October 2022 Eugene Real Estate Market Report

Last Updated November 2, 2022

In October, inventory remained flat month-over-month in Eugene. Buyer activity, as measured by pending sales, is down 19% year-over-year, but new listing activity is down almost as much. Meanwhile, the median time spent on the market actually decreased, falling to 10 days.

There’s one big surprise in October’s numbers, however: Eugene’s median sale price plummeted to just $418,000 in October. That’s a decline of 4% year-over-year and a whopping 13% month-over-month.

Prices have remained remarkably stable in Eugene over the past few months, even as mortgage rates have climbed higher and higher. So, what changed in October?

The answer: a significant drop in activity at the upper end of Eugene’s market. In September, 43 $700k+ properties sold in Eugene. In October, only 17 such properties sold.

In other words, properties didn’t sell for 13% in October than they would have in September. Rather, activity is shifting toward the lower and middle end of Eugene’s market. This reflects, in part, the usual seasonal dynamic in Eugene’s market. But it’s also possible that would-be-buyers have simply hit a wall in terms of what they can afford. We’ll be watching the next month’s numbers with interest.