Eugene Housing Market Data: 2024

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Housing Market Trends: Eugene Oregon

Welcome to our Eugene Housing Market Data page, a comprehensive resource designed to keep you informed about the latest trends and statistics in Eugene's real estate market. Whether you're planning to buy your dream house in Eugene or sell your home with our 1.95% Listing Advantage, understanding the current market dynamics is crucial for making informed decisions. Each month, we’ll analyze key real estate metrics and summarize their implications for our local housing market, providing you with a clear picture of what's happening in Eugene's housing landscape. Our data is collected from our local MLS and Altos.re, ensuring that both buyers and sellers have access to accurate and relevant information. Stay tuned for our monthly updates and insights, empowering you to make the best real estate choices in Eugene.

* Exluded from the real estate data are: land without dwellings, condos, townhomes, mobile homes


Eugene Oregon Housing Market: April 2024 Trends Show Cash is Still King

Eugene witnessed nearly half of its homes, 46.9%, entering contracts within the first seven days on the market, often resulting in bidding wars and sales prices averaging 2.3% above the listed price. The Ferry Street Bridge area led the way in local demand, with 57.9% of homes there going pending in the same timeframe. Typically, homes that sell quickly and for more than the asking price share three crucial characteristics: they are priced right from the start, are updated and ready for move-in, and are located in desirable areas.

The median list price in Eugene has experienced an uptick, moving from $564,900 in March to $595,000 in April. This rise suggests a growing valuation in local property, potentially driven by increased demand or a higher-quality inventory of homes entering the market.

There has been a noticeable shift towards cash transactions in the Eugene market. The percentage of homes purchased with cash rose from 19.2% in March to 28.5% in April. Particularly in South Eugene (zip code 97405), cash purchases have become significantly prevalent, representing 40% of all transactions. This increase in cash buying could likely be attributed to a combination of factors. South Eugene's high demand makes it an appealing area for those looking to secure property in a competitive market. Additionally, the current high interest rates may be pushing those who have the means to opt for cash purchases over financing options, as cash transactions can offer a more straightforward and potentially less costly path to property acquisition.

Overall, these insights highlight a thriving and active Eugene real estate market. With homes selling quickly and cash increasingly becoming a popular buying method, Eugene remains an attractive location for both sellers looking to capitalize on their investment and buyers seeking their ideal home.

Real Estate Market Trends

Eugene
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Eugene 50 $595,000 $312 35 211
97401 55 $649,900 $320 28 35
97402 54 $451,250 $293 32 44
97403 38 $829,498 $302 53 20
97404 58 $490,000 $297 25 32
97405 53 $612,000 $331 35 48
97408 38 $855,000 $325 42 32

How Quickly Homes are Selling

Eugene
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Eugene 46.9% 23.1% 8.5% 2.3% 19.2%
97401 57.9% 21.1% 5.3% 0.0% 15.8%
97402 46.2% 26.9% 11.5% 3.8% 11.5%
97403 14.3% 0.0% 0.0% 14.3% 71.4%
97404 40.9% 18.2% 13.6% 4.5% 22.7%
97405 55.6% 26.7% 4.4% 0.0% 13.3%
97408 25.0% 33.3% 16.7% 0.0% 25.0%

How Buyers are Paying for Homes

Eugene
Zip Codes
Cash Conventional FHA VA Other
Eugene 28.5% 53.1% 11.5% 3.8% 3.1%
97401 26.3% 73.7% 0.0% 0.0% 0.0%
97402 30.8% 46.2% 15.4% 3.8% 3.8%
97403 14.3% 71.4% 0.0% 0.0% 14.3%
97404 13.6% 59.1% 22.7% 4.5% 0.0%
97405 40.0% 40.0% 13.3% 2.2% 4.4%
97408 16.7% 66.7% 0.0% 16.7% 0.0%

Eugene Oregon Housing Market: Thriving Sellers Market March 2024

Overall, the Eugene real estate market showed significant signs of strengthening from February to March 2024. The median list price, price per square foot, and the Market Action Index all increased, while the median days on market decreased dramatically. The percentage of homes selling quickly (within 30 days) also increased to 41.6%, with a corresponding decrease in homes taking longer to sell. Buyers in March were more likely to use conventional financing compared to February, with decreases in cash purchases, FHA loans, and VA loans. The increase in available homes for sale is a positive sign for buyers, although the strong seller's market conditions may lead to increased competition.

Real Estate Market Trends

Eugene
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Eugene 50 $564,900 $317 28 185
97401 55 $650,000 $312 25 28
97402 55 $450,000 $307 21 45
97403 38 $775,000 $299 35 17
97404 57 $450,000 $304 70 29
97405 53 $600,000 $321 28 53
97408 36 $899,500 $351 70 36

How Quickly Homes are Selling

Eugene
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Eugene 39.2% 19.2% 8.3% 9.2% 24.2%
97401 19.0% 9.5% 14.3% 14.3% 42.9%
97402 35.5% 22.6% 12.9% 3.2% 25.8%
97403 40.0% 0.0% 0.0% 0.0% 60.0%
97404 58.1% 12.9% 9.7% 12.9% 6.5%
97405 36.0% 28.0% 0.0% 12.0% 24.0%
97408 42.9% 42.9% 0.0% 0.0% 14.3%

How Buyers are Paying for Homes

Eugene
Zip Codes
Cash Conventional FHA VA Other
Eugene 19.2% 63.3% 7.5% 4.2% 5.8%
97401 14.3% 61.9% 0.0% 14.3% 9.5%
97402 9.7% 67.7% 16.1% 3.2% 3.2%
97403 40.0% 60.0% 0.0% 0.0% 0.0%
97404 19.4% 58.1% 9.7% 3.2% 9.7%
97405 28.0% 64.0% 4.0% 0.0% 4.0%
97408 28.6% 71.4% 0.0% 0.0% 0.0%

Eugene Oregon Housing Market: February 2024

The Eugene housing market is showing distinct trends that are healthy for sellers as of February 2024. Notably, the most active seller's markets are located in the Ferry Street Bridge along with the  Santa Clara/River Road communities. Conversely, North Gilham stands out as the most costly area, with homes selling for around $326 per square foot. In Eugene, just over 40% of homes in are entering into contracts within the first 30 days on the market. The current financial mortgage rates has led to an increase in cash buyers, representing a little over 25% of all home sales. Additionally, there's a resurgence in the use of FHA and VA loans, which is great to see!  These loan programs were all but dead these past few years as we went through a bidding war craze. Now they are accounting for nearly 20% of purchases, signaling a shift from recent years' trends. Move-in-ready homes, in the desired locations at priced correctly, are going into contract quickly.  For homes in less desired areas, or that need a some TLC, buyers are able to negotiate as nearly 28% of homes in Eugene sat on the market for 90+ days before going into contract.

Real Estate Market Trends

Eugene
Zip Codes
Market
Action Index
Median
List Price
Price per
Sq Foot
Median Days on Market Available Homes for Sale
Eugene 48 $534,500 $305 77 157
97401 53 $600,000 $318 14 19
97402 52 $374,450 $294 68 33
97403 35 $627,940 $286 79 19
97404 54 $495,000 $300 77 26
97405 52 $545,000 $305 84 35
97408 33 $724,500 $326 91 25

How Quickly Homes are Selling

Eugene
Zip Codes
0-7 Days 8-30 Days 31-60 Days 61-90 Days 90+ Days
Eugene 25.9% 15.7% 17.6% 13% 27.8%
97401 9.1% 36.4% 0% 18.2% 36.4%
97402 19.4% 22.6% 19.4% 12.9% 25.8%
97403 14.3% 14.3% 14.3% 0% 57.1%
97404 28.6% 14.3% 33.3% 9.5% 14.3%
97405 26.7% 6.7% 16.7% 20% 30%
97408 75% 0% 0% 0% 25%

How Buyers are Paying for Homes

Eugene
Zip Codes
Cash Conventional FHA VA Other
Eugene 26.9% 53.7% 10.2% 7.4% 1.9%
97401 54.5% 45.5% 0% 0% 0%
97402 9.7% 58.1% 22.6% 9.7% 0%
97403 42.9% 28.6% 0% 28.6% 0%
97404 19% 47.6% 19% 14.4% 0%
97405 36.7% 56.7% 0% 0% 6.7%
97408 25% 75% 0% 0% 0%

Eugene Oregon Housing Market: January 2024

  • Mortgage Rate Update: Today, 30-year fixed mortgages are averaging 6.75%, a key factor to consider when navigating Eugene's real estate scene. It's worth noting that if this rate surpasses 7%, we anticipate a potential slowdown in the market. Conversely, if it drops below 6.5%, we anticipate a busier real estate selling season. 
  • Market Insights: Eugene's real estate market currently offers a slight advantage to sellers, with a Market Action Index (MAI) holding steady at 42, mirroring the previous month's data. What this means is that there is a favorable demand for homes compared to available inventory, creating an advantageous situation for sellers.  
  • Pricing Details: The median list price in Eugene stands at $599,450, representing the midpoint of property prices in our vibrant community. Remember, this is the list price and not necessarily the final selling price, which may vary based on negotiations.  
  • Inventory & Sales: With inventory dwindling to 176 properties (based on a 7-day average), the market remains relatively stable in terms of sales to inventory ratios. This equilibrium indicates a balanced market where properties are being sold consistently relative to what's available.  
  • Monthly Day Supply: Our Monthly Day Supply stands at 1.5 months, calculated by dividing available homes by the last 30 days of homes in contract. This metric provides valuable insights into the pace of the market, highlighting the current supply and demand dynamics.  
  • Price Trends: While prices haven't experienced significant increases in recent weeks, the limited inventory continues to keep the market in the seller's favor. Stable or slightly rising prices may encourage sellers to list their properties.  
  • Average Price per Square Foot: The average price per square foot for properties in Eugene is $304, offering a more precise measure of property values, accounting for variations in size.  
  • Days on Market: Properties in Eugene are typically on the market for an average of 106 days, with a median of 84 days. Keep in mind that individual property listings may vary in terms of their time on the market.  
  • Price Adjustments: Approximately 48% of listings have experienced price adjustments, suggesting that some sellers are making price adaptations to attract potential buyers in the current market conditions.

Eugene Inventory Housing Graph - altos.re

*Graph provided by altos.re

At Heart & Home Real Estate, we're dedicated to keeping you informed about Eugene's real estate landscape. Our expert team is here to guide you through this exciting journey, whether you're buying or selling. Stay tuned for mortgage rate updates, as they significantly impact the dynamics of our market. Feel free to reach out to us with any questions or for personalized assistance.

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