May 2022 Eugene Real Estate Market Report

Last Updated October 17, 2022

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.