Eugene, Oregon Real Estate Market 2026: Score 75, But 82% Overvalued by Income Fundamentals

Eugene, Oregon scores 75 out of 100 on the PropertyIQ index as of February 2026.

That number lands Eugene in the middle tier, a market with moderate demand relative to supply. But the PropertyIQ Score captures supply and demand dynamics. It does not directly measure affordability or how far home prices have stretched above what local incomes can support. In Eugene, those numbers tell a different story than the score alone.

PropertyIQ scores Eugene an 75 out of 100 as of February 28, 2026. Scores are updated monthly using Zillow, Census, and Realtor.com data.

The Numbers Behind the Score

The median listing price in Eugene is $507,200 as of February 1, 2026. The Zillow estimate for the metro stands at $447,285 as of January 31, 2026, reflecting a gap between ask prices and where transactions are actually closing.

Prices are down 4.25% year over year as of February 2026. Month over month, the market showed a 2.16% uptick, suggesting some stabilization from a longer decline, but the annual trend remains negative.

The overvaluation reading is 82.6% as of February 2026. That figure measures how far Eugene home prices sit above what local income fundamentals would support. The income required to purchase at the median price is $134,812 per year. The Eugene metro median household income is $69,311 as of 2023 Census data.

That gap is not a rounding error. A household earning the local median would need to nearly double their income to qualify for a mortgage at the median listing price. Zillow's calculated affordable home price for Eugene, given current interest rates and local incomes, is $260,768. Median listings are running at nearly double that figure.

Supply Conditions and Days on Market

The Eugene market had 652 homes for sale as of February 2026, up 0.93% year over year. New listings came in flat compared to the prior year, with no meaningful change in the pipeline of homes entering the market.

Days on market averaged 80 days as of February 2026. That is a slow pace. For context, markets scoring in the mid-90s typically see DOM under 30 days. Eugene at 80 days reflects a market where buyers have time to evaluate options rather than competing under tight deadlines.

The pending ratio, which measures how many homes are under contract relative to the total for-sale inventory, was 0.56 as of February 2026. A ratio below 0.7 in most markets indicates demand is not absorbing supply quickly. Eugene's 0.56 is consistent with the slow DOM reading.

Price reductions are a notable signal. As of February 2026, 24.1% of active listings in Eugene had undergone a price cut. That is a high percentage, indicating a meaningful share of sellers originally priced above where the market would transact.

The supply score is 21.7 out of 100 and the demand score is 35.1 out of 100. Both are low relative to top-performing markets. The composite of these factors, weighted by the PropertyIQ model, produces the 75 score. The model reflects that demand does outpace supply at current conditions, but neither side is showing strength.

The Score Volatility Signal

The score history for Eugene warrants attention. As of February 28, 2026, the score is 75. One month earlier, in January 2026, the score was 56. One year earlier, in February 2025, the score was 87.

A market that moves from 87 to 56 and back to 75 in twelve months is not a market with stable underlying dynamics. Eugene's score has ranged from the mid-50s to the high 80s over the past year, reflecting sensitivity to relatively small changes in listing volumes and pending counts in a smaller metro with 382,628 residents.

Score volatility in smaller markets is expected. It is worth noting explicitly here because a 75 in a stable high-demand market like a Midwest mid-size city carries different meaning than a 75 that last month was a 56 and last year was an 87. Investors and buyers evaluating Eugene should look at the trend, not just the current reading.

How Eugene Compares to Oregon and the West Coast

Oregon markets in the PropertyIQ dataset show significant variation. Eugene at 75 reflects a different demand profile than markets in the Pacific Northwest with tighter supply conditions. Portland, Oregon has historically carried a different supply-demand balance than Eugene, though both carry substantial overvaluation readings relative to local incomes.

The West Coast affordability constraint is not unique to Eugene. Markets from Seattle to San Francisco to Los Angeles show income-to-buy ratios well above local median incomes. What makes Eugene notable is that the score of 75 could read as a reasonable market to a casual observer, while the affordability and overvaluation readings suggest something closer to structural strain.

What Buyers and Investors Are Looking At

For buyers, the income requirements deserve serious attention. A household targeting homeownership in Eugene at current price levels needs to budget at the upper end of regional income distributions or carry a large down payment to reduce the required qualifying income. Zillow projects just 0.7% appreciation over the next 12 months as of December 2025, suggesting the current correction phase has further to resolve.

The five-year appreciation figure is 22.22% as of February 2026. Eugene home values did move substantially higher over the prior cycle. But the overvaluation reading of 82.6% reflects that prices moved well ahead of local income capacity, and the current phase is repricing in the direction of what local wages support.

The rent index in Eugene is $1,884 per month as of December 2025. At the Zillow home value of $447,285, that produces a price-to-rent ratio of approximately 19.8. Markets with PTR above 20 are generally considered to favor renting over buying from a pure financial standpoint. Eugene is just below that threshold, but the gap between rents and purchase prices leaves limited cash flow margin for investors using leverage.

The Economic Context

The Eugene metro unemployment rate is 4.8% as of November 2025. That is above the national average at the time, adding to the picture of a market where wage growth and employment stability are under some pressure. The University of Oregon provides an anchor employer and population driver, but a single major institutional employer creates concentration risk in local economic conditions.

The homeownership rate is 59.38% as of 2023 Census data, below the national average of roughly 66%. That lower ownership rate is consistent with high home prices relative to incomes, which push more residents into renting over time. Renters saving for down payments face a long timeline: Zillow estimates 11.5 years to save for a down payment in Eugene at current savings rates.

What This Market Is Not

A score of 75 does not indicate Eugene is a stable, accessible market for most buyers. The PropertyIQ Score measures supply and demand dynamics at a point in time. The 75 reflects that Eugene has more demand relative to supply than a market scoring in the 40s, but it does not capture the affordability gap or the structural difficulty of purchasing at current price levels on a local income.

The overvaluation reading, the slow days on market, the price cut percentage, and the flat-to-declining year-over-year price trend collectively tell a story the score alone does not surface. Those inputs inform the score indirectly, but understanding what drives the number is as important as the number itself.

PropertyIQ score as of February 28, 2026. Listing and inventory data as of February 1, 2026. Zillow home value data as of January 31, 2026. Sale-to-list data as of November 30, 2025. Forecast data as of December 2025. Census data as of 2023. Economic data as of November 2025. All data for informational purposes only.