February 2022 Eugene Real Estate Market Report

Last Updated October 18, 2022

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.