The latest regional home price report shows a sea change in Woodburn home values. According to the new Market Action report, Woodburn home prices changed by -4.6% over the past year.
Long Market Times
Perhaps more concerning than our recent dip in Woodburn home prices is how long it now takes for local homes to sell. The average market time for sold Woodburn homes is now 287 days. This compares to just a 138 day average market time for the rest of the region.
Regional Home Prices A Mixed Bag
House values throughout our region are mixed. For example, while Marion County prices are up 9.3% over the past year, Woodburn prices have changed -4.6%, central Salem home values are up by 25%, North Keizer prices improved by 14.4% and South Keizer home prices increased by 4.9%.
Rising Home Inventory A Factor
A recent increase in our already burgeoning regional housing backlog helps explain why the Woodburn area home sales momentum has stalled a bit.
At the current rate of home sales, we would not run out of homes for 8.1 months. This is a historically high level of housing inventory. As a result, Woodburn area homesellers are now competing for qualified buyers. And with more sellers than buyers, it is now a ‘buyer’s market.’
Contact The Experts
Thinking about buying or selling? Contact our WoodburnHomes.com sponsor, Certified Realty for a FREE consultation using the convenient form below. Still family owned and operated, Certified Realty remains Oregon’s choice since 1950.