main
Kitchen
- Level: Main
Living room
- Level: Main
Heating
- Wood, Heat Pump, Forced Air
Appliances
- Included: Dishwasher, Disposal, Electric Range, Gas Water Heater
- Laundry: Main Level
Features
- High Speed Internet, Smart Home
- Flooring: Carpet, Laminate, Tile
- Has fireplace: Yes
- Fireplace features: Electric, Living Room, Other Room, Wood Burning
Interior area
- Total structure area: 2,400
- Total interior livable area: 2,400 sqft
Video & virtual tour
Property
Parking
- Total spaces: 2
- Parking features: Attached
- Attached garage spaces: 2
Features
- Levels: Two
- Stories: 2
- Patio & porch: Deck
- Exterior features: Blk/Brn
- Has spa: Yes
- Spa features: Heated
- Fencing: Fenced
- Has view: Yes
- View description: Territorial
Lot
- Size: 0.29 Acres
- Features: Dimension Above, Landscaped
Details
- Additional structures: RV/Boat Storage
- Parcel number: 575420
- Zoning: RA
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Materials
- Composite, Lap Siding
- Foundation: Continuous
- Roof: Composition
Condition
- New construction: No
- Year built: 1990
Utilities & green energy
- Electric: 1/Main
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Security: Security System Owned
- Subdivision: Grabenhorst Fruit Farms
HOA
- Has HOA: No
Location
- Region: Salem
Financial & listing details
- Price per square foot: $231/sqft
- Tax assessed value: $556,480
- Annual tax amount: $6,622
- Price range: $554.9K - $554.9K
- Date on market: 6/17/2026
- Listing agreement: Exclusive Right To Sell
- Listing terms: VA Loan,Cash,ODVA,FHA,Conventional
- Inclusions: All kitchen appliances, washer & dryer included
Estimated market value
$553,300
$526,000 - $581,000
$2,847/mo
Price history
| Date | Event | Price |
|---|---|---|
| 9/4/2026 | Price change | $554,900-2.5%$231/sqft |
Source:  WVMLS #841558 Report a problem | ||
| 8/6/2026 | Price change | $569,000-2.7%$237/sqft |
Source: WVMLS #841558 Report a problem | ||
| 7/20/2026 | Price change | $585,000-2.5%$244/sqft |
Source: WVMLS #841558 Report a problem | ||
| 6/17/2026 | Listed for sale | $600,000+17.6%$250/sqft |
Source: WVMLS #841558 Report a problem | ||
| 9/22/2021 | Listing removed | -- |
Source: Owner Report a problem | ||
| 9/14/2021 | Listed for sale | $510,000+172.9%$213/sqft |
Source: Owner Report a problem | ||
| 8/12/2014 | Sold | $186,900+15.4%$78/sqft |
Source: Public Record Report a problem | ||
| 8/8/2011 | Sold | $162,000-4.6%$68/sqft |
Source: Public Record Report a problem | ||
| 7/14/2011 | Price change | $169,900-4.3%$71/sqft |
Source: foreclosure.com Report a problem | ||
| 6/18/2011 | Price change | $177,500-6.5%$74/sqft |
Source: MARK ATKINSON REAL ESTATE INC. #637174 Report a problem | ||
| 5/20/2011 | Price change | $189,900-5%$79/sqft |
Source: foreclosure.com Report a problem | ||
| 4/16/2011 | Price change | -- |
Source: Williams & Williams Worldwide Real Estate Auction Report a problem | ||
| 2/6/2011 | Price change | $199,900-19.7%$83/sqft |
Source: MARK ATKINSON REAL ESTATE INC. #637174 Report a problem | ||
| 1/26/2011 | Listed for sale | -- |
Source: foreclosure.com Report a problem | ||
| 1/25/2011 | Sold | $249,050$104/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | $6,621 +7.8% | $322,300 +3% |
| 2024 | $6,144 +3% | $312,920 +6.1% |
| 2023 | $5,963 +2.9% | $294,970 |
| 2022 | $5,796 +2.9% | $294,970 +3% |
| 2021 | $5,630 +3% | $286,380 +6.1% |
| 2020 | $5,466 +3.6% | $269,950 |
| 2019 | $5,274 +1.3% | -- |
| 2018 | $5,206 | -- |
| 2017 | $5,206 +16.3% | -- |
| 2016 | $4,476 | -- |
| 2015 | $4,476 +2.6% | -- |
| 2014 | $4,364 +8.2% | -- |
| 2013 | $4,034 | -- |
| 2012 | $4,034 -4.3% | -- |
| 2011 | $4,213 +4.1% | $225,380 +6.1% |
| 2010 | $4,049 +1.1% | $212,450 |
| 2009 | $4,004 +6% | $212,450 +3% |
| 2008 | $3,777 +3.3% | $206,270 |
| 2007 | $3,658 +1.7% | -- |
| 2006 | $3,598 +2% | -- |
| 2005 | $3,527 -0.4% | -- |
| 2004 | $3,542 +4.9% | -- |
| 2003 | $3,378 +2.5% | -- |
| 2002 | $3,297 +3.1% | -- |
| 2001 | $3,197 +3.2% | -- |
| 2000 | $3,098 | -- |
Find assessor info on the county website
Monthly payment
Est. payment
Payment breakdown
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Neighborhood: South Gateway
Nearby schools
Schools provided by the listing agent
- Elementary: Pringle
- Middle: Judson
- High: South Salem
Source: WVMLS. This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.
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