In August 2024, the Corvallis real estate market continued to demonstrate resilience despite fluctuating economic conditions. The Federal Reserve’s anticipated rate cut led to a drop in conventional 30-year mortgage rates to the low 6% range, while FHA and VA loan rates settled into the mid to high 5% range. This shift might have already been priced into the market, as buyers swiftly acted to take advantage of these lower rates. The decreased rates have injected a renewed sense of optimism, enhancing the overall market outlook.
Recent statistics reveal notable shifts in the Corvallis real estate market. Over the past 90 days, the median sales price for homes increased to $565,000, marking a 2.8% rise from the median price of $549,500 in July. The average sales price for August was $593,974. The list-to-sale price ratio for 2024 remains at 100%, compared to 102% for the same period in 2023.
Inventory levels in Corvallis are relatively tight, with 1.55 months of inventory available. Currently, there are 103 active listings, and 70 homes are under contract or pending sale. This suggests that while some segments of the market experience brisk competition, particularly in certain price ranges, other homes may take longer to sell. Over the last 90 days, 199 homes were sold, reflecting sustained market activity and strong demand.
Looking ahead, the Corvallis real estate market is expected to remain stable and robust. Buyers will need to explore creative financing options to navigate the current interest rate environment and gain a competitive edge. With 1.55 months of inventory available, the market shows varying levels of activity: some price ranges experience brisk competition, while other segments may see longer selling times. As we enter the typical seasonal lull, larger homes suitable for families might experience slower activity due to back-to-school transitions and family reshuffling.
Conversely, single-level, smaller homes continue to see steady demand. Sellers should focus on pricing their properties strategically, thoroughly reviewing market comparables, and ensuring their homes are in excellent condition to attract buyers and maximize returns.
Adapting to these market conditions will be crucial for both buyers and sellers as they move forward. Despite ongoing challenges, the Corvallis market remains strong, supported by persistent demand and a solid foundation.
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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