Your thinking of buying your next home in Eugene, but you are wondering where we currently are in the Eugene real estate market? That’s what we’re digging into today. Let’s go.
Today we’re taking a look at the market data in Eugene for the first quarter of 2024. There are a ton of agents and lenders out there who provide market updates. It’s important that you know what data they are tracking and for what timeframe they are showing. I’m kind of a data nerd and I like to be transparent with what I’m discussing in my updates because, let’s face it, data can be quite different over various timespans. For example, weekly data tells a very different story than if you look at annual information. Make sure that the reports that you are viewing outline the parameters that you care about.
I track what matters most to the clients who I generally work with. I primarily work in Eugene and so I track single-family homes in Eugene. These numbers do not include the outlying areas including Springfield nor does it include condos or multi-unit properties. If you have questions about the surrounding areas or even specific parts of town, give me a shout and I can pull a report specifically for you.
When I track the real estate market, I like to look at four data points. I take note of:
Median sold price, the price for which the home ended up selling for
Median days market, which is the time it takes for the seller to accept an offer on their home
Sales price to list price percentage, which is the price that the home ultimately sold for compared to what it was listed for on the market
Number of homes sold in that particular length of time to gauge sales volume
Here’s where we’re at for the first quarter of 2024. The median sold price in Eugene was $490,500. The median days on the market for those homes that sold was 24 days. The ending sold price to List price percentage was just under 101% Which means homes were selling slightly over the list price (which means sellers were coming out ahead). And there were 314 homes sold in Eugene.
Let’s take a look at how that compares to this timeframe a year ago. In the first quarter of 2023, the median sold price was $475,000. So prices have increased by just over 3% from this time last year. Last year median sales price to list price percentage was just under 100%, so buyers were getting more bargains last year. The days on the market and the number of homes sold have stayed relatively consistent from this time last year.
Now let’s look at the home values by each month for the first quarter of 2024. We started the year off with a median home sales price in Eugene of $481,000. In February, the median home price rose slightly to $485,000. And in March, we broke the $500,000 mark, landing at a median sold price of $503,000.
What does this information mean to you if you are in the market for a home? Real estate is still a good investment that continues to increase in value year over year. It seems like folks are getting more acclimated to the higher interest rates that seem to be hovering around the upper 6% to lower 7% range. Now that we are moving into spring we are also seeing days on the market dropping significantly with the median days on the market right at around 2 weeks. Just this past week, I wrote an all-cash offer on a home the first day it hit the market and within two days, there were two other cash offers that drove the price significantly over the list price. Don’t worry, we aren’t as crazy as we were in 2021, but things are starting to warm up a bit.
I hope you found this information helpful. If you have any questions about your specific situation, I’d love to hear from you. You can call, text, or leave a comment below. I work hard to stay connected.
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