Housing Trends in Corvallis: Useful Stats for Students, Home Buyers

houseWith access to great schools and a major university, as well as a vibrant downtown and plenty of activities year-round, people move to Corvallis for all sorts of reasons.  But how has the market been looking for prospective buyers and sellers alike? Let’s take a peek.

At the time of publication, there were 277 homes for sale in Corvallis and 76 for rent. According to data from April 2015 to July 2016, the median cost of a home here is $323,000. In May of 2016, the median number of days a house was on the market before being sold (or taken down) was 39.

From March 2013 to March 2014, the market closed 762 home sales, listed 1,269 homes, and sold those homes on average for $213,601. From March 2015 until the present there have been 816 closed sales, 1,297 new listings, and homes were selling at an average of $225,274. This suggests a bit of an uptick for getting your home sold if you’re currently looking to seek out greener pastures.

Students Are People, Too

What if you’re a student and don’t want to buy a house? Well, it can be a battle. According to housing specialist Bob Loewen, studio apartments in Corvallis are few and far between. If you are able to find one, the low range price is $600, but they usually cost between $700 and $750.

One-bedroom units average around $800, but range from $600 to $1,400, while two-bedroom units average $1,000 to $1,200 and range from $750 to $2,200. Three-bedroom apartments average around $1,500 and range from $950 to $2,200, and four-bedroom units average $2,000, with a range of $1,400 to $2,800. Finally, five-bedroom apartments average $2,750 and range from $1,800 to $3,700.

These prices usually include utilities like garbage, sewer, and water, although some complexes are adding a fee of $20 to $30 for water and sewer costs. The vacancy rate is currently fluctuating between three and five percent, but Loewen predicts a normal rise to above five percent during the summer due to the usual student purge.

Something worth noting is that Loewen says he is hearing from property managers that this year is differing from others in that the percentage of student clientele has gone down. One manager stated that the norm has been for 70 to 80 percent of his units to be filled by students, but that currently it is closer to 50 percent. Word of mouth seems to indicate this has to do with an increased number of people moving to Corvallis for work, or to be closer to a job they already have, but no hard data currently supports the trend.

By Kyra Blank