Author: Linda Rossi

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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