The Oregon real estate market in 2024 presented a dynamic yet stabilizing landscape, with trends reflecting a gradual shift toward balance between buyers and sellers. Here’s a breakdown of key highlights from the year, focusing on the Portland metro area.
2024 Oregon Real Estate Market Dynamics
Prices
In the Portland metro area, home prices saw modest but steady increases. The median sale price rose to $558,500 in mid-2024, up 2.2% compared to 2023. Affluent neighborhoods like Lake Oswego experienced a sharper rise.
Sales Volume
While home sales slowed slightly statewide (a 2.2% year-over-year decrease in September), the Portland market remained resilient.
Inventory
The supply of homes grew significantly, with a 13.1% year-over-year increase in homes available statewide by September. Portland’s inventory stayed tight at 3.0 months by December, indicating strong buyer demand despite increasing market time.
2024 Real Estate Market Key Trends
1. Interest Rates and Affordability
High mortgage rates constrained both buyers and sellers. Many homeowners hesitated to sell, avoiding the prospect of higher interest rates on new loans. Buyers, however, benefited from reduced competition and increased negotiation power.
2. Luxury Market Activity
High-end areas like Lake Oswego and West Linn saw robust activity, fueled by affluent buyers despite rising costs. In contrast, areas like Gresham and Troutdale offered more affordability, attracting first-time homebuyers.
3. Market Normalization
The intense bidding wars of prior years have calmed, with fewer homes selling above asking price and a slight increase in average days on market. This shift reflects a healthier, more balanced market.
Regional Highlights for 2024 Oregon Real Estate
- Portland Metro: Dominated the state’s market activity, with diverse offerings catering to both luxury and budget-conscious buyers.
- Statewide Growth: Cities like Grants Pass and Coos Bay saw double-digit price growth, demonstrating the varied nature of Oregon’s housing market
Looking Ahead: Real Estate in 2025
As we move into 2025, the Oregon housing market is expected to continue its path of moderation. Buyers will likely enjoy more choices and negotiating power, while sellers may need to adjust expectations amid tighter competition.
Experts suggest acting strategically now, given the possibility of future interest rate adjustments reigniting demand.
2024 Real Estate Statistics
Below you will find a few charts offered to us by the Realtor Association. The first showing the Inventory in Months for the Portland Metro Area.
This shows the number of months it would take to sell every home on the market if nothing new went on the market. Our current time is 3 months. 0-4 months we consider a sellers market, 4-6 months, balanced, and anything above 6 months a buyers market.
This chart below is pretty self explanatory and gives a good comparison of the changes month over month versus this time last year. You can see that the average sales price continues to go up regardless of the ups and downs we’ve had over the past couple years.
