Corvallis Real Estate Update: Pent up Demand Causes May Surge

The Corvallis real estate market has experienced significant activity over the last month.  

Several factors have contributed; a significant number of baby boomers downsizing and increased demand for more spacious living environments from younger generations, and an inability to wait out the current interest rates. All this has meant a surge in both buyer interest and new listings, and the market has maintained a dynamic pace. 

As we approach the mid-year mark, it’s essential to understand how these elements have influenced market trends and what we can expect moving forward. 

Year-to-date numbers reveal interesting patterns when compared to last month and the same period last year. Through the end of May, Corvallis saw a 21.6% increase in new listings compared to April, with a 22% increase in year-to-date listings over 2023, reflecting growing seller confidence. Compared to last year, the number of homes sold has risen by 17%, indicating robust buyer activity. However, median home prices have also increased to $559,000 – up 1.7% from April  and 5.5% year-over-year, suggesting that demand continues to outpace supply.  While the list-to-sale price ratio is stable at 99.9% for 2024 compared to 100% for the same period in 2024. 

Market activity remains high, with a current inventory level of just 1.59 months, indicating a seller’s market. As of June 1st, there are 77 homes actively listed, with 87 under contract/pending sales and 145 homes sold in the past 90 days. These numbers highlight the swift turnover and the high level of competition among buyers. Despite these figures, the limited inventory continues to challenge prospective buyers, pushing them to act quickly and decisively in their purchasing decisions. 

Looking ahead, the Corvallis real estate market is poised to maintain its momentum through the remainder of the year. Continued household formations and the desire for more accommodating living spaces are expected to drive demand. We anticipate a steady influx of new listings as homeowners decide that they have waited long enough to make a lifestyle change. However, it remains crucial for buyers to be prepared for a competitive environment, while sellers can expect strong interest in their properties. As always, staying informed and working with experienced real estate professionals will be key to navigating this dynamic market successfully. 

Samantha Alley has 30 years of real estate experience and is a Principal Broker in the State of Oregon; she is a Team Leader and Office Advocate at REMAX/Integrity in Corvallis. She can be reached at 

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