January 2022 Eugene Real Estate Market Report
Through the first month of 2022, inventory increased slightly, with new listings up 45% month-over-month. That’s a promising signal if you’ve been looking for a home in Eugene and have started to feel discouraged. But prices are up too, rising 4% month-over-month to a median sale price of $440,000 in January.
That isn’t surprising. Inventory reached a record low of just 0.4 months in December, creating the conditions for exceptional competition among buyers. Sellers took advantage, with list prices hitting a record of $445,000.
Even though January’s sales numbers are low, that’s more a reflection of limited choices than a lack of buyer demand. As we see in January’s pending sale numbers, up 25% month-over-month, buyers aren’t necessarily waiting until the spring to start shopping for homes. But a number of others are likely waiting in the wings, especially those looking for homes in Eugene’s most sought-after neighborhoods.
If new properties continue to come on the market a bit faster than buyers are purchasing them, price growth may stay relatively flat until the spring. But there’s no guarantee of that, and Eugene’s market will almost certainly reach new highs by the end of the winter.
