Wheeler Real Estate: 2024 Market Trends and Overview
In 2024, Wheeler, Oregon real estate continues to offer a peaceful coastal lifestyle with a range of property options, from charming historic homes to vacant land ready for development. Known for its scenic views of Nehalem Bay and its proximity to both the coast and mountains, Wheeler is a small but desirable market for those seeking serenity in nature. Below is a detailed overview of the Wheeler real estate market, including trends, inventory insights, sales activity, and a conclusion for 2024.
1. Inventory Overview
The Wheeler Oregon real estate market is characterized by limited listings, but what it lacks in quantity, it makes up for in charm and location. Many homes boast spectacular views of Nehalem Bay and easy access to outdoor activities, making Wheeler appealing to retirees, second-home buyers, and those looking for an escape from city life.
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Active Listings: As of 2024, the median price of homes listed in Wheeler is approximately $425,000, with some historic homes and properties with water views pushing the higher end of the price spectrum. Wheeler also has several vacant lots for sale, which are ideal for buyers seeking to build custom homes. Available listings include:
- Bayfront properties, such as homes along Highway 101 or in the downtown area, ranging from $400,000 to over $600,000, depending on size and view.
- Modest single-family homes, including historic residences with views of Nehalem Bay, priced between $300,000 and $450,000.
- Vacant land options priced from $150,000 to $250,000, providing opportunities for new construction.
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Days on Market: Homes in Wheeler tend to stay on the market for an average of 60 days, a bit longer than in nearby larger coastal towns. This is reflective of Wheeler’s slower-paced market, where buyers often seek out unique, one-of-a-kind properties.
Wheeler's real estate inventory is limited, but the available homes and land offer options for buyers interested in either restoring a historic home or building a custom retreat.
2. Market Trends
The Wheeler real estate market in 2024 has been shaped by several key trends, including a mix of price stabilization and continued demand for coastal properties:
Price Stabilization
Following several years of price increases, Wheeler’s real estate market has begun to stabilize in 2024. Home prices have seen a slight 2% decline compared to 2023, reflecting broader regional trends across the Oregon coast. This price moderation is partially due to rising mortgage rates, which have slowed down buyer activity, particularly in second-home markets like Wheeler.
Growing Interest in Custom Homes
Wheeler has seen a noticeable uptick in demand for vacant land. Many buyers are choosing to purchase land and build custom homes, taking advantage of Wheeler’s scenic views and quiet atmosphere. The availability of lots in the $150,000–$250,000 range has made it easier for buyers to design their own dream homes, catering to the trend of personalized, low-maintenance living.
Second Homes and Vacation Properties Remain Popular
Wheeler’s proximity to the ocean and its peaceful setting make it a popular destination for second-home buyers. Properties near the bay or with scenic views are especially in demand among those looking for vacation homes or rental properties. Homes priced under $500,000 tend to move faster in this category, as they offer affordability alongside the charm of coastal living.
Moderate Listing Times
Though Wheeler’s real estate market is relatively small, homes are selling at a reasonable pace, with an average time on the market of 60 days. Well-priced homes near Nehalem Bay or the town’s small downtown tend to attract the most interest, while homes farther from the water or in need of renovation may stay on the market longer.
3. Sales Activity
Recent sales activity in Wheeler, though not as fast-paced as in larger towns, remains steady. Here are some insights into what’s been happening in the Wheeler market:
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Recently Sold Homes: Several homes have sold in Wheeler recently, indicating that while it’s a small market, there is consistent interest. Key sales include:
- A historic home on Highway 101 sold for $425,000, highlighting the demand for well-preserved properties with bay views.
- A 3-bedroom home on B Street sold for $385,000, reflecting interest in homes priced under $400,000 that offer charm and proximity to the water.
- Vacant land sales have also been picking up, with a 1-acre lot just outside the town center selling for $200,000.
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Price Adjustments and Negotiations: Many homes in Wheeler have sold for close to their asking prices, with little room for negotiation. Buyers are willing to pay for the location and uniqueness of the properties, especially those with water views or historic significance.
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In-Demand Properties: Homes with views of Nehalem Bay and those near Wheeler’s small downtown area are among the most sought after. These properties tend to sell faster and for closer to their asking prices, especially when priced between $350,000 and $500,000.
4. In-Demand Properties and Price Trends Over the Last 5 Years
What Properties Are Most in Demand?
Wheeler’s most in-demand properties are those that offer water views, historic character, or the potential for custom builds:
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Waterfront and Water View Homes: Homes with views of Nehalem Bay or proximity to the bayfront are consistently in high demand. These properties, typically priced between $400,000 and $600,000, attract both second-home buyers and those seeking full-time residences with scenic views.
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Historic Homes: Wheeler has a number of historic homes that appeal to buyers interested in preservation and restoration. These properties are often priced lower, between $300,000 and $450,000, and offer the charm of classic coastal architecture.
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Vacant Land for Custom Homes: The demand for vacant land has increased as buyers seek to build custom homes. Lots with views of the bay or located in more private, secluded areas are particularly popular, with prices ranging from $150,000 to $250,000.
How Home Prices Have Changed Over the Last 5 Years
The Wheeler real estate market has experienced significant price growth over the last five years, with a notable surge during the pandemic:
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2019-2020: The median home price in Wheeler was around $325,000. The market at this time was steady, with an annual appreciation of about 3-4%.
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2021-2022: Like many coastal markets, Wheeler saw a dramatic increase in home prices during the pandemic, driven by remote work and the desire for second homes. By 2022, the median home price had risen to $450,000, reflecting an 18% year-over-year increase.
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2023-2024: While prices have stabilized in 2024, with a slight 2% decline from the 2023 peak, the overall trend remains one of appreciation. The current median home price is around $425,000, marking a 30% increase from five years ago.
Conclusion
The 2024 real estate market in Wheeler, Oregon, remains a niche but desirable option for buyers seeking tranquility, scenic views, and a slower pace of life. While the market has stabilized after several years of rapid price growth, there are still opportunities for both buyers and sellers.
For buyers, Wheeler offers a mix of historic homes, vacant land, and water view properties that provide excellent value compared to other coastal towns. Sellers with competitively priced homes, especially those with views of Nehalem Bay, can expect steady interest.
As Wheeler continues to attract second-home buyers and those seeking custom builds, the town is poised to maintain its appeal in the coming years. Whether you’re looking for a vacation property or a full-time residence in a peaceful coastal town, Wheeler’s real estate market provides a unique opportunity in 2024.
If you would like to speak with a broker about Wheeler Oregon home inventory, please contact any of our experienced Home + Sea Realty Brokers.
