2024 Market Update — Portland Metro Area
The 2024 year-end real estate stats are out for the Portland Metro Area, and they show a consistent market. Prices rose in the metro area by around 2% last year, and we saw around 4% more sales than the previous year. New listings were down slightly, leading to an inventory of homes for sale that's even lower than the previous year.
What's it mean for buyers?
Homes took longer to sell than in 2023, but there’s still a lack of homes for sale. Prices continue rising slowly--if a buyer spent the median sale price at the beginning of last year, by now they would have over $10,000 in appreciation. We don’t expect interest rates to drop anytime soon, so buyers would be smart to try hard to get into a home before prices rise further.
What's it mean for sellers?
Homes sold at a slower pace in 2024 than in 2023, but the total sales volume rose by 3.7%. The market is still strong for sellers, as well-marketed homes continue to sell. We’ve had too few homes for sale for quite some time now, making for favorable conditions for sellers who want to take advantage.
