Oregon Housing Market Analysis - September 2024
The Oregon housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in Oregon stands at $506,400, reflecting a slight decrease of 1.2% year-over-year (YoY). This decline in sales price contrasts with the Median List Price, which has increased by 1.1% YoY to $528,300. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions.
In terms of Price Per Square Foot, the Median Sales Price per square foot is $297, showing a modest increase of 0.6% YoY. Meanwhile, the Median List Price per square foot has risen by 2.0% YoY to $304. This indicates a stronger upward trend in listing prices compared to sales prices, which may reflect sellers' optimism or a shift in market dynamics.
The number of Homes Sold in Oregon has decreased by 2.6% YoY, with a total of 3,869 Homes Sold in September 2024. However, Pending Sales have surged by 9.9% YoY, reaching 4,643. This increase in Pending Sales suggests a potential uptick in future closings, indicating buyer interest despite the current decline in completed transactions.
New Listings have seen a slight increase of 1.0% YoY, totaling 4,731. Inventory levels have risen significantly by 10.5% YoY, with 13,395 homes available on the market. The Months of Supply have also increased dramatically by 40.0% YoY, now standing at 3.5 months. This rise in inventory and supply could indicate a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years.
The Median Days on Market for homes in Oregon is 38 days, reflecting a 9.0% increase YoY. This suggests that homes are taking slightly longer to sell, which could be attributed to the increased inventory and changing buyer dynamics.
The average sale to list ratio has decreased by 0.3% YoY to 98.6%, indicating that homes are selling slightly below their list prices on average. The percentage of Homes Sold above list price has dropped by 4.1% YoY to 23.9%, further highlighting the shift in market conditions. Additionally, Price Drops have increased by 2.9% YoY, affecting 35.9% of listings, which may reflect sellers' adjustments to align with market realities.
Finally, the percentage of homes going off the market within two weeks has decreased by 3.7% YoY to 31.1%. This decline suggests a cooling in the rapid turnover of homes, possibly due to the increased inventory and longer days on market.
Overall, the Oregon housing market in September 2024 exhibits a mix of stabilizing and shifting trends. While some metrics indicate a cooling market, others suggest ongoing buyer interest and potential future activity. Stakeholders should closely monitor these dynamics to navigate the evolving landscape effectively.
