May 2023 Eugene Real Estate Market Report

Last Updated June 8, 2023

Buyer and seller activity remain relatively muted in Eugene relative to last year. However, prices have continued to rise, reaching a median of $485,500 in May. That’s an all-time high for Eugene. Inventory is higher than it was a year ago, and homes aren’t selling quite as rapidly, but Eugene is still a highly competitive market.

There are plenty of people looking at properties right now who may have missed out last year and are eager to get into a home regardless of high mortgage rates. Prices in Eugene aren’t quite high enough – yet – that it’s reached the same level of unaffordability as Bend. For that reason, and for a multitude of other reasons, the landscape of Eugene’s market hasn’t shifted dramatically over the past year.

May’s sale prices probably aren’t a fluke. With that said, we don’t expect prices to necessarily climb from here through the remainder of the year. 30-year fixed mortgage rates in the 7% range again and inventory will most likely increase as we get into the summer.