Mid-Willamette Valley

(Marion, Polk, Linn, and Benton)

Consistent market dynamics with other regions throughout the Pacific Northwest, the Mid-Willamette Valley experienced declines in units, longer market time, and low inventory compared to Q2 2022. The typical spring surge did not come to fruition as it is believed by many economists that homeowners remain in place due to the historically low interest rate the majority of borrowers enjoy.

Days On Market

Average days on market increased 104% to 51 days from an average of 25 days this time last year in Marion and Polk Counties. In Linn and Benton Counties, time on market averaged 52 and 49 days, respectively, up 79% in Linn and 48% in Benton. Against the trend, average days on market fell 36% in Monmouth, ending the quarter at an average of 44 days.

Average Sales Price

In the Mid-Willamette Valley this quarter, average sales price declined 4% to $447,475. Average sales price in Monmouth ($460,019) dropped 17% from year-ago figures while average sales price in Philomath took the opposite trajectory, increasing 6% to end Q2 2023 at $503,709. In Benton County – where average sales price was highest in the region – sales price increased 5% year-over-year to an average of $572,266 this quarter.

PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS

Pending sales in the Mid-Willamette Valley (1,296) fell 15% from year-ago figures; new listings declined 25% to end the quarter at 1,581; and active listings dropped 9% to 2,442 this quarter.

Closed Units

Closed transactions missed the mark by 27%, ending Q2 2023 at 1,182 compared with 1,625 this time last year. Closed units in Independence (44 units) were up 7% year-over-year, though everywhere else in the region recorded double-digit year-over-year percentage declines.