June 3rd State of Southern Oregon Real Estate Recap

State of Southern Oregon Real Estate with Mike Kerlinger

This week, Medford Rogue Rotary welcomed local real estate expert and 2024 REALTOR® of the Year, Mike Kerlinger, for an informative presentation on the current state of the Southern Oregon real estate market.

Mike provided historical context for today’s housing market by reviewing long-term trends in home appreciation, mortgage interest rates, and housing affordability. While today’s mortgage rates near 6.5% may feel high compared to the unusually low rates seen during the pandemic, he reminded attendees that current rates remain below many historical averages, including periods when rates exceeded 15% in the 1980s.

A key theme of the presentation was affordability. Over the past four decades, home prices have significantly outpaced income growth, making homeownership more challenging for many families. Despite these challenges, Southern Oregon continues to see strong demand driven by its quality of life, natural beauty, and desirability as a place to live and retire.

Mike also addressed several common real estate myths, including the idea that buyers should wait indefinitely for lower interest rates. He discussed financing options available in today’s market, including temporary rate buydowns and strategies that allow buyers to purchase now and potentially refinance later if rates decline.

The presentation also highlighted recent changes in real estate transaction practices and buyer representation, helping attendees better understand how buyers, sellers, and their agents now navigate the home buying process.

Thank you to Mike Kerlinger for sharing his expertise and helping our members better understand the trends shaping Southern Oregon’s housing market. His insights provided valuable perspective for homeowners, prospective buyers, investors, and anyone interested in the future of real estate in our region.

Key Takeaways:

• Home values have steadily appreciated over the long term, with significant growth since 2020.
• Mortgage rates are higher than pandemic-era lows but remain moderate by historical standards.
• Housing affordability remains one of the largest challenges facing today’s buyers.
• Buyers have more financing tools available than many realize.
• Recent industry changes have increased transparency around buyer and seller representation.

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