As we approach the end of 2024, the Corvallis real estate market has experienced some shifts, largely influenced by typical seasonal patterns and the national political landscape. As the holiday season and presidential election took center stage, many buyers and sellers turned their attention away from personal real estate goals, focusing instead on the broader national dialogue. This shift in focus caused a natural interruption in the market, with fewer buyers actively engaging in their home search.
This decrease in activity was reflected in November’s closed sales, which dropped by 31.4% from October. However, sales remained higher than November 2023, showing a 14.9% year-over-year increase as residual closings wrapped up from increased buyer activity back in September – the increased was spurred by an interest rate dip that month.
In November, Corvallis saw 24 closed sales. The median days on market dropped to 65 days from October’s 74 days, though this marked an 18.2% increase from the same period last year, when the median was just 55 days. The list-to-sale price ratio decreased slightly from October, with sellers receiving 98.9% of their asking price compared to 99.8% the previous month.
New listings in November totaled 37, bringing the total active inventory down to 48 homes. With only 1.0 months of inventory available, the number of homes for buyers to select from is showing signs of tightening as we move toward the holidays.
The temporary relief in interest rates during September was short-lived, as mortgage rates quickly rebounded above 7% throughout October. This rapid increase, compounded by typical seasonal trends and heightened uncertainty surrounding the upcoming election, led some buyers to pause their home search and wait for more favorable conditions. New contracts slowed as a result, and the market entered a more cautious phase by November. Median home price for the month was $550,000.
Looking ahead
The Corvallis real estate market is expected to maintain a steady pace through the remainder of the year. While the market has seen some slowdown, particularly as seasonal trends and rising interest rates weigh on buyer activity, tight inventory levels will continue to support home prices. With only 1.0 months of inventory available, buyers will still face limited choices, though higher interest rates may lead to longer marketing times and more room for negotiation.
Sellers should prepare for a slightly slower market and be realistic in their pricing strategy, while buyers who are ready to navigate higher borrowing costs may find opportunities, especially if they act decisively. As we close out 2024, the market will likely remain stable but more cautious, making it even more important for both buyers and sellers to work with experienced real estate professionals to make well-informed decisions in this evolving environment.
Samantha Alley has 30 years of real estate experience and is a Principal Broker in the State of Oregon; she is a Team Leader and Office Advocate at REMAX/Integrity in Corvallis. She can be reached at sam@hometeamoregon.com
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