Portland, OR Metro Area Housing Market Analysis - November 2024
The Portland, OR metro area housing market in November 2024 presents a slight decline in Median Sales Prices, with the figure standing at $544,995, reflecting a year-over-year decrease of 1.3%. Similarly, the Median List Price has seen a modest reduction of 0.6% YoY, now at $546,500. Despite these declines, the median Price Per Square Foot has increased by 1.4% YoY to $301.05, indicating a nuanced shift in market dynamics.
Sales Activity and Inventory Levels
Sales activity in the region has surged, with Homes Sold reaching 2,230, marking a significant 27.6% increase YoY. Pending Sales have also risen by 8.7% YoY, totaling 2,217. However, New Listings have decreased by 17.1% YoY, with only 1,601 new properties entering the market. Inventory levels have dropped by 5.2% YoY to 5,351 homes, contributing to a reduced Months of Supply, which now stands at 2.4 months, a dramatic 80.0% decrease YoY.
Market Dynamics and Buyer Behavior
The average sale to list ratio has improved slightly by 0.3% YoY, now at 99.3%, indicating that homes are selling closer to their asking prices. The percentage of Homes Sold above list price has increased by 0.8% YoY to 28.0%, suggesting competitive bidding in certain segments. Conversely, the proportion of Price Drops has risen by 6.0% YoY to 34.8%, reflecting some sellers' adjustments to align with market expectations.
Time on Market and Off-Market Trends
The Median Days on Market have increased by 5.0% YoY, now averaging 35 days, indicating a slight slowdown in the speed of transactions. Additionally, the percentage of homes going off-market within two weeks has decreased by 1.7% YoY to 24.9%, suggesting a more deliberate pace among buyers.
Conclusion
The Portland, OR metro area housing market in November 2024 exhibits a complex interplay of rising sales activity and declining inventory, alongside modest price adjustments. While the market remains competitive, evidenced by the increase in Homes Sold above list price, the extended time on market and increased Price Drops highlight a cautious approach among buyers and sellers alike.
