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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