How's the Market? May 7, 2024

Portland Real Estate Market Update April 2024

The Portland Metro real estate market experienced a strong performance in April 2024, with notable increases across several key metrics compared to the previous year and the prior month.

New Listings Surge: New listings in the Portland Metro area increased significantly, rising 17.6% from April 2023 to 3,120 listings. This figure also represents a 28.7% increase from the 2,425 listings in March 2024.

Pending Sales on the Rise: Pending sales, which reflect accepted offers, increased 6.9% from April 2023 to 2,313 offers. This also represents an 8.2% increase from the 2,138 offers accepted in March 2024.

Closed Sales Climb: Closed sales, indicating completed transactions, increased 10.3% from April 2023 to 1,883 closings. This figure also represents a 19.3% increase from the 1,578 closings in March 2024.

Inventory and Time on Market: Inventory increased to 2.4 months in April, and total market time decreased to 83 days.

Year-to-Date Summary: Comparing the first four months of 2024 to the same period in 2023, new listings increased 6.5% to 9,677, pending sales decreased 0.6% to 7,355, and closed sales decreased 1.8% to 6,012.

Average and Median Sale Prices: The average sale price in the Portland Metro area increased 2.4% from $577,500 in 2023 to $591,200 in 2024 through April. Similarly, the median sale price increased 1.9% from $519,000 to $529,000 during the same period.

These positive trends in the Portland Metro real estate market indicate a robust and active market, with increased buyer demand and seller activity. CENTURY 21 Northstar is well-positioned to assist both buyers and sellers in navigating this dynamic market and achieving their real estate goals.