Portland Metro Real Estate: November 2024 Market Action Report

The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents post home listings for the region. 

The Numbers At-a-Glance: Compared to October, November reported a 3.4% increase in inventory (3 months), a 12.7% increase in total market time (64 days), and a 0.9% decrease in median sale price ($535,000). 

November not only marks the beginning of the holiday season, but historically it’s also been the beginning of cooled market conditions. In November we saw an increase in days on market, a decrease in new listings, and an increase in inventory - which are all markers of a slowing market. We’ll expect to see this trend continue through the remainder of the holiday season.

Notes for Buyers: The winter selling season typically means less new inventory and more price adjustments on existing inventory. Try taking a look at listings that have higher days on market (60+) and if any of them meet most of your search criteria but are slightly over budget, consider submitting a below-asking offer. 

Notes for Sellers: Our crucial message to sellers remains the same - Pricing is the most important factor in marketability. The longer your home sits on the market, the more you risk devaluing your property. You need to hit the market with a strategic price and comprehensive market plan to get in front of as many potential buyers as possible. If your home could use some work (we’d be happy to discuss your options with you), consider using the slow winter season to get it done and be ready to hit the market in early spring.

Inventory Levels

Inventory levels are a leading indicator of market strength. Inventory levels for November were reported at 3, meaning if no new homes came on the market, it would take 3 months until inventory sold out completely (at the current rate of sales). 

Median Home Selling Price

The median sale price for June was reported at $535,000. It’s a 0.9% decrease from last month and a 1.4% increase compared to November 2023. Lake Oswego/West Linn continued its reign as the most expensive area with a $865,000 median sale price.

Here’s what median home sale prices looked like across Portland proper:
West Portland: $670,000
North Portland: $451,400
NE Portland: $510,000
SE Portland: $455,000

Reach out if you’re interested in learning more about the Portland Metro real estate market. I can be reached anytime via email ([email protected]) or call/text (503-545-5094). You can also stay in touch by following us on Instagram!