PORTLAND REAL ESTATE MARKET - JUNE 2024

As we hit the halfway mark of 2024, let’s take a quick look at the start of our summer real estate market. June saw 3,044 new listings, a 7.7% decrease from June 2023 but a notable 3.7% increase year-to-date. Pending sales reached 2,217, showing a slight decrease from last year but reflecting strong buyer interest. Closed sales were steady at 2,081, nearly matching last June's figures. Inventory rose to 2.6 months, offering more options for buyers, while market time decreased to 46 days, meaning homes are selling faster. Prices continue to rise, with the average sale price up 2.0% to $607,800 and the median sale price up 2.3% to $542,000. The $500K- $600K price range makes up the largest segment of the market at 19.5%.

The end of June also brough a drop in interest rates. Rates dipped under 7% and have been hovering at around 6.85% since then giving buyers the best rates mid-summer since March. Lower rates may spur more buyer interest especially when coupled with more inventory to choose from.

Despite minor fluctuations, our market remains strong, with active buying and selling as well as rising home values. As always, our goal is to help you make the most informed decisions possible. Whether you're looking to buy or sell, this vibrant summer market offers plenty of opportunities for success. Feel free to reach out with any questions or to discuss your real estate needs.