OREGON UPDATES
Trends in the Southern Oregon Real Estate Market Jackson County | April 2022 | Contributed
T he housing market in Medford and Jackson County continues to endure a variety of challenges, including a low amount of available inventory, price increases, a competitive market and much more. Many of these issues mirror what is happening throughout the nation, as buyers and sellers attempt to navigate a tough real estate market. “We have a lack of inventory, but the demand is still there
“Median home prices have soared,” said Wright. “In our area, price appreciation is about 15-20%, which is one of the highest in the state.” According to Wright, the median home price for this quarter is $397,500, which is 54.5% higher than five years ago. For rentals, statistics are not reported as formally, but it seems that appreciation is also around 15-20%. Unfortunately, between supply chain issues and the cost of construction, new houses cannot be built quickly enough.
and people are looking for homes and rentals,” said David Wright, owner and broker at REMAX Platinum, and owner of CPM Real Estate Management Services. He added the real estate market was tight before the pandemic, and the loss of homes from the Almeda and Obenchain fires exacerbated the lack of affordable housing in the area. “Our business is driven by supply and demand, and we are struggling with inventory for purchases and rentals,” said Dixie Hackstedde, principal broker at John L. Scott in Medford. Even with the struggles surrounding inventory, she said pending sales are up over 12%. But with a lack of inventory also comes an increase in price.
Hackstedde said the rental market suffers from the same problem of low supply and high demand. “I expect demand to increase because the median price of homes is too high. Many landlords are selling their rentals, especially single-family residences. They are liquidating those houses because there is an opportunity to sell for high market prices,” she said. However, while Wright noted that the Jackson County real estate market is competitive, it is not as white-hot as a year ago when there were multiple offers on everything. He said there are over 400 homes in the residential
David Wright, owner and broker at REMAX Platinum, and owner of CPM Real Estate Management Services
6
The Business Review | April 2022
Made with FlippingBook - professional solution for displaying marketing and sales documents online