Oregon Housing Market Analysis - August 2024
The Oregon housing market in August 2024 has shown a variety of trends, reflecting both positive and negative shifts compared to the previous year. The Median Sales Price for homes in Oregon stands at $512,800, which represents a slight decrease of 1.5% year-over-year (YoY). Similarly, the Median List Price has also seen a decline, now at $526,200, down by 1.0% YoY.
Despite these decreases, the median Price Per Square Foot has increased by 1.2% YoY, reaching $298. The Median List Price per square foot has seen a more significant rise of 2.8% YoY, now at $308. These figures suggest that while overall home prices have slightly decreased, the value per square foot has appreciated, indicating a nuanced market dynamic.
The number of Homes Sold in August 2024 was 4,508, marking a notable decline of 6.7% YoY. Pending Sales also experienced a decrease, with 4,812 homes under contract, down by 1.8% YoY. New Listings have dropped by 4.7% YoY, totaling 5,282. However, inventory levels have increased significantly by 12.2% YoY, now at 13,397 homes. This rise in inventory has contributed to an increase in the Months of Supply, which is now at 3.0 months, up by 50.0% YoY.
The Median Days on Market for homes in Oregon is currently 33 days, reflecting a 7.0% increase YoY. This indicates that homes are taking slightly longer to sell compared to the same period last year. The average sale to list ratio has seen a minor decrease of 0.3% YoY, now at 98.9%, suggesting that homes are selling slightly below their list prices. Additionally, the percentage of Homes Sold above list price has dropped by 3.7% YoY, now at 26.2%.
Price Drops have become more common, with 37.5% of listings experiencing a reduction in price, up by 3.2% YoY. The percentage of homes going off the market within two weeks has decreased by 4.6% YoY, now at 32.5%, indicating a slower pace in the market.
In summary, the Oregon housing market in August 2024 is characterized by a slight decline in overall home prices and sales, coupled with an increase in inventory and Price Per Square Foot. These trends suggest a market that is adjusting to changing conditions, with buyers potentially gaining more leverage as inventory rises and homes take longer to sell.
