Portland Real Estate Market Report - November 2024

Portland Real Estate Market Report – November 2024

As November wrapped up, the Portland Metro real estate market showcased clear seasonal patterns, with shifts in activity reflecting both resilience and the usual end-of-year cooling. Here’s an in-depth look at what happened:

New Listings: Seasonal Slowdown
November saw a significant drop in new listings, down 36.1% from October and 20.2% from the same time last year. This sharp decline aligns with typical winter season trends, as fewer sellers bring their homes to market during the holiday season. For buyers, this means less inventory to choose from, while sellers face less competition.

Pending Sales: Resilient Buyer Activity
Despite the seasonal lull, pending sales showed resilience with a 9.8% increase compared to November 2023. However, compared to October 2024, pending sales fell by 21.6%, indicating a slowdown in month-over-month momentum as winter approaches. Buyers remain active but at a more measured pace.

Closed Sales: Strong Year-Over-Year Growth
Closed sales were a bright spot, increasing by 25.1% year-over-year. This surge points to strong buyer commitments earlier in the season. Compared to October 2024, however, closings were down 14.9%, mirroring the decline in new listings and pending sales.

Inventory and Market Time: Cooling but Balanced
Inventory rose to 3 months in November, offering buyers slightly more breathing room than in previous months. Market time also increased, with homes taking an average of 64 days to sell. While this marks a cooling from the peak summer months, the market still leans in favor of sellers in many areas.

Year-to-Date Trends: Stability Amid Shifts
Looking at the first 11 months of 2024 compared to the same period in 2023:
- New Listings: Down 0.5%
- Pending Sales: Up 2.9%
- Closed Sales: Up 2.9%

These figures highlight the market’s overall steadiness, despite fluctuations in activity month-to-month.

Pricing: Modest but Steady Growth
Home values continue to show modest growth:
- Average Sale Price: Up 2.1%, now at $611,600
- Median Sale Price: Up 2.3%, now at $545,000

These numbers reflect a balanced market where prices remain stable, providing confidence for both buyers and sellers.

What This Means for Buyers and Sellers
-Buyers: While competition has eased slightly, fewer listings mean you need to act decisively when the right home comes along. Rising inventory and longer market times may work in your favor for negotiation.

- Sellers: With stable home prices and fewer listings, now remains a good time to list your property. Proper pricing and presentation are key to capturing buyer interest as the market cools.

Looking Ahead
As we move into December, the market is expected to follow its seasonal trend of reduced activity. However, Portland’s real estate market continues to demonstrate resilience, providing opportunities for both buyers and sellers. Whether you’re looking to make a move or just curious about your home’s value, staying informed is essential.

For more insights or personalized advice about your neighborhood, feel free to reach out. I’m here to help you navigate Portland’s dynamic real estate market!