Eugene Real Estate Market Update: November 2024 Trends and Insights

Eugene Real Estate Market Update: November 2024 Trends and Insights

The Eugene real estate market continues to show strong activity, even as we head into the cooler months. Whether you’re thinking of buying, selling, or just staying informed, understanding the latest trends can give you an edge. In this post, we’ll explore what happened in the market during October and November 2024 and compare it to November 2023.

Sales Activity: Seasonal Cooldown with Year-Over-Year Growth

October 2024 saw 137 homes sold, while November 2024 experienced a slight seasonal decline with 130 homes sold. This cooling aligns with typical trends as we transition into winter. However, when compared to November 2023, which had just 117 homes sold, the market shows significant year-over-year growth. This indicates continued high demand in Eugene.

Home Prices: A Look at Changes Over Time

• October 2024 Median Price: $505,000
• November 2024 Median Price: $488,500 (↓ $16,500 or 3.27%)
• November 2023 Median Price: $450,000 (↑ $38,500 or 8.56% YoY)

The slight drop in prices from October to November reflects seasonal cooling, which is common in the real estate market. However, the year-over-year increase highlights the robust appreciation in Eugene’s housing market. If you’re a homeowner, this trend underscores the growing value of your investment.

Days on Market: Homes Are Selling Slower

In November 2024, the average home spent 50 days on the market, compared to 40 days in October 2024 and just 37 days in November 2023. While this suggests homes are taking longer to sell, it’s still a seller’s market with inventory at just 2.4 months. This means demand still outweighs supply.

Luxury Market Insights

Eugene’s luxury market had a standout sale in October 2024, with a home closing at $2.295 million. November 2024’s top sale was $1.405 million, while November 2023 saw a high-end property sell for $1.85 million. These fluctuations show that luxury buyers remain active, even as the broader market cools.

What This Means for Buyers and Sellers

Sellers:

The market is still in your favor, with low inventory creating competition among buyers. Listing now could help you take advantage of the demand before spring brings more listings to the market.

Buyers:

While November’s slight price dip gives you more negotiation power, don’t wait too long. With prices showing steady growth year-over-year, buying sooner could mean locking in a better value before the spring market heats up.

Looking Ahead

The Eugene real estate market remains dynamic, and staying informed can help you make the best decisions. Whether you’re a first-time buyer, an experienced investor, or considering selling your home, understanding these trends is crucial.

Need Help with Your Real Estate Goals?

As a local real estate expert in Eugene, I’m here to guide you through the buying or selling process. If you’re interested in learning how these trends affect your specific neighborhood or price range, feel free to reach out!

📞 Call or Text: 541-505-0691
📧 Email: bryn@eugeneliving.com