Eugene Real Estate Market Update: Summer 2024

Eugene Real Estate Market Update: Summer 2024

Are you considering leaping into home ownership here in Eugene, or maybe you just like tracking the real estate market? Either way, I’ve got you covered. Let’s dive in!

Hey, everyone! I’m Bryn Cook with Hearthstone Real Estate here in Eugene, Oregon. I cover everything about the Eugene area and real estate tips to help you navigate the market. Today, I’ve got a summer 2024 market update—breaking down how things have shifted these past few months, how this summer compares to last year, and what we’ve seen so far in 2024. Whether you’re buying, selling, or just staying informed, let’s get into it!

First off, let’s talk about what we’ve seen this summer. The Eugene market has taken a bit of a dip, with August ending on a down note. Median home sale prices dropped 7% from July and are down almost 9% from August 2023. However, looking at summer as a whole, we landed at a median sale price of $508,450, which is a 2.3% increase compared to the spring of this year.

Despite the overall dip, we’ve seen some stability as the market adjusted to factors like economic uncertainty and higher interest rates. It’s not a crash, but buyers and sellers have had to adapt to these changes.

Now, how does this compare to last summer? In 2023, the median home price was $521,500, so we’ve seen a 2.5% decrease year over year. Competition has also eased a bit. Last summer, buyers were paying about 104.3% of the list price on average; that’s dropped to just over 100% this year. What this means is fewer bidding wars and a better chance of snagging a home without going over the list price.

If you bought a home this summer, you likely paid less and faced less competition compared to recent years.

Taking a step back and looking at 2024 as a whole, we’ve seen prices rise through spring and early summer, only to drop toward the end of the season. This has been a slightly volatile year, with fluctuating interest rates, the uncertainty of an election year, plus some shifts in how the real estate industry operates. But overall, buyers and sellers have weathered these changes.

So, what’s next? Heading into fall and winter, experts predict that interest rates may start to decline, which could open up more opportunities for buyers. If you’re thinking about buying, this might be a great time to start exploring your options.

I hope you found this market update helpful! If you have any questions, feel free to call, text, or email me. I’d love to connect.