Eugene Market Report

November saw a significant drop in Eugene’s median sale price, from $457,500 all the way down to $400,000. However, it’s important to put this number in context.

In November, homes sold for an average of 95.2% of their original list price, compared to 94.6% of their original list price in October. In other words, it’s not that sellers are making more concessions. Rather, more of Eugene’s lower-end inventory is selling than its higher-end inventory.

That’s fairly typical for the colder season here, but it’s also something to pay attention to. Buyer activity is down more than new listing activity year-over-year. As a result, inventory is up to 2.2 months. In November, $600k+ properties spent a median of 36 days on the market, compared to 22 days for all Eugene homes.

If you’re thinking of listing a higher-end property, it may make sense to wait until the spring of 2024 if at all possible. If you do need to be on the market in the winter, though, the general rule of thumb is to be patient and to take whatever steps you can to make your home stand out. Don’t be too aggressive on list price, but don’t be too eager to make concessions, either.

In October, inventory dropped slightly in Eugene from 2.2 to 2 months, and meanwhile, prices stayed pretty much flat at a median of $457,500. We expect a similar trend heading through the fall and into the winter: inventory isn’t going to shift significantly, and prices shouldn’t shift too much.

What has shifted, however, is the amount of time that properties are spending on the market. In October, homes spent a median of 20 days on the market, double what we saw a year ago. The important thing, if you’re a seller, is not to panic: Eugene’s market has not shifted fundamentally even as mortgage rates have. 2 months of inventory is still quite low, and inventory is even lower in some of Eugene’s more desirable neighborhoods.

We offered the same advice to Bend sellers, but we’ll repeat it here too: don’t be too eager to offer buyers concessions straight out of the gate. We’re very, very far from fire-sale territory in Eugene, and it’s important to maintain a perspective that’s supported by the market data.

In September, Eugene’s market climbed above 2 months of inventory for the first time in at least the past several years. It’s probably a bit easier to find a home here than it has been in the past while, but it really depends on what you’re looking for and where you’re looking.

Homes are still scarce in the Friendly and Amazon/South University neighborhoods, for example, with a total of only 9 properties currently on the market. Choices are much more plentiful, though in North and Southwest Eugene.

Wherever you’re looking, prices haven’t really shifted all that much, hovering around a median of $460,000. That’s down a bit from the highs that we saw over the summer, but in general, that’s to be expected as Eugene’s busier buying season winds down. Eugene’s market continues to be remarkably stable, even as Oregon’s average 30-year fixed mortgage rates climb above 8%.

Over the summer, sale prices in Eugene have ping-ponged between a median of $450,000 and $480,000. We’re back up to $480,000, even with inventory increasing slightly and properties spending a bit longer on the market.

We’ve say this a lot, but here it is again: Eugene is still very much a low-inventory market. Plenty of buyers are willing and able to pay the premium to buy a home here, even with mortgage rates increasing as much as they have. Buyer activity is now on somewhat of an upward trend, while listing activity is on a downward trend, an indication that Eugene’s market is unlikely to become less competitive in the fall.

After reaching an all-time high in May, prices are back down 6% month-over-month in Eugene to a median of $455,000. That movement doesn’t appear to have any statistical significance. Homes sold for 98.9% of their original list price in June, compared to 98.4% in May. That means that people simply bought slightly less expensive homes in June.

With that being said, inventory is up in Eugene to 1.6 months. New listings were up 27% month-over-month, while pending sales were down 4%. If you’re a buyer, you’re probably hoping that this trend will continue and that prices will flatten heading into the summer and fall. At the same time, if mortgage rates do start to drop, that could lead more buyers to enter the market, driving prices back up again.

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.

Buyer and seller activity have both remained pretty flat heading into the spring months in Eugene. As has been the case for the past five years, a lack of inventory is the primary factor impacting Eugene’s market. Buyers aren’t turning out because people aren’t listing their homes, and there’s a huge lack of new construction.

With that said, sale prices are up 3% month-over-month to a median of $452,500, down just 6% from the all-time high we saw in April of 2022. When all is said and done, Eugene’s market has proved remarkably resilient, which shouldn’t come as a surprise. Although homes are spending longer on the market than they did last spring, sellers with move-in-ready homes in desirable locations have little to worry about, except for finding a replacement property.

Inventory is holding steady in Eugene as we approach the warmer months, with buyer activity roughly on par with seller activity. Basically, while Eugene’s market isn’t as hot as it was a year ago, there are still less homes to go around than there were at pretty much any point prior to the pandemic. High interest rates are keeping a lid on prices, but March’s median sale price of $441k is still 1% higher than it was last year. In March, homes sold for an average of 97.8% of list price, compared to 95.7% in February.

Homes still aren’t selling as quickly as they’ve tended to in Eugene over the past few years, but we’re seeing buyers start to get more eager than they were during the winter months. In March, new listing activity increased significantly in the $500k+ range, indicating that sellers in the middle to upper end of Eugene’s market are starting to warm up to the idea of selling their homes.

During the spring, we expect these trends to continue. Prices will increase somewhat, though they won’t reach the highs that we saw last summer and early fall. Still, especially if mortgage rates continue to drop, there may be a decent surge of activity both for buyers and sellers.

Eugene’s median sale price was down 4% month-over-month in February as home prices continue to zigzag. The numbers suggest, though, that this isn’t the beginning of any kind of trend. Overall, homes spent significantly less time on the market than they did in January, down from a median of 32 days to just 19 days. Things are moving slower than they did a year ago, but compared to elsewhere, Eugene’s market is plenty brisk.

Additionally, homes sold in February for an average of 95.7% of their original list price, compared to 94.8% in January. Basically, there’s just more activity right now at the lower end of Eugene’s market, so even though prices appear to be dropping, home values aren’t necessarily decreasing.

February’s new listings hit the market at a median ask price of only $405k, so this trend could continue until we hit the spring months. Sellers with higher end properties are choosing to wait for the weather to turn, and that may be true of buyers as well.

Eugene’s luxury market is much less active than Bend’s, but with what little sale data we have over the past few months, there appears to be a big increase in time spent on the market – a 79 day median for $1 million-plus homes, to be precise. Apart from that, however, there isn’t a clear correlation between market segment and number of days on the market.

Pending sales and new listings were up in the first month of the New Year, and so were home prices, rising 2% month-over-month to a median of $447,000. But time spent on the market also rose significantly, up 52% month-over-month to a median of 32 days.

We’re definitely not seeing a repeat of 2022, when buyers hit the ground running to start the New Year, competing fiercly for historically low inventory. In January, homes went for a median of just 94.8% of their original list price, a 3% month-over-month decline.

Homes are definitely still selling in Eugene – they’re just taking longer to do it. Prices have dropped much less than they have in other markets, and certain kinds of properties are just as much in demand as ever.

But sellers may be asking a bit more than the market can bear at the moment: list prices rose 5% month-over-month in January. How high you should aim depends entirely on your location, your level of finishes, and the level of competition.

With the curtain closing on 2022, homes in Eugene are spending longer on the market than they have at any point since early 2020. Both buyer and seller activity are down significantly, and prices are about 9% from where they were in the late summer.

With all of that said, inventory is down under a month again after hovering at 1.2 months the past several months. Prices are up slightly month-over-month, and homes with updated finishes in the most desirable locations are still selling fast.

Buyer demand is not what it was, but with so few homes going on the market, buyers may be surprised by the level of competition on some properties. Oregon remains a popular relocation destination – and those who bought homes while interest rates were still low are holding tight.

After a number of months of holding steady, Eugene’s sale prices dropped significantly in October. That was due to a significant decline in activity at the upper end of the market. November saw somewhat of a reversal, with median sale prices climbing to $435,000. Homes sold for a median of 98.8% of list price, 2% better than a month earlier.

Properties are spending longer on the market, with the median rising to 15 days. That’s a typical seasonal shift, though, and homes are still selling relatively quickly in Eugene relative to many other markets. With inventory remaining flat at 1.2 months, Eugene’s market remains well insulated from the effects of a potential recession. 

In October, inventory remained flat month-over-month in Eugene. Buyer activity, as measured by pending sales, is down 19% year-over-year, but new listing activity is down almost as much. Meanwhile, the median time spent on the market actually decreased, falling to 10 days.

There’s one big surprise in October’s numbers, however: Eugene’s median sale price plummeted to just $418,000 in October. That’s a decline of 4% year-over-year and a whopping 13% month-over-month.

Prices have remained remarkably stable in Eugene over the past few months, even as mortgage rates have climbed higher and higher. So, what changed in October?

The answer: a significant drop in activity at the upper end of Eugene’s market. In September, 43 $700k+ properties sold in Eugene. In October, only 17 such properties sold.

In other words, properties didn’t sell for 13% in October than they would have in September. Rather, activity is shifting toward the lower and middle end of Eugene’s market. This reflects, in part, the usual seasonal dynamic in Eugene’s market. But it’s also possible that would-be-buyers have simply hit a wall in terms of what they can afford. We’ll be watching developments in Eugene’s market with interest.

Prices are holding steady at all-time highs in Eugene. Meanwhile, buyer activity is down year-over-year, but not by a lot, and Eugene is still very, very much a low inventory market. Homes are staying on the market longer than in previous years, but 12 days is still plenty brisk, especially compared to a lot of other markets right now.

In other words, Eugene’s real estate market remains largely insulated from the broader trends we’re seeing across the country. Rates are up to an average of around 6.5% in Oregon for a 30 year fixed-rate mortgage. That’s certainly kept some buyers out of Eugene’s market, but there are plenty of others who haven’t been fazed.

Things may start to shift in the fall months. Buyer enthusiasm could dry up further, especially with mortgage rates creeping upward. If you’re selling, it might be tempting to make premature price reductions, even though Eugene’s market conditions don’t yet merit a drastic change of approach. It’s still very much a seller’s market here, but patience is now the name of the game.

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.

Yes, buyer activity is down a fair amount year-over-year in Eugene. But that didn’t stop sale prices from reaching a record-high of $479,000, 3% higher than a month earlier.

There’s a lot of talk going on about how high interest rates are keeping buyers out of the market. It’s often overlooked, though, that high rates are also discouraging sellers from listing their homes, assuming they need to finance the purchase of a replacement property. New listings are down 14% year-over-year in Eugene.

Inventory is now up to one month, and Eugene’s market feels a lot less tight now than it did in the late winter, when inventory dropped to all-time lows. One month is still super low, though, and there’s still plenty of competition. 

In June, Eugene homes sold for an average of 1.8% above list price. Bidding wars are still a thing here, in other words. If listing activity continues to be low, prices will continue to hover around $480k or even increase slightly. 

If you’re a buyer waiting for things to cool off a bit before you dip your toes in Eugene’s market, it might be time to reassess the situation. Eugene’s market is hardly cooling at all, in spite of all the reports we’re seeing nationwide about hot housing markets falling back to earth. 

Through May, homes sold for an average of 3.6% over list price. May’s median sale price of $463,000 is 3% lower than April’s record high of $478,000, but the trendline is still intact: prices in Eugene have yet to flatten.

So why is Eugene’s market bucking the trend that we’re seeing in other locales? The reason is simple: inventory remains incredibly low.

It’s typical to see listing activity ramp up considerably heading into the summer, but new listings were up only 11% month-over-month in May and down 13% year-over-year. We did have an usually cool and rainy May, so that could be a contributing factor.

Buyer activity – as measured by pending sales – is down too. Mortgage rates are the obvious culprit. But there just hasn’t been enough seller activity to move the needle, and those who do list their homes are continuing to be aggressive. 

Homes listed in May went on the market at a record median of $475,000. Buyers should have slightly more choices in the months ahead, but we simply don’t foresee any dramatic shifts in Eugene’s market. 

In April, Eugene saw the single largest month-over-month price hike on record. The median sale price for all residential properties rose 10% to $478,000.

Meanwhile, inventory largely remained flat, but there were 15% more new listings in April than pending sales.

During the spring season, it’s typical to see inventory start to increase. We aren’t seeing a big surge that would indicate too many buyers are shying away from Eugene’s market due to higher mortgage rates, which have hovered around 5.5% locally.

We predict that there will be an incremental shift toward less buyer activity, and it’s tempting to imagine that prices will flatten from here. There are no guarantees, though. For now, the spring buying season is just as frenzied as ever in Eugene. 

Inventory is up and prices are down. That’s exactly the scenario that Eugene’s buyers have been waiting for, right?

Well, not so fast. No discussion of the real estate market in March is complete without mention of the significant mortgage rate increases we’ve seen over the past few weeks. In Oregon, 30-year-fixed rates are hovering right around the 5% mark. That means home shoppers have less buying power than before, and it’s natural that prices would start to ease off.

That trend will be short-lived though. We’re just entering into the beginning of Eugene’s usual spring buying frenzy, and there are still plenty of buyers left with cash to throw around. The 211 properties that were pending at the end of March had a median ask price of $455,000, and that offers a good preview of what sale prices will look like in April. 

Meanwhile, homes are selling just as fast as they did the last year, and buyer activity is up more than seller activity. We expect this momentum to continue through the spring, even as mortgage rates continue to climb. Prices could flatten in the $450-460k range, but there’s no guarantee. Inventory will likely move closer to 1 month during the next chunk of time, but competition for the most desirable properties will be as fierce as ever.

It keeps happening month after month, but Eugene’s inventory of residential properties dropped to record lows again in February. Unsurprisingly, sale prices climbed to record highs, though Eugene’s 2% month-over-month appreciation is still well behind what we’re seeing right now in Bend. 

At the same time, new listings are up more than pending sales year-over-year, so we should be right at the edge of a (minor) reversal. More inventory will mean more choices for buyers in the spring, but there’s going to be competition. It’s been an exceptionally barren winter for home shoppers at all price points in Eugene, and a surge of FOMO is incredibly likely. 

Mind you, we won’t see that reflected in next month’s sale prices. Pending sales in February were listed at a median of only $414,000. To put it bluntly, Eugene’s higher-end inventory sucks right now. Buyers at higher price points are waiting, while at lower price points, buyers are grabbing up properties while interest rates are still low and prices are still staying (relatively) flat. 

They won’t be flat for long. By April, Eugene’s median sale price should climb up to a new, higher tier in spite of inventory being slightly higher.