Our local housing market has been relatively consistent with other high-performing real estate markets throughout the country. Corvallis home values have increased 3.6 percent since 2014. From March to August 2015, there were 2,623 homes sold, according to Zillow, with 248 homes currently for sale.
Those 248 homes include three foreclosures, 26 for sale by homeowners, and 215 for sale by agents. Zillow predicts home values will increase another 2.4 percent in the coming year. Zillow rates the Corvallis market to be very healthy. Presently, 6.3 percent of homes have negative equity compared to the national average of 15.4 percent. Also, 1.3 percent of homeowners are delinquent on mortgages in Corvallis compared to the national average of 6 percent.
The median sale price is currently reported to be $288,800. The top 33 percent tier saw an average sale price of $371,125 in 2013, which increased 5.03 percent in 2014, and has so far decreased this year by 15.01 percent.
Through June 2015, Corvallis’ Planning department issued 29 single-family building permits; the number for commercial and multi-family was 169. Zillow posts the median rent price in Corvallis at $1,450.
By Kaitlin Gomez