In early 2024, the Portland Metro real estate market was bustling. Listings saw a big jump, increasing by 28.7% from March, and buyers were active, pushing pending sales up by 8.2%. Comparing this year to last, while there are 17.6% more homes on the market, closing deals has also become easier, with a 10.3% rise in closed sales. Home values continue to climb, with the average sale price up 2.1% and the median sale price rising by 2.5%. So, despite some bumps, Portland’s housing market remains vibrant and homes are appreciating—a mixed scenario, but overall positive.
Month-over-Month Analysis
New Listings: New listings surged by 28.7%, showing that more sellers are entering the market.
Pending Sales: Buyer interest increased by 8.2%, reflecting strong competition for homes.
Closed Sales: The number of finalized transactions jumped by 19.3%, indicating a rise in successful deals.
Average and Median Sale Prices: Both average and median sale prices went up, by 4.8% and 1.5% respectively, indicating a steady rise in property values.
Year-over-Year Analysis
New Listings: There’s a 17.6% increase in new listings, pointing to a more dynamic market compared to last year.
Pending Sales: A modest 6.9% growth in pending sales shows a slight increase in buyer activity.
Closed Sales: The 10.3% increase in closed sales suggests improved buyer-seller dynamics.
Average and Median Sale Prices: Prices rose by 2.1% for the average sale price and 2.5% for the median sale price, indicating a gradual increase in home values.
Conclusions
Month-over-Month: The market is gaining momentum, with significant increases in listings, pending sales, and closed sales, alongside a healthy rise in home values. This shows strong interest from both buyers and sellers despite the persistent high-interest rate environment.
Year-over-Year: The Portland Metro market is active, with a notable rise in listings suggesting seller confidence. The increase in closed sales highlights better transaction completion rates, even as property values continue to grow. The steady price growth year over year underscores a resilient market retaining its strength and value.