Jackson County existing home sales during the second quarter of 2024 saw a slight increase of 5% compared to 2023, according to statistics from the Rogue Valley Association of Realtors for municipal urban growth boundary areas. Median sales price was up 1.5% to $406,000.

There was an 11% increase for all residential inventory in the county, but cumulative days on the market also increased for the April 1 through June 30 period. Last year’s second quarter sales showed a 36% decline compared to the same period in 2022.

“It feels very flat, a slight increase. At least it is not a decrease, but it’s not a huge jump,” said Carrie Dahle, president-elect of the association.

The current market couldn’t be classified as one favoring either buyers or sellers, Dahle said.

“Sellers are not getting exactly what they want, and buyers aren’t getting what they want,” Dahle said. “They are meeting more in the middle than they have in previous years.”

Interest rates that are substantially higher than a few years ago are impacting the market, Dahle noted. As of late last week, the average 30-year mortgage rate was hovering around 7%. That’s leading to fewer listings as people retain their lower interest rate mortgages.

“If they’ve got those lower interest rates and are content with their home, they are just sitting there,” Dahle said.

Another trend starting to emerge is a two-period selling season during the year, rather than a single summer season with higher levels of listings, she said. Instead, sellers are listing in early spring or during the fall. Fires, and their accompanying smoke, may be driving the trend.

“When you speak to sellers, if there’s any sign of smoke or fire, then its ‘Let’s wait and let’s list later’,” Dahle said. “I think we are seeing more activity in the spring and later in the fall — September — until we get into the holidays.” 

Impact on the market from the 2020 Almeda Fire has slowed quite a bit, she noted. Last year, new construction filled in areas impacted by the fire, bringing back residents.

“There are plenty of cash buyers, especially in Ashland. There are more cash buyers here than elsewhere in the valley,” said Dahle, who is principal broker with John L. Scott’s Scott Lewis Group in Ashland.

A lot of cash buyers come from the Bay Area, but others are from all around, Dahle said. Many have sold home with higher equities elsewhere and are moving to Southern Oregon.

Total new construction sales for the quarter were up 29% compared with 2023. Median price showed a 3% increase to $437,500.

White City and east Medford stood out with more new construction than other areas. While City had 20 new units sold during the quarter compared to six in 2023, a 333% increase. East Medford saw 49 new sales this year compared to 33 last year, a 48% increase.

“I think builders have moved out (to White City). You can do more affordable housing out there and that’s really needed,” said Dahle.

The median price for a rural home in Jackson County was $700,000, up 10.5% compared to $633,600 during the same period in 2023. A total of 125 rural homes sold during the rolling quarter, with the cumulative days on market being 28, compared to 117 rural homes sold during same time period in 2023 and an average of 25 cumulative days on market.

Concerns about fires may be impacting rural sales in the county, Dahle said. Prospective buyers may not be able to get insurance or those costs may be too high. They may also need to clear trees, and there are concerns about water supplies.

Most urban areas saw increases in the number of existing homes sold, with east Medford having the highest percentage at 27% for 172 units. Eagle Point had the largest decrease at 52%, down to 21 homes.

Median sales prices increased in all urban areas except Phoenix, where there was an 18% decline to $343,000 for the second quarter compared to 2023. Eagle Point registered a 26% increase to $499,000 year over year. Gold Hill/Rogue River racked up the highest percentage gain of 36% to $380,000 for the second quarter.

Cumulative days on the market for existing homes increased from 13 during the second quarter of 2023 to 17 during this year’s April through June stretch. Residential listings in all categories bounced back to 805 on June 30, climbing from 662 on March 31, a 22% increase.

Manufactured homes in parks saw a 17% increase to 55 units sold compared to 47 in the second quarter of 2023. Median price increased 2% during the period to $90,000. Not all sales in parks are handled by agents with the association’s Southern Oregon Multiple Listing Service, so the statistics do not reflect all transactions.

Keybox activity in Jackson and Josephine counties, a measure of property showings, had a drop off of 7% from 2023, decreasing to 6,893. The MLS system combines the activity for both counties, but an estimated 75% takes place in Jackson County.