If you are planning to buy a home in Eugene, OR any time soon, you will want to get familiar with where the market is now and where it is expected to be in the near future. This article will go over some predictions for the Eugene, OR real estate market throughout 2024.
Recent predictions for the Eugene, Oregon real estate market seem to suggest that home-price growth could speed up throughout 2024. This would be ideal for homeowners who will see equity growth in their homes as well as buyers who get in the market early enough to take advantage of appreciation in property values over the coming months.
Meanwhile, low inventory continues to be an issue for the Eugene housing market in 2024. Let’s get into a little more detail about the housing market in Eugene and where it’s expected to be throughout 2024.
Latest Predictions for the Eugene Real Estate Market
According to the latest data reported by Zillow, the median home value in Eugene, Oregon, reached $459,782 by the end of 2023. That was an increase of 1.4% from the same time a year earlier, by their estimation.
Looking forward, the company’s economists are making predictions for a similar rate of growth throughout 2024, given continued demand among buyers and low inventory availability. That’s similar to what we’ve seen over the past year, and so the real estate market in Eugene is considered healthy right now and is expected to be over the course of 2024.
Related: Oregon homes to cost more in 2021
Competitive Market in Eugene, OR
The housing market in Eugene is still somewhat competitive, and things are expected to remain this way throughout the remainder of 2024. As mentioned earlier, the real estate market in Eugene is healthy right now. Demand is high, and inventory is tight, a combination that leads to higher prices. We have already seen this over the past year and will likely continue to see it throughout the year.
In Eugene, many homes on the market wind up in multiple offer situations. That means many buyers are vying for the same homes at the same time and end up in direct competition with one another. In these situations, it’s essential to have your finances lined up and ready to go in order to stand out from the competition and to be ready to take on a mortgage if you come out the winning bidder.
As of this writing, homes listed on the market tend to sell rather quickly. According to Redfin, homes go pending in about 8 days from the time of listing to the time of offer acceptance. Hot properties can sell for about 5% over the listing price and can go pending in as little as 4 days. This is a testament to Eugene’s current competitive housing market and is something that all buyers should be aware of.
Still Considered a Sellers’ Market
As you might have imagined based on these conditions, Eugene, Oregon’s real estate market is considered a seller’s market. That means sellers there are fewer homes on the market compared to the number of buyers out there, and demand among homebuyers is high.
Analysts agree that the Eugene real estate scene is still very much a sellers’ market. Shortly after listing their homes, sellers often receive multiple competing offers. In these conditions, buyers have to move quickly with strong offers when the right property comes along.
According to an article in The Register Guard, Eugene’s daily newspaper:
“The supply of homes for sale isn’t keeping up with demand from eager buyers who are snapping up homes and driving up prices.”
Disclaimer: This article contains predictions for the Eugene, Oregon real estate market that extend throughout 2022. These projections were provided by third-party sources not associated with our company. We have gathered them here for the convenience of our blog readers.
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Since 1992, Sammamish Mortgage has been meeting the mortgage needs of borrowers across the Pacific Northwest. If you need a mortgage in Eugene, we’d love to help. We have been offering many different mortgage programs to borrowers throughout Oregon, Colorado, Idaho, and Washington State since 1992, and we’d love to help you too. Please contact us with any financing-related questions you have or to receive a rate quote.