Eugene Real Estate Market Update Nov 2023

Eugene Real Estate Market Update for November 2023

Today we’re taking a look at the market data in Eugene for November 2023. 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:

1. Median sold price, the price for which the home ended up selling for
2. Median days market, which is the time it takes for the seller to accept an offer on their home
3. 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
4. Number of homes sold in that particular length of time to gauge sales volume

Here’s where we’re at for November 2023. The median sold price in Eugene was $450,000. The median days on the market for those homes that sold was 18 days. The ending sold price to List price percentage was just under 98% Which means homes were selling more than 2% under the list price (which means buyers were getting some bargains out there). And there were 114 homes sold in Eugene.

Let’s take a look at how that compares to October 2023, just a month ago. In October 2023 the median sold price was $499,000. So compared to the November median sold price of $450,000 it dropped by almost 10%, which is a pretty significant decrease. Part of that decrease is due to fewer buyers in the market right now due to current interest rates being higher and part of that is the seasonal lull that happens each year during the holidays.

The median days on the market for the homes that sold in November from this time last month stayed relatively consistent. The median days on the market before an offer was typically accepted was right at 18 days whereas it was 21 days at this time last month. Keep in mind these are the median days on the market, so it will be different depending on the situation. And finally, the number of homes sold in October was 121. That number decreased by about 15% in November. Again, keep in mind that this is pretty common for this time of year. Real estate is cyclical, and the season plays a part in the final numbers. It’s slower this time of year and then generally picks up slightly in mid-January and revs up as we move into spring.

Now, let’s look through the lens of year-over-year. For November in 2022, the median sold price was just over $465,000. That means prices have decreased from this time last year by almost a little over 3%. It’s a small drop that offsets the year-over-year increase that occurred last month. It will be really interesting to see how the annual data looks once this year comes to a close. At this point, when you look at the year-to-date numbers, home prices are still up slightly from 2022.

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. Yes, mortgage interest rates are higher now than they were a couple of years ago but if the monthly payment is still doable for you and your family, it may be the perfect time to move forward. When rates drop, more buyers will hit the market. More buyers mean more competition. More competition drives home prices up. The folks who are in the market now are getting better deals and don’t have to offer over the asking price to get their offers accepted. We are also seeing more offers that are contingent on buyers selling their homes first getting accepted as well as sellers paying for closing costs and even rate buydowns. The bottom line is that there are more creative options available for buyers. It’s worth talking to a trusted Realtor or lender to see what you can do.

If you have any questions or want to discuss you’re specific situation, I’d love to connect. You can call, text, or schedule an appointment to meet via Zoom. Thank you!