January 2024 Market Update for Portland Metro

The Portland Metro Real Estate Market: A Snapshot

If you're keeping tabs on the pulse of the Portland metro real estate scene, here's the lowdown on what's been brewing in January 2024:

Residential Highlights

New Listings: The market saw a modest increase of 0.2% in new listings compared to January 2023, but the real jaw-dropper? An astounding 89.2% surge from December 2023, with 1,941 properties hitting the market.

Pending Sales: While pending sales took a 15.8% hit from January 2023, there's a silver lining as they rose by 14.0% from December 2023, reaching 1,492 offers accepted.

Closed Sales: Good news! Closed sales saw a 2.9% uptick from January 2023, though there was a 15.8% drop compared to December 2023.

Inventory and Time on Market

Inventory: The inventory bumped up to 3.2 months in January, indicating a slight shift in market dynamics.

Time on Market: Total market time also extended to 68 days, giving buyers and sellers a bit more breathing room.

Year-to-Date Summary

Comparison: When we compare the first month of 2024 to the same period in 2023, we notice a marginal increase of 0.2% in new listings, a 15.8% dip in pending sales, and a 2.9% rise in closed sales.

Average and Median Sale Prices

Price Trends: Looking at the numbers, the average sale price enjoyed a healthy 5.9% boost, climbing from $532,900 in January 2023 to $564,600 in January 2024. Meanwhile, the median sale price also saw a steady increase of 3.2%, rising from $489,500 to $505,000 during the same period.

In essence, while there have been some fluctuations, the Portland metro real estate market continues to show resilience and promise for both buyers and sellers alike. Keep your eyes peeled for further updates as we navigate through the year!

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