Portland Monthly Market Update May 2024

Real Estate Market Heats Up in May 2024

The real estate market in May 2024 experienced a surge of activity, with several key indicators pointing towards a robust and dynamic environment. Here’s a closer look at the latest market trends:

Inventory Levels Remain Tight

Despite an influx of new listings, the overall inventory of available homes remained constrained, with only 2.3 months’ worth of supply. This figure represents a slight decrease of 0.1 from April but a notable increase of 0.4 compared to the previous year. The limited inventory continues to create a competitive landscape for buyers, favoring sellers in the market.

New Listings on the Rise

May witnessed a significant uptick in new listings, with 3,508 properties hitting the market. This figure represents a 12.4% increase from April and an 8.3% jump compared to the same period last year. The influx of fresh inventory could potentially alleviate some of the supply constraints and provide more options for eager buyers.

Active Listings Surge

The number of active listings also saw a remarkable increase, reaching 5,009, a 9.9% rise from April and a substantial 29% jump compared to the previous year. This growth in available properties offers buyers a wider range of choices and could potentially ease the competitive pressure in certain market segments.

Prices Continue to Climb

The average sales price climbed to $629,000, a 1.6% increase from April and a year-over-year rise of 1.6%. Similarly, the median sales price rose to $558,500, up 2.9% from April and 1.5% higher than the previous year. These figures indicate that home prices continue to trend upward, reflecting the strong demand and limited supply in the market.

Robust Sales Activity

Pending sales, which represent properties under contract, reached 2,363, a 2.2% increase from April but a slight 0.7% decline compared to the previous year. Closed sales, on the other hand, saw a remarkable surge, with 2,140 transactions completed, a 13.6% jump from April and a 6.6% increase from the same period last year.

Marketing Times Extend

Properties spent an average of 86 days on the market, an increase of 3 days from April and a substantial 46-day rise compared to the previous year. This extended marketing period could be attributed to the higher prices and potentially more cautious buyer behavior, as well as the increased competition among sellers.

Overall, the May 2024 real estate market exhibited signs of robust activity, with more new listings, active listings, and closed sales compared to the previous month. However, the tight inventory levels and rising prices continue to pose challenges for buyers, while the slower pace of price appreciation and increased marketing times could signal a gradual shift towards a more balanced market.