Greetings:
The Oregon Housing market is predicted to settle into a more sustainable pace in 2025 based on some key factors such as lower interest rates, higher job employment, and a slight increase in inventory. Many economists see a more moderate price growth in home prices. The average sales price of a home in Oregon hovers around $495,000, which is a slight increase (+2.25) from 2023. Ontario led the way with a +2.9% increase in home prices followed by La Grande. Much of this increase is spillover from people relocating because they border Idaho where home prices are still increasing by double digits.
In Douglas County, new listing inventory decreased by (-7.1%) in November to 131 from 141 last month. However, year-to-date inventory is up (+10.0%) to 1,836 from 1,669 in 2023. We normally see listing inventory decrease in the holiday months. Spring and summer remain our strongest months for new listings followed by fall and winter. We currently have a 4.1 months’ supply of listings available to sell. The total market time is 75 days, which is up slightly over last month when it was 74 days. Year-to-date the average time is up (+2.5%)
Pending sales in November decreased (-1.8%) to 109 compared to last month when there were 111 offers written. Pending sales year-to-date increased to 1,299 which is up (+6.0%) from 2023. We follow pending sales because it is a good indicator of how many closings we will have in the next 30-60 days.
The average sales price for our area slightly increased to $354,500 in November 2024 from the previous month when it was $354,400 or (+0.01%). Year-to-date the average sales price is up (+3.3%) $354,500 compared to 2023! Comparing 2023 to 2024 through November, the median sales price has increased by (+3.2%) from $315,000 to $325,000.
As you can see, the average sales prices month-to-month are increasing but at a moderate rate compared to 2018 and 2019 when our average sales prices in Douglas County increased by double digits. In fact, since 2018 the average sales price in our area has increased close to +40%. Home prices have increased because less new builds, current owners deciding to stay in their existing home (lack of inventory), and interest rates below 3.00%.
November’s average sales price by area continues to rise with NW Roseburg (Garden Valley and Hucrest areas at $662,100; Glide at $505,300 (because of N. Umpqua River and large ranches); Winston at $459,100, SW Roseburg (Westside and Melrose areas) $456,400; NE Roseburg (college area) at $332,200; North Douglas (Drain and Yoncalla area) at $312,900; SE Roseburg (downtown ect) $302,200; Myrtle Creek and south at $293,500; Sutherlin/Oakland at $279,700 and Green District at $232,500. As you can see, just in our area prices can fluctuate by $429,600 depending on where you want to live.
We want to wish you and your family a very Merry Christmas and Happy New Year. We are all fortunate to live in Douglas County and enjoy our communities. Also, please keep all our Armed Forces men and women who are serving, our First Responders, and Veterans in your thoughts and prayers for remember our “FREEDOMS ARE NOT FREE!” GOD BLESS THEM AND GOD BLESS AMERICA!
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