Real Estate Update: Interest Rates Are Rising, So Are The Number Of Homes Available

In the last 90 days in Corvallis, the median sale price of a home was $540,875, with a high of $1,917,500 and a low of $52,500. Asking prices for available homes range from $1,875,000 to $330,000 with an average asking price of $652,163. In the past three months, 208 homes have been sold and 131 of them are still pending. There are currently 66 active listings at Corvallis, leaving almost a month’s worth of inventory currently available.

In Albany, the median sale price was $420,250 with a high of $1,090,000 and a low of $163,000. Asking prices for active listings in Albany ranged from $2,095,000 to $197,000 for an average asking price of $459,950. Over the past three months, 272 homes have been sold and 136 of them are still pending. There are 62 active listings in Albany, leaving just over half a month of inventory currently available.

Lebanese homes sell for a median price of $377,000 with a high sale price of $1,150,000 and a low sale price of $191,000. Asking prices for active real estate in Lebanon range from $1,875,000 to $225,000 with an average asking price of $579,423. Over the past three months, 123 homes have been sold and 66 of them are still pending. There are currently 52 houses on the market in Lebanon for just under a month and a half of inventory.

What our real estate expert, Sam Alley, has to say about the market:

The opportunity arises for buyers who were expecting a little more selection. As sellers put their homes up for sale for this summer sale, buyers find more options to choose from, with many interpreting the extra inventory as a declining market. The numbers say that’s not true: in Corvallis there was a 10% increase in gated residential properties, Albany rose 15%, while Lebanon saw a slight drop of 2.4% in over the past month, from 126 to 123.

“Interest rates jumped between 5 highs and 6 lows depending on the program. This slowed the frenzy but did not halt demand or increases in value. I still see multiple offers on most properties, but not as many. The number of inspection waivers has decreased. I think this market is starting to normalize to pre-Covid intensity. It’s still a great time to sell and now buyers can find a home that can meet their needs, but the monthly cost has increased with interest rates and rising values.

By Sally K Lehman

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