Albany Doubles Home Sales of Corvallis

As Samantha Alley puts it, “Corvallis is a seller’s market,” but at the same time, “housing starts are still not at healthy levels.” Alley is Principal Broker for the Home Team of RE/MAX Integrity.

Corvallis struggled last year to provide opportunities for homeowners, but Albany and Lebanon are clearly making some headway. In the instance of Albany, that community sold twice as many homes last year as Corvallis, and Lebanon’s sales paced nearly even with Corvallis, despite being a quarter the size in population.  

Home prices in Philomath edged up in 2017. Similarly to Corvallis, the average days on the market was low, showing that when a house does become available, it’s not available long.

The Numbers for 2017
Last year’s median home price for all single-family homes sold in Corvallis was $339,900 with an average price of $353,749. A total of 521 single-family homes sold in 2017. Houses only stayed on the market an average of 70 days. 


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In contrast, the median home price for single-family homes sold in Albany was $255,000 with an average price of $260,859. A whopping total of 1065 single-family homes sold in 2017. Houses stayed on the market an average of 84 days. 

In Philomath, the median home price for single-family homes sold for 2017 was $270,500 with an average price of $281,339. A total of 70 single-family homes sold in 2017. Houses stayed on the market an average of 78 days. 

In fast-growing Lebanon, the median home price for single-family homes sold for 2017 was $190,000 with an average price of $194,293. A total of 418 single-family homes sold in 2017. Houses stayed on the market an average of 91 days. 

Albany and Lebanon are Catching Up
As Corvallis’ annexation debate heats up, adjacent communities are reaping the benefits of a more developer-friendly environment as well as cheaper, available space. Moral of the story: if you already own a home in Corvallis you are sitting pretty, but if you are house hunting, you may have to become a commuter.

By Chris McDowell

 

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