PORTLAND REAL ESTATE MARKET - NOVEMBER 2024

As November wraps up, the real estate market shows a mix of seasonal adjustments and opportunities. New listings reached 1,459—a 20.2% decrease from November 2023 and 36.1% lower than October 2024. Fewer homes on the market create less competition for sellers, while buyers benefit from a slight increase in inventory to 3.0 months. Although the time around the holidays doesn’t always seem like a great time to purchase or sell, the inventory can be more favorable as well as we often see drops in interest rates in December or January that people miss. Rates are currently at 6.8%, which is lower than they had been a couple of month ago.

Pending sales rose 9.8% year-over-year to 1,582 but dipped 21.6% from October. Closed sales jumped 25.1% compared to November 2023, though they declined 14.9% month-over-month to 1,681. Homes spent an average of 64 days on the market, giving buyers a bit more time to make decisions.

Year-to-date trends remain stable, with pending and closed sales up 2.9% from 2023, while new listings dipped slightly by 0.5%. Prices continued to climb, with the average sale price increasing 2.1% to $611,600, and the median sale price rising 2.3% to $545,000. As many people wait on the sidelines for interest rates to decrease, home prices continue to rise at a sustainable pace such that waiting until the spring or for rates to drop, will most likely cost buyers more overall than purchasing before prices rise further.

Overall, November reflects a resilient market with opportunities for both buyers and sellers. If you're curious about how these trends impact your goals, let's connect—we’re here to guide you every step of the way!