Welcome to the New Year! 2024 is off to a trot already, and despite the cold and wintery weather, the Central Oregon Market Update for January 2024 is already showing signs of Spring! Our real estate forecast for the region is looking much sunnier than last year and its time to start making plans if you’re thinking about buying or selling your home!
There are a couple of factors affecting the housing market right now, both here in Oregon and nationwide. The first is interest rates. In 2023, rates topped 8% in October and the overall result of the Fed pushing rates up all year was a sluggish real estate market. Now, rates have generally dropped to below 7% and are forecasted to hold or even continue to drop. Many forecasters are predicting rates around 6% by the end of 2024! We are already seeing the release of pent-up demand from buyers and sellers with the recent 1% drop in interest rates. As rates have fallen, mortgage brokers are experiencing a significant increase in activity that had waned in recent months. As we point out in our FREE Home Buyer’s Guide, getting pre-approval for home financing is an important first step. This is now within reach for many buyers who felt priced out of the market in 2023.
The January 2024 Statistics chart shown below illustrates current Central Oregon market data, including numbers of properties sold, median price, days on market, and months of inventory.
The second factor affecting the real estate market is supply and demand. As shown in the graph above, months of inventory has trended up at the end of 2023. If inventory goes back down, lower inventory levels, coupled with the uptick in buyers we are already seeing, may push us towards a sellers’ market, with an increase in prices once again through 2024.
We work with all walks of real estate life here in Central Oregon: buyers, sellers, first time homeowners, second home buyers, investors and we love referrals, as well! If you’re interested in Central Oregon real estate, or if you have a friend or family member who could benefit from our specialized experience, call us today at 541-788-1095!
