Eugene Oregon Housing Trends

Eugene, Oregon's spectacular setting, college-town ambiance, and growing economy have made it an attractive relocation destination for thousands of new residents. Their influx has played havoc with the housing market, which has seen significant gains in some of its 23 neighborhoods, but not so much in others. So, while some of its communities may be priced out of your comfort zone, others still offer excellent housing bargains as well as the opportunity to live in one of Oregon's (and the country's) most promising cities.

Eugene, In General:

Eugene's cost of living is approximately nine percent lower than it is in other cities in Oregon. As home to seven colleges, its population is better educated than 90% of other Oregon cities. And it is fairly young, too, with an average age of just 34 years. With a fairly balanced mix of marrieds and singles, businesses in the city offer amenities that cater to and entertain all ages.

Eugene Real Estate, in General:

The volume of houses available for purchase in Eugene has been fluctuating along with home prices, as existing homes sell and new-builds are not yet available. Inventories of all available homes are falling, from 869 just a month ago to 783 today. However, it is encouraging that 298 permits for new dwelling construction have been issued in 2015, which is up from 120 in all of 2012. A housing-related indicator of the improving economy: the number of distressed sales has dropped two percentage points to one percent of the overall available market. This past year, the median sales price in the city has risen from around $230,000 in Autumn 2014 to $237,000 today, a three percent increase. Over five years, the median sale price has appreciated by over 21%; in 2010, it was just $195,000. By a large number, single-family homes have been the most popular type of residence, accounting for 75% or more of all home sales in the past three years. Approximately half the houses are owner-occupied, and the median income for those households is slightly over $75,000. Rentals account for the other half of house occupancy. In 2013, the median gross rent for all rental units was $621.

Areas Accelerating:

Laurel Hill: In just one year, the median sale price for a Laural Hill home escalated over 25%, to hit $345,000 in December. The high value is up from about $278,000 in 2010 and just $200,000 in 2005. While the cost of living in Laural Hill is 16% higher than in the rest of Eugene, its crime rate is more than 57% lower, which contributes to its popularity. Residents here average just 37 years, and half of all households are families with children. Whiteaker: Over the past five years, Whiteaker's real estate values have appreciated almost 40%, due in large part to the entry into the community of several commercial-sized beer brewers. One of Oregon's most unique neighborhoods, its median home sales price in Q4 2015 was $202,000, which is 53% higher than Q3 2015, and 30% higher than Q4 2014. The average listing price on December 2, 2015, was $182,000, which is $23,000 higher than the week before, and $19,000 more than the year before. Whiteaker's low cost of living (4% lower than the rest of Eugene) and comparatively low cost of housing (11% lower than the city), are attracting many new residents.

Ripe for Relocating:

Friendly: Home values in this "friendly" community in Central West Eugene are now on an upswing, even though its December 2015 median sale price $235,000 was almost $34,000 less than the median sales price of one year ago. That low sales price might indicate that now is the best time to purchase here because of the attractive elements within its boundaries: - The annual income for its highly educated population is 11% higher than in other Eugene communities; - Its crime rate is 14% lower than in other Eugene communities, and - Residents have almost no commute time to their University or downtown Eugene jobs. The average list price in December in Friendly was $282,000, which indicates that sellers are aware of the high value of this community. Savvy buyers are wise to pay attention. Cal Young: Perhaps the best housing bargains to be had in Eugene are in its Cal Young neighborhood if trends are any indication. With a Q4 2015 median sales price of $345,000, housing values here are 15% lower than they were a year ago. This low entry number gives homebuyers an opportunity to purchase a high-end home at a not-so-high-end price (if they act fast.) Just north of downtown, across the Willamette River, the Cal Young community is mature (average age is 44 years); both single- and family-oriented (36% have children), and enjoys a 29% lower crime rate than that of other Eugene communities. Its highest housing value was registered in 2008 when the median sales price hit $513,000, which makes today's sales price especially attractive. This community has always been popular and has had a relatively low number of homes available for sale at any given time. Statistically, it has trended with just an average of ten available homes over the past 15 years. Listing prices have been fluctuating rapidly in Q4, 2015, from a high of $499,000 on November 11 to a low of $429,000 just a week later on November 18. As of December 2, 2015, the average listing price in Cal Young was $427,000, which is significantly higher than the median sales price. The statistics indicate that there may yet be great deals available in this quiet, tree-lined neighborhood.

Eugene is a college town with burgeoning wine and beer industries, excellent schools, excellent health care facilities and strong government support for entrepreneurs. As it has risen out of its recession-induced slump, its real estate values have increased substantially. Included at number six on Livability.com's "Best Cities to Live in America for 2016," Eugene will attract thousands of new residents in the next few years. If you're considering relocating, Eugene Oregon real estate offers exceptional deals for your home-buying dollar.