Portland Metro Market Update – October, 2024
New listings (2,283) increased 3.4% from the 2,207 listed in October 2023, and decreased 11.8% from the 2,589 listed in September 2024. Pending sales (2,018) increased 24.2% from the 1,625 offers accepted in October 2023, and decreased 2.8% from the 2,076 offers accepted in September 2024. Closed sales (1,975) increased 18.3% from the 1,670 closings in October 2023, and increased 16.0% from the 1,702 closings in September 2024.
Inventory decreased to 2.9 months in October. That means if no new homes were to come onto the market, that it would take 2.9 months to sell at the rate at which they are selling. Total market time for the average home to receive an offer and go into escrow increased to 57 days.
Comparing the first ten months of 2024 to the same period in 2023, new listings (26,986) increased 0.9%, pending sales (19,317) increased 2.5%, and closed sales (18,388) increased 1.3%.
Comparing 2024 to 2023 through October, the average sale price has increased 2.1% from $599,100 to $611,500.
If you’re considering buying or selling your home, now may be the time to start discussing a strategy. Don’t hesitate to reach out so I can schedule a time to connect and work together to help you put your best foot forward.
