As we move into spring, let’s take a deep dive into the local housing market, comparing February 2025 to both January 2025 and February 2024. The latest data from the Willamette Valley Multiple Listing Service, or WVMLS, shows some interesting trends across Corvallis, Albany, and Lebanon, reflecting the ongoing shifts in buyer demand, inventory levels, and pricing.
Corvallis: A Market in Transition
The Corvallis housing market continues to show resilience despite some shifting dynamics. The median sales price landed at $522,700, a 5.6% decrease from the previous year. Closed sales totaled 55, down 11.3% from February 2024, indicating some softening in transaction volume which appears to have been primarily spurred by a lack of inventory. Homes are still moving relatively quickly, with a median of 61 days on the market, a slight improvement compared to last year.
List price received was 98.8%, reflecting continued pricing stability, though slightly down from the previous year’s 99.2%. Meanwhile, new listings dropped by 28.2%, suggesting that some sellers may be holding off for better conditions.
Albany: Rising Prices Amidst Fewer Sales
Albany’s market remains strong, with a median sales price of $470,000, marking a 10.9% increase from February 2024. However, closed sales dropped by 8.5%, suggesting that affordability increases due to interest rates and prices may be slowing down buyer activity. Homes spent an average of 61 days on the market, a slight increase compared to previous months, indicating a more balanced environment for both buyers and sellers.
List price received remains solid at 99.1%, and new listings increased by 24.6%, which should provide more options for buyers entering the market. Active inventory sits at 117 homes, up 6.4% from January, and the months of supply increased to 2.7 months, reflecting a more sustainable pace of sales.
Lebanon: A Market Seeking Stability
Lebanon saw the most significant shifts, with the median sales price dropping to $365,000, a 2.1% increase year-over-year but a 5.0% decline from the previous month. Closed sales took a major hit, falling 40.4% compared to last year. However, homes that are well-priced are still selling, with list price received at 99.5%.
Homes in Lebanon are staying on the market longer, with a median of 105 days, an increase of nearly 46% from last year. On the supply side, new listings jumped by 31.6%, bringing some much-needed inventory to the market.
Key Takeaways and Market Outlook
Across all three cities, we’re seeing a mix of gradually rising prices, increased inventory, and a slowdown in closed sales. Corvallis remains the most expensive market, while Albany is showing the strongest price growth. Lebanon, on the other hand, is experiencing a slowdown, with longer days on market and fewer closed transactions.
For buyers, the increase in inventory means more choices, but prices remain firm, especially in Albany. For sellers, pricing competitively is key—homes that are well-presented and move-in ready are still attracting buyers, but overpricing may lead to longer market times.
As we head into the busier spring season, keeping an eye on interest rates and inventory levels will be critical. If you’re thinking about buying or selling, now is the time to strategize with a local real estate professional who understands the nuances of this evolving market.
Samantha Alley has over 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 sam@hometeamoregon.com.
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