Another month has gone by, and prices are still holding steady in Eugene. August’s median sale price of $480,000 matches Eugene’s record high (the preliminary data inflated July’s numbers a bit).
Meanwhile, buyer activity is down significantly year-over-year, but new listings have dropped a similar amount. As a result, inventory stayed flat at 1.1 months.
Eugene’s housing supply is extremely low, and that’s why the market has been able to hold its value even as mortgage rates have surged during the past few months. Time spent on the market is up significantly, hitting a median of 11 days, but homes are still selling for an average of 98.7% of their original list price.
Sellers are advised not to panic if their homes don’t go off the market immediately. Buyers are certainly hesitating more than they were earlier in the year, but most sellers are still seeing positive outcomes.
