PORTLAND REAL ESTATE MARKET - JULY 2024

The Portland Metro real estate market in July showed positive signs of stability and growth. New listings reached 2,905, a slight increase from July 2023. Pending sales were up 2.1% compared to last year, with 2,191 offers accepted. Closed sales saw a significant boost, increasing by 8.5% from July 2023 to 2,075 homes. Inventory rose to 2.8 months, giving buyers more choices, while the time on the market decreased to 44 days, indicating homes are selling faster.

When we look at the year-to-date figures, the first seven months of 2024 saw a 3.1% increase in new listings, while closed sales also edged up by 1.2%. Home prices continue to rise, with the average sale price now at $610,700, a 1.9% increase from last year. The median sale price also climbed by 2.3% to $545,000. With interest rates recently dropping to around 6.5% spurring demand as well as more inventory, there’s a unique window for buyers to have more choices and better rates, which will likely be short lived as demand increases likely driving prices up.

The Portland Metro area condo market has a significant amount of inventory that continues to grow, however, prices have remained steady over the last year.

Overall, the market remains balanced, with slight increases in inventory and steady demand. Whether you’re thinking of buying or selling, the Portland Metro area continues to offer promising opportunities. If you’re considering a move, now is a great time to explore what the market has to offer!