Home Buying in Oregon for 2019
People have a lot of questions about the housing market trends and how it relates to the purchase of a home. How does one know if it is the right time to buy? Do you buy in the last quarter of 2018 or is it be better to wait until next year?
The housing market can’t be predicted with any certainty, but most market analysts agree that home values in Oregon will continue to rise slowly into 2019.
Supply and Demand
There is a high demand for housing in Lane County and across the state, and there’s not enough inventory to meet that demand. So if you do wait to purchase your dream home, it will most likely be at a higher price than it is right now.
In June 2018, the median home value for Oregon rose to around $325,000. Real estate market analysts predict that price to rise by another 4-5% into the first quarter of 2019. This seems to be the consensus.
There is an imbalance of buyers and sellers in Lane County. This is one of the primary factors that is influences home prices. Lane County is experiencing a supply shortage. Inventory is less than the demand, allowing home prices to rise.
Eugene and Lane County have less than a 3 month supply of homes for sale right now. This means that if no other homes came onto the market for sale, it would take 3 months to sell what is available.
Analysts say that a normally balanced housing market has about 5- 6 months of supply. The market is pretty tight right now, from an inventory point of view. With the market still on the rise, it makes sense to purchase now rather than later.