Southern Oregon Market Stats
May 1st- July 31st, 2022
By Jake Rockwell
The market is rapidly changing! This is mostly in part from the ever changing interest rates jumping in a short time from the 3's and 4's percentage marks for lending. This is as a direct result from the Fed trying to counteract the inflation that we've felt growing for the last year or two during the Covid-19 recovery period. With the higher interest rates we are seeing a less competitive buyers market but it's also leaving more homes on the market. On this month's statistical reporting the most startling number we're seeing is inventory rates have gone up considerably, in the last year its risen by 84.4%, having gone from 493 residential units active in July of 2021 to 909 active in July 2022. That's one of the largest jumps in inventory we've seen in our market for a very long time. It's for these reasons that we continue to see homes correcting in pricing by means of price reductions. Bottomline, right now might be a good time to buy at a lower price albeit a slightly higher interest rate, you can always refinance later if it should go down. But with less buyers on the market and less competition, there's a few aspects that might work in your favor.
- Number of homes SOLD has gone down in Jackson County from 829 to 706
- Days on Market have increased from 19 to 24, yet they've hovered around this mark for the last few months
- For the first time there has been a pricing decrease in the last year, negative -6.9% in Gold Hill and Rogue River with a median going from $325,000 to $310,000
- REO/short Sales have also risen just slightly, from 804 to 909 in the last month. However that's still up from just 493 last year.
Links to Stats:
Create a custom market report catered to your neighborhood or any specific area and criteria.
Want an instant market valuation for you property?