PORTLAND REAL ESTATE MARKET - SEPTEMBER 2024

As we ease into the fall season, the real estate market remains steady, and there are some trends that both buyers and sellers should be aware of.

New Listings & Inventory: More Options for Buyers

New listings took a slight dip, with 2,589 homes hitting the market—down 4.6% compared to this time last year. But here’s the good news for buyers: inventory has increased to 3.5 months. That means more choices and a bit more breathing room to find your perfect home.

Pending Sales: Buyer Demand is Strong

Pending sales jumped a solid 14.8% from September 2023! That’s a big sign that buyers are still very active, even as we transition into fall. If you’re selling, this means there are plenty of buyers still out there ready to make an offer. The overall closing activity year to date is very similar to last year’s market activity showing consistency in the market.

Closed Sales & Market Time: A Little Slower, But Still Moving

Closed sales were down just 0.9% from last year, and the average home is now taking about 55 days to sell, up from earlier months. For buyers, this means you have a little more time to decide—but for sellers, pricing your home right is key to attracting serious buyers.

Home Prices: Gradual Increases

Good news for homeowners: prices are still on the rise! The average home price has gone up by 2.1%, now sitting at $612,500, and the median price has increased by 1.9% to $545,000.

The end of the election is drawing nearer and many experts believe that we will see more activity after the election no matter the election outcomes. Whether you’re buying or selling, the market is still moving with plenty of opportunities. Buyers have more homes to choose from, and sellers can still count on strong demand. If you’re ready to make your move or just have questions, let’s chat!