Last Updated July 6, 2022
June, 2022 Eugene Real Estate Market Report
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.
May, 2022 Eugene Real Estate Market Report
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.
April, 2022 Eugene Real Estate Market Report
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.
March, 2022 Eugene Real Estate Market Report
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.
February, 2022 Eugene Real Estate Market Report
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.
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.
December, 2021 Eugene Real Estate Market Report
At the end of 2021, inventory hit an all-time low in Eugene of just 0.4 months. In other words, it’s harder to find a home in Eugene than ever before. Pickings are usually slim in the winter months, but the situation at present is off-the-charts. New listings were down 17% year-over-year, adding to the squeeze.
The good news is that buyer activity is finally easing off, with pending sales dropping more than new listings in December. It’s likely that buyers are taking a break from the market over the winter, setting their sights instead to the spring or summer.
Bidding wars aren’t nearly as common as they were in the middle of 2021, and prices are staying flat, at least for now. But the quality of inventory available right now simply isn’t up to snuff, even by the standard we’ve become accustomed to in Eugene over the past few years.
November 2021 Eugene Real Estate Market Report
Through most of the summer and fall, Eugene’s residential inventory had mostly remained flat at a quite low 0.8 months. In November, though, new listings fell by 34% month-over-month while pending sales dropped by only 8%. As a result, Eugene’s inventory dropped to 0.6 months, tying the record low that we saw in the spring.
In Eugene’s market, it’s typical for inventory to fall heading into the winter as buyers score deals on leftovers from the fall and summer. The difference this year is that inventory is already lower than ever. The aforementioned “deals” drove November’s median sale price down from October’s record high, but we may be heading back there pretty fast.
Bidding wars are much less common than they were in the spring and summer, with only a handful of properties selling for 10% or more above list price, but that’s really a result of list prices finally catching up to the reality of the market.
Sellers who are too aggressive may see their homes sit on the market, especially during the slower winter season. Still, there are more than enough buyers waiting in the wings waiting to pounce upon most of whatever may hit the market in the coming months – and pay a decent penny for it.
October 2021 Eugene Real Estate Market Report
October sales hit a record median of $450,000 in Eugene, a remarkable 6% month-over-month jump after prices had mostly remained flat through the summer. Nothing too obvious has shifted in Eugene’s market, but that might be precisely the point.
With buyer and seller activity basically keeping pace with each other, there hasn’t been any chance for inventory to accumulate in Eugene. Buyers perhaps didn’t find themselves at as much of an advantage as they’d hoped following a nationwide cooldown in the housing market.
We’ve been repeating this for a while, but it’s even more true today than it ever was: Eugene’s market isn’t shifting course any time in the foreseeable future. It won’t blow up, simply because there isn’t enough inventory to support it, but demand should continue to outstrip supply and prices should continue to march upward, even if they do flatten out from here for a few months.
Buyers may wait on the sidelines for most of the winter – and sellers certainly will – but the spring of 2022 could very well be a repeat of this year irrespective of national trends.
August 2021 Eugene Real Estate Market Report
The numbers for August 2021 are in, and they paint a clear picture. Bend’s market is finally getting less frenzied, with prices dropping some amount from the record highs we saw just a month ago. On the other side of the mountains in Eugene, things are just about as tight as ever but prices are staying flat rather than jumping up.
If you’ve recently bought a home pretty much anywhere, it’s natural to worry that you “bought at the top.” Conversely, if you’ve been on the fence about selling your home, you might be wondering if you’ve lost your window of opportunity.
But the changes we’re seeing in Bend and Eugene are incremental rather than drastic. Inventory is still really tight. Activity will cool heading into the colder months, as it usually does. But there aren’t any realistic scenarios where surplus inventory clogs either market heading into the spring and summer buying season next year.
Timing is everything, but so much depends on your situation. There are many more factors than we can go into here, so reach out to us any time and we’ll help you get your bearings. In the meanwhile, we’ll continue to keep a close eye on our local markets and keep you informed.
For Eugene in August, new listings were down 5% month-over-month while pending sales rose 5%. Inventory is dropping again, and homes went off the market 25% quicker than they did the previous month. But prices are mostly staying flat, hitting a median of $427,000 in August.
That’s lower than the record high of $440,000 set several months ago. List prices rose 3.4% month-over-month in August, but homes sold for 2.3% over list on average, compared to 4.2% in July. In other words, while sellers have gotten more aggressive, buyers are starting to hold back, even though there are just as many of them.
Eugene’s market is tightest though at the $350k-450k price point, with inventory at just 0.6 months. Competition will remain stiff heading into the fall, but buyers at higher price points may find some relief compared to what we’ve seen in the spring and summer.
July 2021 Eugene Real Estate Market Report
You may have seen headlines recently that the “housing boom is over” nationwide. Inventory in Bend and Eugene reached their lowest points in the spring, and it’s been climbing steadily since. At the same time, prices are also climbing, especially in Bend. Why?
Well, inventory is still really, really low in both Bend and Eugene. Inventory averaged 6.3 months nationwide in June, but here, it’s hovering around 1 month. Things aren’t as tight as what we saw in the spring, when inventory dropped to 0.7 months in both Bend and Eugene. But in July, prices were still up 26% year-over-year in Bend and 21% in Eugene.
Through the remainder of the year, we expect appreciation to flatten as inventory accumulates heading into the colder months. That’s typical for the winter – but we still expect higher than normal activity in the fall and a market that is still overall very competitive.
The question is always: how does this bigger picture affect you if you’re thinking of buying or selling in the near or more distant future? We are more than happy to chat about that and give you personal context. Regardless of broader trends, the devil is always in the details, and we bring a level of attention and expertise that will help you navigate the choices you need to make.
Prices in Eugene fell shy of the record of $440,000 set in June. But with new listings down month-over-month and pending sales up, the scene is set for Eugene’s median sale price to continue appreciating through the rest of the summer.
On the other hand, Eugene properties spent slightly longer on the market in July (a median of 8 days versus 5 in June.) The most desirable properties are still selling really, really fast, but this could be a signal that buyers aren’t as eager to compromise on a less-than-ideal home.
Interestingly, inventory is up slightly in the sub-$400k range and down significantly in the $400-600k range. The latter has become Eugene’s most competitive price point, and in July, new listings of $400-600k properties were down 26% month-over-month, dropping from 150 to 111. Bidding wars on these homes will continue to drive prices in Eugene higher for the time being. For sellers, it’s an especially lucrative time to list homes at these price points.
May 2021 Eugene Real Estate Market Report
Summer is just on the horizon. During a normal year, that would mean a surge of new housing inventory as Bend and Eugene sellers try to take advantage of the fair weather and influx of visitors.
But while inventory is up – marginally – in both communities, what we’ve seen so far has been underwhelming. Compared to other markets across the country, the supply of homes in Bend and Eugene remains low, low, low, and that is still the beginning and the end of the story for both markets.
With competition so fierce, potential buyers in Bend and Eugene might be wondering whether it’s better to wait out some of the craziness, especially if inventory is starting to increase even a little bit. We’ve taken a deeper dive into that question in our latest blog article, and the answer is a little complicated, so go there for the full scoop.
In Eugene, prices continued to climb in May, rising 2% month-over-month to a record high of $424,000. As we mentioned above, inventory is up slightly in Eugene – but it’s just a very slight increase, from 0.6 months in April to 0.7 months in May. Meanwhile, there are indications that Eugene could be in for a very busy summer home-buying season.
New listings increased 37% month-over-month in May, but pending sales were up 42% compared to April. That means buyers are entering the market faster than sellers. If that trend continues, we can expect prices – and competition – to continue to climb heading into the summer. There’s a chance, though, that seller activity will spike somewhat later than buyer activity, maybe providing some relief for buyers later in the summer.
Comparing 2021 to 2019 – our last “normal” year – seller activity is down 13%. That’s a smaller gap than what we’re seeing in Bend, but it still indicates a significant deficit in inventory given how tight Eugene’s market was even in 2019.