Published January 20, 2025
PORTLAND REAL ESTATE MARKET - DECEMBER 2024
As 2024 came to a close, the real estate market continued to
show resilience and steady growth. December brought 1,068 new listings, a 4.1%
increase compared to December 2023 but a seasonal drop of 26.8% from November
2024. Pending sales reached 1,326, a slight 1.3% increase year-over-year but
down 16.2% from November. Closed sales, however, saw a strong finish for the
year with 1,534—an impressive 15.3% jump compared to December 2023, though
down 8.7% from the prior month.
Inventory tightened to slightly from 3 months to 2.7
months in December, reflecting strong buyer activity despite fewer listings.
Homes spent an average of 74 days on the market, giving buyers and sellers time
to navigate transactions.
Looking at the full year, 2024 outperformed 2023 in key
areas. Pending sales rose 2.8%, and closed sales increased 3.7%, highlighting
consistent demand. While new listings remained consistent, prices continued
their upward trend. The average sale price climbed 1.8% to $608,600, and the
median price increased 2.1% to $543,000, showcasing the market's strength.
As we step into 2025, the forecasts for the market
anticipate more sales this year and improving interest rates. Goldman Sachs has
increased their forecast for home price appreciation to 4.4%, up from a
previous estimate of 3.2%! That means an average-priced home will cost almost
$27,000 more a year from now, so waiting for rates to drop will cost you money
in the long run.
Whether you're looking to make a move or want to stay
informed, we’re here for you!
