March 2022 Eugene Real Estate Market Report

Last Updated October 17, 2022

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.