Oregon Real Estate Market Insights for July 2024
Oregon Housing Market Analysis - July 2024
The Oregon housing market in July 2024 presents a mixed bag of trends, reflecting both growth and challenges. The median sales price for homes in Oregon stands at $520,200 which is a slight decrease of 0.01% year-over-year (YoY). This marginal decline suggests a stabilization in home prices after a period of significant appreciation.
The median list price, however, has seen a more noticeable decline, dropping by 1% YoY to $539,300. This reduction in list prices could indicate a shift towards a more buyer-friendly market, as sellers adjust their expectations to align with current market conditions.
On a per-square-foot basis, the median sales price is $303 reflecting a 2% increase YoY. This rise in price per square foot suggests that while overall home prices may be stabilizing, the value of the space within homes continues to appreciate. Similarly, the median list price per square foot has increased by 5% YoY to $311 indicating that sellers are still optimistic about the value of their properties on a per-square-foot basis.
In terms of market activity, the number of homes sold in July 2024 is 4,477, marking a 6% increase YoY. This uptick in sales volume indicates a healthy demand for homes in Oregon. However, pending sales have decreased by 2% YoY to 5,002, suggesting a potential slowdown in future sales activity.
New listings have seen a modest increase of 1% YoY, with 5,636 homes entering the market. This slight rise in new listings, coupled with a 14% YoY increase in inventory to 13,213 homes, suggests that the market is becoming more balanced, with more options available for buyers.
The months of supply, a key indicator of market balance, has increased significantly by 30% YoY to 3 months. This increase indicates that the market is shifting towards a more balanced state, moving away from the seller's market conditions that have prevailed in recent years.
The median days on market for homes in Oregon is 28 days, reflecting a 7% increase YoY. This longer time on the market suggests that homes are not selling as quickly as they did last year, which could be a sign of cooling demand or more discerning buyers.
The average sale to list price ratio is 0.99, indicating that homes are selling very close to their list prices, though this is a 1% decrease YoY. This slight decline suggests that buyers may have a bit more negotiating power than they did previously.
The percentage of homes sold above list price has dropped by 7% YoY to 28%. This significant decrease indicates that fewer homes are experiencing bidding wars, further suggesting a shift towards a more balanced market.
Price drops have remained steady, with 38.92% of listings experiencing price reductions, unchanged from last year. This stability in price drops suggests that while sellers are adjusting their expectations, they are not doing so more frequently than in the past.
Finally, the percentage of homes going off the market within two weeks has decreased by 6% YoY to 36%. This decline indicates that homes are taking longer to sell, which aligns with the increase in median days on market and the overall trend towards a more balanced market.
In summary, the Oregon housing market in July 2024 is characterized by a stabilization in home prices, increased inventory, and a shift towards a more balanced market. While demand remains strong, as evidenced by the increase in homes sold, the market is showing signs of cooling, with longer days on market and fewer homes selling above list price. These trends suggest that buyers may have more opportunities and negotiating power in the coming months, while sellers may need to adjust their expectations to align with the evolving market conditions.
