Portland Metro Real Estate Market Update: September 2024 by Maryann Spady

Welcome to the September Portland Metro real estate market update. Are you ready for some intrigue? The market saw some interesting shifts last month, and no matter where you are in your real estate journey, this information is important to understand. We aren’t just crunching numbers—I’m here to give you the no-bullshit lowdown so you can make the best decision for your unique situation.

New Listings: A Seasonal Dip

September saw 2,589 new homes hit the market, a slight decrease of 4.6% compared to last year and a 3.0% drop from August. This kind of slowdown is pretty normal as we head into the fall months, but if you’re a buyer, it’s still worth keeping an eye on those fresh listings that might be the perfect fit.

Pending Sales: Buyer Activity is Up!

Here’s some good news for sellers: pending sales were up by 14.8% compared to last year, with 2,076 homes going under contract. We even saw a small increase of 1.2% over August’s pending numbers. So we know that buyers are still actively looking and making offers, even as the weather cools down and starts to get crappy.

Closed Sales: Slowing Down Slightly

Now on the flip side, closed sales were down just a touch—0.9% compared to last year and a 13.0% drop from August. This means some deals are taking longer to close, this could be due to more cautious buyers or slightly longer negotiations. If you’re selling your home this is a good reminder that you need to be patient and wait for that offer to come in.

Inventory and Market Time: More Choices, More Time

The market’s inventory increased to 3.5 months in September, and the total market time rose to 55 days. In simple terms, buyers have a bit more breathing room to make their decisions, which means sellers might need to wait a little longer to get that offer they’ve been hoping for. So if you’re thinking that we’ve moved into a buyer’s market I hate to burst your bubble. This is still considered a balanced market, which benefits both buyers and sellers.

Year-to-Date Trends: A Stable Market

As we take a look at the year-to-date numbers, new listings are up by 0.6%, pending sales have increased by 0.4%, and closed sales are only down by 0.5%. These small shifts suggest that while the market isn’t exploding, it’s holding steady with consistent activity.

Sale Prices: Steady Growth

Homeowners, there’s no need to be sad over the slowing market because there’s some good news for you: the average sale price has risen by 2.1%, now at $612,500, and the median sale price is up 1.9%, coming in at $545,000. This steady growth shows that even though the market is cooling in some areas, home values are still on the rise.

What Does This Mean for You?

For Buyers: With more inventory and homes on the market longer, you’ve got more room to negotiate and a bit more time to make your decision. Prices are still climbing, so if you’re able to it might be a good idea to act sooner rather than later.

For Sellers: Patience is key! The market is taking a bit longer to close deals, but don’t let that discourage you. Pricing your home correctly and highlighting its lifestyle potential can make all the difference in getting that sold sign up. The steady increase in home prices means you’re still in a good position to see a solid return on your investment.

Got Questions? Let’s Chat About Your Next Steps

No matter where you are in your real estate journey—buying, selling, or just curious about what’s happening in the market—I’m here to help. My approach isn’t about making a quick sale; it’s about understanding your goals and giving you the best advice to achieve them.

So if you’ve got questions or just want to talk about what these numbers mean for you, reach out. I’m all about transparency, no pressure, and a genuine conversation to help guide you in the right direction. Oh, and don’t forget these numbers are for the entire metro area, so if you’d like to know what the market looks like in your neighborhood just let me know.

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Let's connect and talk about your next steps. Whether it's now or in the future, I'm here to make sure you have all the information you need to make the best decision for you. Reach out today, and let’s redefine what real estate can be—together.

*Data provided by RMLS