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.
