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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