Oregon Housing Market: November 2024 Analysis
The Oregon housing market in November 2024 presents a complex landscape characterized by both declining and rising metrics. The Median Sales Price for homes in Oregon stands at $503,200, reflecting a year-over-year decrease of 1.2%. This decline in sales price contrasts with the Median List Price, which is $504,700, showing a smaller decrease of 0.3% compared to the previous year.
Despite the slight drop in sales prices, the market shows resilience in terms of sales volume. The number of Homes Sold has surged by 18.7% year-over-year, reaching 3,690 units. This increase in sales is accompanied by a 6.5% rise in Pending Sales, totaling 3,638. However, New Listings have decreased by 13.3%, indicating a potential tightening of available inventory.
Inventory levels have increased by 2.3% year-over-year, with a total of 11,186 homes available. However, the Months of Supply have dramatically decreased by 50%, now standing at 3 months. This suggests a faster turnover of homes, potentially driven by the increased sales activity.
The median Price Per Square Foot has risen by 1.3% to $291, while the Median List Price per square foot has seen a more significant increase of 4.6%, reaching $306. These figures indicate a growing demand for space, even as overall prices show a slight decline.
Homes are spending more time on the market, with the Median Days on Market increasing by 7% to 45 days. This extended duration may be influenced by the higher inventory levels and the slower pace of New Listings entering the market.
The average sale to list ratio has improved slightly by 0.2%, now at 98.7%, suggesting that sellers are achieving closer to their asking prices. Additionally, the percentage of Homes Sold above list price has increased by 0.6% to 23.9%, indicating competitive bidding in certain segments of the market.
Price Drops have become more common, with a 1.6% increase year-over-year, affecting 28.1% of listings. Meanwhile, the percentage of homes going off the market within two weeks has slightly decreased by 0.2%, now at 24.2%, reflecting a more cautious buyer approach.
Overall, the Oregon housing market in November 2024 is marked by a dynamic interplay of rising sales activity and declining prices, with inventory levels and market turnover playing crucial roles in shaping the current landscape.
