Coos Bay, OR Housing Market

Market Overview

Coos Bay’s PropertyIQ Score of 4 out of 100 places it at the very low end of the market health spectrum. The city’s median home value is $349,493, which is $146,620 below the Oregon state average of $496,113. However, the rent index is $1,786, which is $336 above the state average of $1,450. Median household income in Coos Bay is $60,313, well below the state average of $80,426, while the unemployment rate is 5.2%, exactly matching the Oregon average.

The score drivers help explain the weak rating. Home value momentum over the past 12 months is positive at 1.66%, but the more recent 3-month momentum is negative at -1.21%. Median days on market is 80 days, and 27.6% of listings have had a price cut. These figures point to a market where homes are taking longer to sell and sellers are adjusting prices downward to attract buyers.

Overall, Coos Bay is best characterized as a weak market based on the data. The lower median home value may seem attractive compared with the state average, but weak price momentum, elevated time on market, and a high share of price cuts indicate that demand is not keeping pace with supply. The higher rent index relative to the state average adds a mixed signal, but it is not enough to offset the broader softness reflected in the 4/100 score.

Key Trends

The first trend is cooling price momentum. The 12-month home value momentum of 1.66% suggests that values rose modestly over the past year, but the 3-month momentum of -1.21% and a median home value year-over-year change of -$2 show that recent movement has turned negative. This short-term decline is a key contributor to the low PropertyIQ score and suggests that any earlier gains are fading.

The second trend is a slow inventory environment. There are 391 homes for sale, median days on market is 80 days, and 27.6% of listings have had a price cut. A price-cut share above one in four indicates that many sellers are reducing expectations to compete. Combined with 80 days on market, this points to a buyer-favorable market where available homes are taking longer to sell.

The third trend is the unusual gap between rents and home values. The rent index of $1,786 is $336 above the Oregon average of $1,450, while the median home value is roughly 29.6% below the state average of $496,113. This combination may indicate relative rental demand or a lower-cost home market with meaningful rent levels. However, with median household income at $60,313, local renters may still face affordability pressure despite home prices being lower than the state average.

The fourth trend is mixed affordability. The median home value of $349,493 is about 5.8 times the median household income of $60,313. By comparison, the state average home value of $496,113 is about 6.2 times the state average income of $80,426. Coos Bay is therefore modestly more affordable on a home-price-to-income basis, but the lower income base and an unemployment rate of 5.2% may limit how many households can comfortably buy. Population growth data is not available in the provided metrics.

Who Is This Market For

This market may suit patient first-time buyers and cost-conscious owner-occupants. The median home value of $349,493 is well below the Oregon average of $496,113, and the high share of price cuts at 27.6% plus 80 days on market means buyers may have negotiating leverage. However, the median household income of $60,313 may make it harder for some first-time buyers to qualify for financing or save for a down payment, especially with a rent index of $1,786 that is above the state average.

Investors may also find some appeal, but only with caution. The rent index of $1,786 is $336 above the state average, and the lower median home value could create an interesting rental income-to-price ratio. Still, the PropertyIQ Score of 4 out of 100, negative 3-month price momentum of -1.21%, and elevated price cuts suggest that near-term appreciation is unlikely. Investors would need to focus on cash flow and be prepared for a potentially long holding period.

Move-up buyers may face a more difficult environment. Selling an existing home in a market with 80 days on market and a 27.6% price-cut share could mean slower sales and lower proceeds. At the same time, the lower median home value may make a larger home more affordable for those who do successfully sell.

Outlook

The near-term outlook remains cautious. The most important signals are the negative 3-month home value momentum of -1.21%, median days on market of 80, and 27.6% of listings with a price cut. These data points suggest that prices may remain flat or soften further until inventory conditions improve or demand strengthens. The 12-month momentum of 1.66% provides some offset, but it is not strong enough to outweigh the recent negative trend.

Rental demand may remain a relative bright spot, given the rent index of $1,786 compared with the state average of $1,450. However, median household income of $60,313 and an unemployment rate of 5.2% could cap how much rent growth is sustainable. Because population growth data is not available, a key driver of future housing demand cannot be evaluated. Based strictly on the provided numbers, the market is likely to remain weak until price momentum turns consistently positive, days on market shorten, or the share of price cuts declines.