An Update on Our Lane County Market

What’s going on in our Lane County real estate market as we approach fall? Let’s find out.

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As we approach the fall, many of you are likely wondering what’s going on in our Lane County real estate market. Of course, if you’re anything like me, the coming autumn also means you’ve got something else on your mind: football season.

Believe it or not, these two things are actually somewhat related. This is because when football season arrives, buyers tend to have fewer opportunities to attend open houses.

That aside, let’s take a look at the market itself.

Inventory has increased from the all-time low we saw in March, when there were just 42 days of supply. Now, supply is up to 54 days’ worth of homes. This means if no new homes came on to our market, it would take just 54 days for Lane County to run out of listings.

This puts sellers in the driver's seat. In fact, we would need about 180 days’ worth of supply for buyers and sellers to be on equal ground in our market.

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Sellers are in the driver’s seat, but it’s still a great time to buy.

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As far as median price, we’ve seen a growth of 9% since this time last year, leaving us with a current median price of approximately $272,000. This increase in price is part of a larger upward trend that we’ve been seeing for the past four years. So when will this rapid growth end?

With the number of millennial homebuyers continuing to increase, and interest rates still rising, as well, experts are divided on when we can expect the market to level out. With that in mind, though, the appreciation of home values is expected to slow down to a rate of 3% or 4% in the near future.

The bottom line is this: It is still a great time to buy. So if you want to know how to navigate your specific market, please reach out.

As always, if you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.