Eugene Real Estate Market Update: October 2024

Eugene Real Estate Market Update: October 2024

As we dive into the data for October 2024, the Eugene real estate market continues to show some interesting trends for buyers, sellers, and anyone keeping an eye on local property values. Here’s a breakdown of what we’re seeing.

October 2024 at a Glance

• Homes Sold: 132
• Median Sold Price: $502,900
• Median Days on Market: 23
• Sale-to-List Price Ratio: 100.78%

Compared to September 2024, where homes sold at a median price of $505,500 in just 15 days, October shows a slight cooling in the pace of transactions, with properties taking a median of 23 days to accept an offer. Interestingly, October sales held strong at an impressive 100.78% of the list price, indicating continued demand.

Trends Over the Last Year

Looking back to October 2023, when the median sold price was $499,000 and properties averaged 21 days on the market, we see a year-over-year increase in both the volume and value of homes sold. This October’s 132 home sales mark a rise from 121 homes sold in the same period last year, with a median price increase to $502,900—a sign of steady growth in the Eugene market.

What’s Driving the Market?

One contributing factor to this uptick in sales could be the recent (albeit brief) dip in interest rates over the past couple of months, which may have encouraged more buyers to enter the market. Unfortunately, these rates have been quite volatile, causing some uncertainty for potential buyers trying to time their purchase strategically. This environment suggests that sellers have benefitted from robust demand, reflected in the strong sale-to-list price ratio.

What Does This Mean for Buyers and Sellers?

• For Buyers: The Eugene market remains competitive, with homes selling close to or above listing prices. Buyers may want to act quickly when they find a home that fits their needs, as even minor changes in interest rates can significantly impact affordability in today’s price range. Working with a knowledgeable realtor is crucial to navigating this fast-paced environment.
• For Sellers: The sustained demand suggests that sellers are still in a good position, especially for well-priced homes. Even though the market has slightly cooled in terms of days on market, the high sale-to-list price ratio is a positive sign. Pricing your home competitively can help you secure a sale in a reasonable timeframe.

What’s Next?

As we move further into the fall and winter months, market activity might taper off seasonally, but the current trends point to a resilient Eugene housing market. We’ll keep a close watch on how interest rates continue to influence buyer activity. For now, October’s data reinforces that Eugene remains a vibrant market with solid demand and stable prices.