By Erin Middleton, July 11, 2024
Find out what’s happening in the Portland real estate market for Mid-July 2024.
Hi I’m Erin Middleton licensed real estate broker with Living Room Realty here to tell you what you need to know about the Portland Market for mid July 2024.
Inventory continues to rise in general… following trends from previous years that sees inventory rise from January through Summer. However we didn’t see the Spring dip we’ve seen in years prior and have continued to stay high in the mid-2s, meaning we have about 2 and a half months of inventory, likely as a result of high interest rates that don’t seem to be going anywhere and Sellers who have unrealistic expectations for the home’s sale price. More on that in a minute.
Market Activity
Activity across the board is down. New Listings, Pending Sales, and Closed Sales in June have all decreased year-over-year as well as month-over-month. This coupled with the higher inventory and high interest rates means we have a very different market than we’ve had in years prior. But as one smart colleague said earlier this year, it’s a tale of two markets. Thanks Kim Parmon!
While high interest rates are “the captain” of this year’s real estate market, Buyers that can afford the payments are still driving multiple offer situations on well-priced, good-looking, and well-located listings.
But on the flip side, unrealistic Sellers who have been sold tales of “everything sells” or “we can start high and come down later in price” are seeing their not-so-desirable listings sit – thus pushing up inventory as new listings come to market.
Let’s Look At The Numbers
But even though inventory is up and interest rates hover around 7%, prices are still on the rise!! Comparing 2024 to 2023 through June, the average Sales Price increased 2% from $595,000 to $607,000. And the median price is up 2.3% from $530,000to $542,000. These numbers position us just shy of the market peak reached in May and June of 2022
What Should You Do?
So, here are my tips for Buyers & Sellers in this HOT Summer market:
Buyers – look at the outliers. What’s sitting? What’s been picked over and provides you with an opportunity for a deal? Go get it!
And Sellers – in order to not be one of the aforementioned “sitting not selling” listings, make your house look its best, price it well, and it will sell.
Make A Move
I hope this information has been helpful. If you’re ready to make a move, call us today. We’d love to help you find your next Living Room.
Erin Middleton
Broker | OR
She/Her
Passionate Realtor and Adventurous Soul Hailing from the coastal town of Bandon, Oregon, Erin is a dynamic individual who enjoys meeting people with a thirst for life and adventure...
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- erin@livingroomre.com
