If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Jackson County market.
Knowing the most important data such as the average sales price, number of homes sold, and days on market will better prepare you to sell your home or make an offer.
Our market report showcases everything you need to know about local real estate trends.
New Listings ↓
Avail Inventory ↑
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Months of Supply ↑
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Jackson County, November 8, 2022 -
October Sales slowed down compared to last year's levels mostly due to higher interest rates.
This last month there were 253 closed sales compared to last year's 304. There has also been a slowdown with Rogue Valley sellers on deciding to put their homes on the market. This last month we had 234 new listings, compared to last year's 375 new listings. This is great news for buyers as we are starting to see a more balanced market. Currently, there are 754 active residential homes in Jackson County, compared to only 480 to pick from at the same time last year.
Sellers now understand that to compete they need to be more realistic on their prices, and often are contributing to buyer closing costs. It's not all bad news for sellers though. The stats show us that the average sold price is still up from last year. The average sale price is currently $470,653, compared to $447,625 last year and $372,887 pre-covid! So although it feels like sellers are having a harder time selling, in reality, there is likely significant equity and growth over time.
We are seeing a more balanced market with the Average List Price to Sales Price ratio decreasing to 98.2%, which is lower than last year at this time, and almost exactly the sales ratio as pre-covid. This is an adjustment for everyone but is a sign of a healthy market where there is a balance of power for sellers and buyers. It's good for both sides, as many sellers do buy again in the same marketplace, and it is making it possible to sell and buy at the same time. Last year, when everything was so HOT, sellers were worried about how they could possibly find a home to buy with a contingency sale.
As of October, prices have eased by 8% relative to the highs reached in April. This is considered on point with what is being seen nationwide. It is also important to note that the October benchmark price is still nearly 5% higher than the levels reported last year.
I partnered with a system that gathers all data from our local MLS and shows the leading indicators happening on a weekly basis. For example, watching how many homes are falling out of escrow, the current inventory levels, the Market Action Index, and more. Not only are we creating these reports on a weekly basis, but we're watching them by zip code and by market segment, which gives us more insight into the market as it happens.
If you'd like to watch the Market Report by these leading indicators, just subscribe by clicking on your desired city.