Coos Bay, OR Housing Market

Market Overview

Coos Bay, OR is currently a weak housing market by the PropertyIQ framework, with a score of 4 out of 100. The top score drivers point to softening conditions: home value momentum over the past 12 months is positive at 2.24%, but the 3-month momentum has turned negative at -0.80%, the median days on market is 75, and 31.8% of active listings have had a price cut. These indicators suggest that buyer demand is not strong enough to sustain consistent price growth in the near term.

Compared with Oregon benchmarks, Coos Bay’s median home value of $353,451 is roughly 29.6% below the state average of $502,156. However, the local median household income of $60,313 is also about 25.0% below the state average of $80,426, and the unemployment rate is 5.2%, matching the state figure. The rent index of $1,669 is above the state average of $1,450, which is notable because local home values and incomes are lower than state levels. The market’s low PropertyIQ score is consistent with a market that is tilted toward buyers or simply stagnant rather than appreciating strongly.

Key Trends

The first trend is cooling home value momentum. While the 12-month home value momentum is 2.24%, the 3-month momentum is -0.80%, and the year-over-year home value change is -$1. This pattern indicates that annual gains have stalled and recent price movement has been slightly negative.

The second trend is slower selling conditions. Coos Bay has a median days on market of 75 days, and 31.8% of listings have had a price cut. There are 380 homes for sale. These figures together point to a market where listings are taking longer to move and sellers are more likely to reduce asking prices to attract buyers.

The third trend is a relatively strong rent level. The rent index in Coos Bay is $1,669, which exceeds the state average of $1,450 by about 15.1%. That higher rent level occurs even though the local median home value is below the state median, suggesting that rental demand or rental pricing is a distinct source of strength in the area.

The fourth trend is an affordability and income gap. Median household income in Coos Bay is $60,313, compared with $80,426 statewide. While the lower median home value of $353,451 may look more affordable than the state median of $502,156, the local income gap reduces that advantage. Population growth data is not available, so it is not possible to measure demographic demand from the provided figures.

Who Is This Market For

This market may suit first-time buyers who are price-sensitive and willing to negotiate. The median home value of $353,451 is well below the state average, and with 31.8% of listings showing price cuts and a median days on market of 75, buyers may have more time and leverage than in a fast-moving market. However, local incomes are also lower, so affordability depends heavily on individual household finances.

The rental profile may appeal to long-term investors. Coos Bay’s rent index of $1,669 is above the state average of $1,450, which could support rental income relative to the lower home price point. Still, the weak PropertyIQ score of 4 out of 100 and the negative 3-month home value momentum of -0.80% suggest that this is not a market for short-term flippers or appreciation-focused buyers. Move-up buyers may also face challenges because selling an existing home could take longer given the 75-day median days on market.

Outlook

The near-term outlook for Coos Bay is cautious. The most recent price signal is negative, with 3-month home value momentum at -0.80% and the year-over-year change at -$1, even though the 12-month momentum remains slightly positive at 2.24%. Elevated days on market of 75 and a 31.8% share of listings with price cuts suggest that buyer demand is currently soft. The rent index of $1,669 may provide some support through rental demand, but weak home value momentum and lower local incomes are likely to keep price growth subdued. Unemployment matches the state at 5.2%, so the labor market is stable, but population growth is not available, leaving an important demand factor uncertain. Based solely on the provided data, Coos Bay appears likely to remain a slow, buyer-friendly market in the near term.