Shocking Stats for Southern Oregon Housing Market.
Shocking Stats for Southern Oregon Housing Market.
Full Video Transcript Below
Shocking Statistics - Big Changes in Housing
Alice Lema: [00:00:00] Well, good morning. Real estate fans, Alice Lema here, broker John L. Scott, beautiful Southern Oregon with another edition of the weekly podcast. And today we're gonna talk about statistics. Our local Rogue Valley Association Realtors just published tons of data. They have such a great website. We're gonna go over some of it because some of it is super surprising.
Your eyeballs are gonna pop. And I wanna bring some things to your attention, cuz not everything is going in the same direction. We have some very interesting data to to dive into today. Before we do that, I wanna give you a quick chance to subscribe to the channel. Give us a thumbs up, send some questions or comments.
Share with your friends. If you wanna talk to me personally privately about your next real estate transaction 541-301-7980 numbers up there. You can text or call, I'm around all weekend. Love to help. And yeah and if you just want a consultation, we can do that too. So now let's dive into all this data, love data.
So RVAR, Rogue Valley Association Realtors has this fabulous website [00:01:00] and they just published this week, quarter to date. So that would be just this year, last three months, this year, year to date and five year numbers all in the same report. So super exciting. We're gonna talk about both counties, but I wanna bring to your attention, first of all, that Jackson county last year with all this turmoil up and down in such a weird, weird world. Everything weird in the world that Jackson county still has a 10% increase in prices from this time last year. So a lot of us were a little surprised by that because everybody's lowering their prices.
But, you know, there was that prediction beginning of the year. One of the scenarios that people were floating was that we might have some still some small appreciation, but that the top of the market was gone, that was behind us. So here we can see 10% increase in Jackson county residential from this time last year. But here's the eye popping part five year, [00:02:00] five year mark in Jackson county is up 52%. Yeah. Let that sink in ,52% increase in Jackson county from, from five years ago to this time now 52%. So, if you bought a house in Jackson county a year ago, you made 10% profit. If you bought it five years ago, 52% profit.
And Josephine county is equally interesting. In fact, maybe even a little more. So Josephine county year to date is up 8%. Josephine county five years today is up 65%. Right? So if you bought a house in Josephine county five years ago, you made 65% profit. That's crazy. And if you bought it a year ago, you made eight. So those are still some pretty healthy numbers, but here's where we're starting to see some changes and it's in our rural property numbers, the countryside. And the reason I'm bringing it up is because our country properties get a premium.
It's why people live here. People come from all [00:03:00] over the world to take advantage of our outdoor life, our lakes, our rivers, hunting, fishing, biking, hiking, whatever you wanna do, you can do it here. Snowboarding, skiing, paddle boarding. I mean, they're so the list goes on and on. So, but our rural properties are always kind of expensive.
Well, so check this out this time. Last year in Jackson county, the median price for rural property in the countryside was 699, almost 700. That was the median price in Jackson county. This time, this year 570k. Which is still a good chunk chunk of change, especially if you're a local, that's still a ton of money for us, but the difference between 570 and 699 in one year, it's going down, folks, it's going down leveling off Josephine county.
Not quite as dramatic, but still a decline this time. Last year, the medium price for rural property in Josephine county was 525k. This time, [00:04:00] this year, 500 still, you know, that's a pretty good decline. Not as dramatic as Jackson county, but here's why I'm bringing it up again, because those are the properties that get the premium. And if they're in decline, that's either the market settling, which is what I think it is, but we'll see if I'm right. But it's the beginning of a decline and a settling, and we're gonna have to see if it gets legs or not down into the other markets.
Now we've also watched decline in just the general price points over 500,000. Those are definitely a buyer market. We're not seeing hardly any multiple offer situations and it's taking much longer for people to even get, offers much less multiple offers. But we're still seeing so more activity and a little more of a seller's market in the lower price ranges, especially in the 200k which if you can find anything it's really more the 250 to 350, 350 to 400k that's kind of the fixer up or the smaller cottage numbers.
But, but even they're not getting as many showings as they used to, and they're [00:05:00] not getting as many offers as they used to, and it's taking longer. Everything's taking longer. We've got a lot of buyers that are now approved at the higher interest rates from this time last year. What I mean? And, and so they're now buying in the four hundreds instead of the five hundreds or the low four hundreds instead of the high four hundreds.
And there's, there's a lot of selection in that price range, even in east Medford and, and Central Point which are a little more expensive than other places. But it's interesting. They're still getting good deals and the sellers are really having to to kind of play ball with the buyers now. And, and nobody's used to that because it just hasn't been that way for so long.
So it's interesting. The buyers are getting more what they want. They're getting better prices and they're getting better quality. If the house is not in good shape, they're either not bidding or they're getting repairs done or they're getting credits and all that is tricky. We'll have to do another podcast on that.
So anyway, super interesting stats. I do encourage you to go to [00:06:00] the Rogue Valley Association of Realtors. RVAR website, and, and look things over. If you are a data person, they have just so much. It's, it's, we're just so lucky. We're just so lucky to have them. Anyway, that's all for this podcast.
Have a beautiful weekend. Get ahold of me at 541-301-7980. If you need some help with your real estate needs this weekend, otherwise have a beautiful weekend. Hug the ones you love. See you next time.