The Medford real estate market is not affected in the same way that many of the large cities in the Pacific Northwest have been by the national recession. Medford is a lot smaller than Portland or Seattle, for example, meaning that there have not been nearly as many foreclosures or even short sales as in these urban centers. Medford real estate has, however, been running into some problems of its own despite its primarily residential and suburban nature. Medford has been in a bit of trouble because the lingering effects of the sub-prime mortgage crisis finally reached the regions of Central and Southern Oregon after several months of not affecting the area.
Certified Residential Specialist and Accredited Buyers Representative Estelle Redd wrote in the Realty Times on July 15, 2009 described the challenges and opportunities of the Medford real estate market. “Medford is a great place to live and a friendly small town atmosphere. Overall home sales have increased by 3 so far this year! The median house price has dropped to approximately $220,000, which is down 10% from last year. Bank owned properties make up about 50% of the sales here in Medford.” It can be determined from the statistics reported here that the foreclosures and short sales in Medford artificially deflated the average sales price and increased home sales. Interestingly, there are not many official reports on Medford real estate, mostly due to the relatively small nature and low population of Medford, which is often overshadowed by other nearby cities.
According to the Central Oregon Real Estate News Quarterly Report, “How is the Central Oregon real estate market doing? Well, that is a good question and the answer is...it depends. It depends on whether you are looking to buy or sell and what part of Central Oregon you are referring to. If you are looking to buy property in Central Oregon you are in luck, 2008/2009 is one of the best buyers markets we have seen in a very long time.” On the other hand, foreclosures have affected Medford to the point that the Associated Press featured a Medford resident and property in a special about a national program aiding foreclosure purchasers.