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Portland Market Stats & Neighborhood Report ~ Nov 2024

Overview/Fluctuations ~ November 2024 Market Data:  

(**Check out my Neighborhoods Report at the bottom for details specific to your neighborhood or area of interest.)

No big surprises in November.  Inventory rose slightly, but not by much.  Little has changed in the most active price ranges being pursued, and West Portland seems to be the winner so far in overall Price/Value and Appreciation (from the home-owners’ perspective) . Predictions from experts including the National Association of Realtors’ Chief Economist is that rates will remain  in the the 6% range for the foreseeable future, with others predicting fluctuations between around 5.8% to 6%. This means that it is more important than ever for Buyers to be Pre-Approved and ready to lock their rate when the dips happen.***BUT, anyone who says they know what is actually going to happen is not being as truthful as they could be ; ) Many things are changing this year that we can’t predict, and we understand the Fed is about to lower rates again.

Rates: “Rates are now hovering around the 6.0% to 5.999% range, depending on score and down payment.  The markets are expecting the Fed to cut the Fed Funds Discount Rate by another .25% at this week’s meeting.” Gretchen Russell, Senior Mortgage Consultant, Two Rivers Mortgage

According to the RMLS Market Action Report for the Portland Metro Area November 2024:

  • There were 1,459 New Listings in November which decreased 20.2% from the 1,828 in Nov 2023  and down 36.1% from the 2,283 in the previous month/Oct.
  • At 1,681 Nov 2024’s Closed Sales (Solds) are up 25.1% from Nov 2023’s 1,344 and down 14.9% from the previous month’s total of 1,975.
  • At 1,582 Nov 2024’s Pending Sales (Accepted Offers) are up 9.8% from Nov 2023’s 1,441, and decreased 21.6% from the previous month/Oct’s total of 2,018.
  • The Average Sale Price for November 2024 of, $615,700 is up$19,600. from last year/Nov $596,100, and up $11,500 from the p­­revious month/Oct’s $604,200. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Nov 2024 of $535,000 is up by $7,400 from Nov 2023’s $527,600, and down $5,000 from Oct’s $540,000.    
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Portland Market Stats & Neighborhood Report ~ Oct 2024

Overview/Fluctuations ~ October 2024 Market Data:    

Portland is humming along, though Fall is a slower market traditionally as people enter the “Black Hole of the Holidays”. This year we were impacted with higher than expected rates & many holding off amidst election uncertainty to proceed in 2025 afresh. So, we are seeing a lot of Sellers removing their homes from the market & deciding to re-list in the Spring or after the first of the year. All that said, Closed Sales rose from both October 2023 & 2024, so perhaps that was a burst of Offers accepted right after the hotly anticipated/ultimately disappointing (for immediate mortgage rate relief) Fed rate cut on Sept 18th? Average Sale Price on the whole was down due to Buyer pressure as well.

Rates: “The election, economic reports and geopolitical events have not had much impact on rates. Rates are hovering in the 6% range.   The next Fed Meeting is December 17-18th, and they are watching the economic data between now and then.”    Gretchen Russell, Senior Mortgage Consultant,Two Rivers Mortgage

According to the RMLS Market Action Report for the Portland Metro Area October 2024:

  • There were 2,283 New Listings in October which is up 3.4% from the 2,207 in Oct 2023 and down 11.8% from the 2,589 in the previous month/Sept.
  • At 1,975 Oct 2024’s Closed Sales (Solds) are up 18.3% from Oct 2023’s 1,670 and from the previous month’s total of 1,702.
  • At 2,018 Oct 2024’s Pending Sales (Accepted Offers) are up 24.2% from Oct 2023’s and decreased 2.8% over the previous month/Sept’s total of 2,076.
  • The Average Sale Price for October 2024 of, $604,200 is up$11,500. from last year/Oct $592,700, and down $13,000 (!!) from the p­­revious month/Sept’s $617,200. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Oct 2024 o$540,000 is up $15,000 over Oct 2023’s $525,000, and less by $1,000 than Sept’s $541,000.    
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Portland Market Stats & Neighborhood Report ~ Sept 2024

Overview/Fluctuations ~ September 2024 Market Data:    

The big news for September is that there is no real big news. Things are shifting slowly following the Fed’s interest rate cut on Sept 18, and this is taking some time to impact on the ground & won’t show much for Sept. The things we *are* seeing include increasing Pending sales (not decreasing) from the month prior, increasing Inventory, most neighborhoods back in appreciation territory, and/but overall downward pressure on price with “time on market” increasing from 48 days in August to 55 days in September, further indicating Buyers waited it out. Though it takes time for the Fed’s actions to impact mortgage rates, it is happening, and we see increased activity, and notably happier Buyers out making Offers!

Rates: “Strong jobs numbers have halted rates dropping, but the Fed has signaled more cuts ahead which should help. Right now we are in the low 6% range.” Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area September 2024:

  • There were 2,589 New Listings in September which is down 4.6% from 2,713 in Sept 2023 and down 3.0% from the 2,669 in the previous month/August.
  • At 1,702 Sept 2024’s Closed Sales (Solds) are down 0.9% from Sept 2023’s 1,717 and down 13.0% from the previous month’s total of 1,957.
  • At 2,076 Sept 2024’s Pending Sales (Accepted Offers) increased 14.8% from Sept 2023’s 1,809, and increased 1.2% over the previous month/August’s total of 2,052.
  • The Average Sale Price for September 2024 of, $617,200 is up$21,300. from last year/Sept 2023’s $595,900, and down $3,600 from the p­­revious month/August’s $620,800. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2024 of $541,000 is up $3,700 from Sept 2023’s $537,400, & down $14,000 from August’s $555,000    
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Portland Market Stats & Neighborhood Report ~ August 2024

Overview/Fluctuations ~ August 2024 Market Data:       

Prices were notably declining across much of the Portland area during August (see Neighborhood Report below), with a few exceptions mostly in outer metro areas. New Listings are down 8.7% from last year at this time, and Pending sales are down 6.3% from the previous month/July. Anecdotally, we’ve noticed Buyers & Sellers saying they’re holding off till the Fed lowers rates… ***which it just did*** by ½ point! It also announced another likely rate cut this year. I guess we’ll see if that spurs more activity for our usual upswing in the Fall. Inventory is rising consistently if slightly.

Rates: “The Federal Reserve is confident inflation is in check. Rates should be solidly in the 5’s soon!”.      Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area August 2024:

  • There were 2,669 New Listings in August which is down 8.7% from 2,923 in August 2023 and down 8.1% from the 2,905 in the previous month/July.
  • At 1,957 August 2024’s Closed Sales (Solds) are down 9.2% from August 2023’s 2,155 and down 5.7% from the previous month’s total of 2,075.
  • At 2,052 August 2024’s Pending Sales (Accepted Offers) changed 0.0% from August 2023’s 2,053, and decreased 6.3% from the previous month/July’s total of 2,191.
  • The Average Sale Price for August 2024 of, $620,800 is up$12,500. from last year/August 2023’s $608,300, and down $2,100 from the p­­revious month/July’s $622,900. 
  • The “Median Sale Price“ (the price smack dab in the middle of all sales) in August 2024 of $555,000 is up $19,000 August 2023’s $536,000, & up $5,000 from July’s $550,000    
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Portland Market Stats & Neighborhood Report ~ July 2024

July typically slows as folks are out of town on vacation and picks back up again in mid August. Average Sale Prices during the month of July in most all areas of Portland took a dip as homeowners competed for a smaller pool of Buyers, and Median Sale Prices (middle range-point) stayed essentially the same. Inventory is inching up, and people are generally anticipating the lowering of rates to come, when I expect more to be willing to part with their current home & move on to their next adventure.

***Be sure to see the NEIGHBORHOODS REPORT below:

Rates: “Good news on the inflation front is supporting the Fed cutting rates soon. Right now 30-year fixed rates are in the mid 6% range.  Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area July 2024:

  • There were 2,905 New Listings in July which is up 0.2% from 2,899 in July 2023 and down 4.6% from the 3,044 in the previous month/June.
  • At 2,075 July 2024’s Closed Sales (Solds) are up 8.5% from July 2023’s 1,912 and down 0.3% from the previous month’s total of 2,081.
  • At 2,191 July 2024’s Pending Sales (Accepted Offers) increased 2.1% from July 2023’s 2,145, and decreased 1.2% from the previous month/June’s total of 2,217.
  • The Average Sale Price for July 2024 of, $622,900 is up$2,500. from last year/July 2023’s $620,400, and down $13,300 from the p­­revious month/June’s $636,200. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in July 2024 of $550,000 is basically the same as July 2023’s $549,900, & down $15,000 from June’s $565,000    
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Portland Market Stats & Neighborhood Report ~ June 2024

June took a nap on the activity front with decreased New Listings, Pending Listings and Closed Sales.  That was not my *personal* experience, Ha! But those are the June overall Portland area numbers.  At the same time, more houses are going on the market as we can see from the Inventory rising, and that may be owing to the fact that we see prices rising in most of the metro giving homeowners decent returns on their investments, with West Portland faring better than N, NE & SE Portland. As I mentioned last month, I am anticipating a busier than usual late summer season.

Rates: “Rates are holding steady in the mid 6% range as inflation eases. Markets are looking good!”      Gary Boyer, Regional VP, Gold Star Mortgage Financial  

According to the RMLS Market Action Report for the Portland Metro Area June 2024:

  • There were 3,044 New Listings in June which is down 7.7% from 3,298 in June 2023 and also down 13.2% from the 3,508 in the previous month/May.
  • At 2,081 June 2024’s Closed Sales (Solds) are down 0.2% from June 2023’s 2,085 and also down 2.8% from the previous month’s total of 2,140.
  • At 2,217 June 2024’s Pending Sales (Accepted Offers) decreased 2.4% from June 2023’s 2,272, and also down 6.2% from the previous month/May’s total of 2,363.
  • The Average Sale Price for June 2024 of, $636,200 is up$9,400. from last year/June 2023’s $626,800, and up $7,200 from the p­­revious month/May’s $629,000. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in June 2024 of $565,000 is up $5,100 from June 2023’s $559,900, & up $6,500 from May’s $558,500    
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Portland Market Stats & Neighborhood Report ~ May 2024

Overview/Fluctuations ~ May 2024 Market Data:       

Activity in the overall Portland area is robust with prices continuing to increase steadily, and Inventory remaining lower than in years past. I’m told the outlook going forward is good now for interest rates, and, I feel like a broken record sometimes, but it is a great time to make the life changes you’ve been putting off while prices remain where they are now and interest rates can be refinanced downward later. My intuition is that it will be an unusually busy July/August summer season.

Rates:“Recent GOOD news on the inflation front is helping. Rates are stable in the mid to upper 6% range.”  Gary Boyer, Regional VP, Gold Star Mortgage Financial

According to the RMLS Market Action Report for the Portland Metro Area May 2024:

  • There were 3,508 New Listings in May which is up 8.3% from 3,240 in May 2023 and up 12.4% from the 3,120 in the previous month/April.
  • At 2,140 May 2024’s Closed Sales (Solds) are up 6.6% from May 2023’s 2,008 and up 13.6% from the previous month’s total of 1,883.
  • At 2,363 May 2024’s Pending Sales (Accepted Offers) decreased 0.7% from May 2023’s 2,379, and are up .2% from the previous month/April’s total of 2,313.
  • The Average Sale Price for May 2024 of, $629,000 is up$10,200. from last year/May 2023’s $618,800, and up $10,100 from the p­­revious month/April’s $618,900. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in May 2024 of $558,500 is up $8,500 from May 2023’s $550,000, & up $15,500 from April’s $543,000    
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Portland Market Stats & Neighborhood Report ~ April 2024

Overview/Fluctuations ~ April 2024 Market Data:       

The biggest takeaway for me from April’s report is that prices are increasing, and significantly, over the prior month in almost every area.  Inventory remains low only inching up slightly, but we saw a spike in New Listings which were up 28.7% over the prior month. I’m always watching the changes and looking for trends. Though we have low inventory, prices are trending up at a good pace, and it’s better to buy when prices are lower and refi later than wait for rates to drop & pay more.

Rates:“Positive reports on inflation are pushing rates down into the upper 6% range.”              Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report for the Portland Metro Area April 2024:

  • There were 3,120 New Listings in April which is up 17.6% from 2,653 in April 2023 and up 28.7% from the 2,425 in the previous month/March.
  • At 1,883 April 2024’s Closed Sales (Solds) are up 10.3% from April 2023’s 1,707 and up 19.3% from the previous month’s total of 1,578.
  • At 2,313 April 2024’s Pending Sales (Accepted Offers) are up 6.9% from March 2023’s 2,164, and up 8.2% from the previous month/March’s total of 2,138.
  • The Average Sale Price for March 2024 of, $618,900 is up$12,800. from last year/April 2023’s $606,100, and up $28,500 from the p­­revious month/March’s $590,400. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in April 2024 of $543,000 is up $13,000 from April 2023’s $530,000, & up $8,000 from March’s $535,000  
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Portland Market Stats & Neighborhood Report ~ March 2024

Overview/Fluctuations ~ March 2024 Market Data: Inventory indicates homeowners are still holding on to their properties, presumably waiting for some more pronounced indications of rates going down for their own purchases. And/but Buyers seem to have recognized that this is a temporary, albeit annoying situation wherein the strong economy is keeping the Fed from easing up just yet. Spring has sprung and we’re seeing most neighborhoods/areas inching up in demand and price…yet another reason Buyers are not waiting. ***Be sure to look at the neighborhood breakdown at the bottom here.

Rates:“Rates have pushed higher from persistent inflation. They are currently on the low 7% range.”         Gary Boyer, Regional VP, Directors Mortgage

This month I’m including this heat map that illustrates the narrowing of the majority of sales activity around certain price ranges in the last few years across the greater Portland metropolitan area.

According to the RMLS Market Action Report for the Portland Metro Area March 2024:

  • There were 2,425 New Listings in March which is down 7.5% from 2,623 in March 2023 and up 16.3% from the 2,085 in the previous month/February.
  • At 1,578 March 2024’s Closed Sales (Solds) are down 9.6% from March 2023’s 1,745 and up 22.9% from the previous month’s total of 1,284.
  • At 2,138 March 2024’s Pending Sales (Accepted Offers) are up 2.8% from March 2023’s 2,079, and up 22.7% from the previous month/February’s total of 1,742.
  • The Average Sale Price for March 2024 of, $590,400 is up $5,900. from last year/March 2023’s $584,500, and up $13,500 from the p­­revious month/Feb’s $576,900. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in March 2024 of $535,000 is up $10,000 from March 2023’s $525,000, & up $5,000 from Feb’s $530,000  
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Portland Market Stats & Neighborhood Report ~ Feb 2024

Overview/Fluctuations ~ February 2024 Market Data: 

OK! We still need more Inventory but, noting the usual surge at the beginning of the year, we’re still in decent shape compared to recent history. More people are Listing their homes than at this time last year, and Buyer activity is up as evidenced by the rise in Pending sales/Accepted Offers over last month. East side prices all appear to be rising and we see West Portland, Beaverton, Tigard and Hillsboro areas all seeming to take a little dip.

Rates: “No surprises with recent inflation and jobs data means rates are holding steady in the mid to upper 6% range”         Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area February 2024:

  • There were 2,085 New Listings in February which is up 18.2% from 1,764 in Feb 2023 and up 7.4% from the 1,941 in the previous month/January.
  • At 1,284 Feb 2024’s Closed Sales (Solds) are down 10.5% from Feb 2023’s 1,434, and up 14.6% from the previous month’s total of 1,120.
  • At 1,742 Feb 2024’s Pending Sales (Accepted Offers) are up 2.3% from Feb 2023’s 1,703, and up 16.8% from the previous month/January’s total of 1,492.
  • The Average Sale Price for Feb 2024 of, $576,900 is up$7,700. from last year/Feb 2023’s $569,200, and up $12,300 from the p­­revious month/Jan’s $564,600. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Feb 2024 of $530,000 is up $17,100 from Feb 2023’s $512,900, & up $25,000 from Jan’s $505,000