Portland Metro Real Estate: October 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 September, October reported a 17% decrease in inventory (2.9 months), a 3.6% increase in total market time (57 days), and a 0.2% decrease in median sale price ($540,000). 

October brought a cool breeze to our very short and lukewarm summer selling season. We saw a significant decrease in inventory - much more drastic than last year’s seasonal shift. There was also another slight increase in days on market and decrease in median sale price.

Notes for Buyers: We’re heading into the cool winter selling season so you can likely expect less inventory to hit the market and more price adjustments on existing inventory. We recommend taking a look at listings that have higher days on market (60+). If any of the homes meet most of your search criteria but are slightly over budget, consider submitting a below-asking offer. 

Notes for Sellers: Our message to buyers 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.  

Inventory Levels
Inventory levels are a leading indicator of market strength. Inventory levels for October were reported at 2.9, meaning if no new homes came on the market, it would take 2.9 months until inventory sold out completely (at the current rate of sales). This is the same inventory level we were at in October 2023.

Median Home Selling Price
The median sale price for June was reported at $540,000. It’s a 0.2% decrease from last month and a 2.9% increase compared to October 2023. Lake Oswego/West Linn took back the title of most expensive area with a $820,000 median sale price.

Here’s what median home sale prices looked like across Portland proper:
West Portland: $625,000
North Portland: $460,000
NE Portland: $520,000
SE Portland: $467,000

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!