Local Real Estate Market Showing Changes

7-10 rob real estateMEDFORD, Ore. — The statistics are in for real estate trends for the last quarter and there are big changes in Jackson county compared to a year ago.

There was a 5% decrease in home sales from April through June in Jackson county when compared to the same time last year. Despite fewer existing homes selling, the median price has increased nearly 17% and the average time a house is on the market has dropped from 74 days last year to 52.

Spokesperson for the Rogue Valley Realtors Association, Colin Mullane said interest rates are quickly rising forcing more buyers into the market.

“It’s making it a lot more expensive for the buyer to buy the same house as it was even two months ago, so it’s forcing a lot of buyers into the marketplace, they’re coming off the fence and trying to get into the market and so you’re seeing prices increase as a result,” said Mullane.

The current county-wide median price for a home is $189,000.