In May 2024, the Portland Metro real estate market continued it’s strong seasonal activity. Listings saw a notable increase, up by 12.4% from April, and buyer interest remained strong, with pending sales rising by 2.2%. Compared to last year, there are 8.3% more homes on the market, and closed sales have increased by 6.6%. Home values are also on an upward trend, with the average sale price up 1.6% and the median sale price rising by 1.5%. Despite a slight increase in market time, Portland’s housing market is active, and property values are steadily climbing—an overall positive outlook.
Month-over-Month Analysis
New Listings: New listings jumped by 12.4%, indicating a continued influx of sellers into the market in line with seasonal expectations.
Pending Sales: Buyer activity increased by 2.2%, showing sustained interest and competition for homes.
Closed Sales: The number of finalized transactions rose by 13.6%, suggesting more successful deals.
Average and Median Sale Prices: Both average and median sale prices increased, by 1.6% and 2.9% respectively, reflecting a steady appreciation in property values.
Year-over-Year Analysis
New Listings: There’s an 8.3% increase in new listings, pointing to a stronger and active market compared to the previous year.
Pending Sales: A slight decrease of 0.7% in pending sales indicates a small dip in buyer activity.
Closed Sales: The 6.6% increase in closed sales suggests improved dynamics between buyers and sellers.
Average and Median Sale Prices: Prices rose by 1.6% for the average sale price and 1.5% for the median sale price, indicating a gradual increase in home values.
Conclusions
Month-over-Month: The market is maintaining its momentum, with significant increases in listings, pending sales, and closed sales, alongside a healthy rise in home values. This shows strong engagement from both buyers and sellers.
Year-over-Year: Annually, the Portland Metro market is active, with a notable rise in listings suggesting seller confidence. The increase in closed sales highlights better transaction completions, even as property values continue to grow. The steady price growth year over year underscores a resilient market retaining its strength and value.