Medford, Ore.- The value of homes in Southern Oregon are going up at a higher rate than other regions, about 7.6%. Getting closer to what realtors consider a healthy rate, which is 3-4%.
Local realtor Terry Rassmusen says that the housing market in Southern Oregon is doing well and normalizing itself.
“We’re starting to see a little bit of a leveling off,” Rasmussen explains. That ‘leveling off’ coming after the quick rise in the Rogue Valley, following the recession of 2007.
Terry says, “As it bounces it back up it’ll begin to level off a little bit and even out a little bit and I think we’re beginning to see the first signs of that.”
One major factor that is helping buyers and seller is wages going up.
“It was up a year ago but it’s come back down and the reason is because wages have been going up in the last year,” Terry says as he describes the impact of wage increases on the housing market.
That has created a positive market for buyers. The next thing the Southern Oregon housing market needs, according to Rasmussen, are more homes hitting the market.
And as far as sellers are concerned, don’t worry too much. Last month, Southern Oregon homes were typically on the market for 30 days. Which is down from 50 days at this time last year. And on top of of that, data from the Rogue Valley Association of Realtors shows that sellers are getting the prices they’re asking for.
“Selling a year ago for around 96.5% of asking price, right now they’re selling for about the same 96.5% of the asking price,” Terry explains.
Whether you’re a buyer or a seller, Terry Rasmussen says that things should continue looking up.
“The things I’m hearing from even most pessimistic economists is that we’re going to see growth for the next two to three more years.”
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