March 2024 Market Update for Portland Metro

Exploring the Pulse of Portland Metro Real Estate: A March 2024 Overview

If you’re tuned into the rhythm of Portland’s real estate market, you’re probably curious about what March had in store for us. Well, grab your coffee and settle in because we’ve got the scoop on the latest stats and trends.

New Listings: A Slight Dip, But Still Holding Strong

March saw a slight dip in new listings, with 2,425 hitting the market. That’s a 7.5% decrease compared to March 2023, but hey, it’s still a 16.3% increase from February 2024. Looks like sellers are still feeling the spring vibes and getting their homes ready for eager buyers.

Pending Sales: On the Rise

Now, let’s talk pending sales. March boasted 2,138 pending sales, marking a 2.8% increase from last year and a whopping 22.7% jump from February. Looks like buyers are wasting no time in snatching up those dream homes!

Closed Sales: Mixed Signals

Closed sales in March stood at 1,578, which is a 9.6% decrease compared to last year. However, compared to February 2024, there’s been a 22.9% surge. It seems like the market is dancing to its own beat, keeping us on our toes.

Inventory and Time on Market: A Balancing Act

Inventory levels dipped to 2.3 months in March, signaling a tightening market. However, the total market time increased slightly to 91 days. Buyers might need to act fast, but there’s still a bit of breathing room in their decision-making process.

Year-to-Date Summary: A Mixed Bag

Comparing the first three months of 2024 to 2023, we see some interesting trends. New listings are up by 1.9%, but pending and closed sales have dipped by 3.2% and 6.1%, respectively. The market seems to be finding its footing after a whirlwind year.

Average and Median Sale Prices: Holding Steady

In terms of prices, the average sale price saw a modest 2.1% increase from last year, reaching $578,800. Meanwhile, the median sale price bumped up by 2.0% to $525,000. Looks like Portland’s real estate market is maintaining its solid foundation.

Wrapping Up

So, there you have it—a snapshot of Portland’s real estate scene in March 2024. While there may be some fluctuations in numbers, one thing’s for sure: the market is alive and kicking. Whether you’re buying, selling, or just curious, it’s always fascinating to see how the Portland metro area continues to evolve. Stay tuned for more updates as we ride the waves of the ever-changing real estate landscape!

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