PORTLAND REAL ESTATE MARKET - MARCH 2024

The spring market arrived in March with much more activity than in February! Despite a slight decrease in new listings compared to last year, March 2024 saw a significant uptick of 16.3% from the previous month, indicating a positive trajectory in the market. Similarly, pending and closed sales surged by 22.7% and 22.9%, respectively, showcasing growing confidence among buyers and sellers.

While inventory decreased slightly to 2.3 months, the total market time increased to 91 days, providing a window of opportunity for those navigating the market. The average and median sale prices have both seen encouraging upticks of 2.1% and 2.0%, respectively, indicating a healthy appreciation in property values. Year to date, the vast majority of sales are happening between the price range of $400K- $600K with an average price per square foot of $315.

In early April, the inflation report showed inflation at 3.5% up from 3.2% in March and above the target rate of 2%. This has caused interest rates to rise and could be causing some buyers to balk at rates that are 0.5 to 0.75% higher than in March. However, home prices are expected to rise 3-5% over the next year, so for buyers on the fence, waiting until next year to buy may get you a lower interest rate, but the average home will likely be $30,000 more expensive and the buyer would miss out on that massive gain in appreciation. Whether you're considering buying or selling, now is an exciting time to explore your options and take advantage of the evolving landscape of real estate.