PORTLAND REAL ESTATE MARKET - OCTOBER 2024

The October 2024 real estate market is showing positive signs for both buyers and sellers. New listings came in at 2,283, a 3.4% increase from October last year, although down slightly from September. With fewer new listings as we head into the cooler months, sellers may face less competition, making it a good time to consider listing. Buyer demand remains strong, with pending sales up a notable 24.2% compared to last October. This increased activity shows that buyers are still very much in the game.

Closed sales also saw a significant rise, with a boost of 18.3% from last year and a 16.0% increase from September. This indicates that transactions are moving smoothly, which is encouraging for both buyers looking to close quickly and sellers ready to move forward. Inventory has slightly dipped to 2.9 months, and market time has increased to an average of 57 days. This means that while buyers have a bit more time to consider their options, they are purchasing homes at a rate a bit higher than new listings have been hitting the market!

Home prices continue to grow steadily, with the average sale price reaching $611,500, up 2.1% from last year, and the median sale price increasing to $545,000. This price growth reflects ongoing demand for sellers, making it an ideal time to list. Overall, the October market remains active and balanced, with opportunities for both sides. If you're considering buying or selling, let’s talk about how to make the most of these favorable conditions.