Buyer and seller activity remain relatively muted in Eugene relative to last year. However, prices have continued to rise, reaching a median of $485,500 in May. That’s an all-time high for Eugene. Inventory is higher than it was a year ago, and homes aren’t selling quite as rapidly, but Eugene is still a highly competitive market.
There are plenty of people looking at properties right now who may have missed out last year and are eager to get into a home regardless of high mortgage rates. Prices in Eugene aren’t quite high enough – yet – that it’s reached the same level of unaffordability as Bend. For that reason, and for a multitude of other reasons, the landscape of Eugene’s market hasn’t shifted dramatically over the past year.
May’s sale prices probably aren’t a fluke. With that said, we don’t expect prices to necessarily climb from here through the remainder of the year. 30-year fixed mortgage rates in the 7% range again and inventory will most likely increase as we get into the summer.
