{"id":97615,"date":"2025-02-19T15:14:30","date_gmt":"2025-02-19T15:14:30","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/portland-oregon-real-estate-market-december-2024-report\/"},"modified":"2025-02-19T15:14:30","modified_gmt":"2025-02-19T15:14:30","slug":"portland-oregon-real-estate-market-december-2024-report","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=97615","title":{"rendered":"Portland, Oregon Real Estate Market, December 2024 Report"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">&#13;<br \/>\n                &#13;\n                                    <picture><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/iStock-2182632491.jpg.webp\"\/><img decoding=\"async\" fetchpriority=\"high\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/iStock-2182632491.jpg\" alt=\"Article thumbnail\"\/>\n<\/picture>\n&#13;<\/p>\n<p>The real estate market in Portland typically holds to <a href=\"https:\/\/realestateagentpdx.com\/best-time-of-the-year-to-sell-a-home\/39753\">historical seasonal patterns<\/a>, with buyer activity typically peaking in the spring and gradually slowing through late summer, fall, and into winter. As we close out 2024, we see that the Portland real estate market holds true to some patterns, but <a href=\"https:\/\/realestateagentpdx.com\/category\/best-time-to-sell-home-buy-home-portland\/besttimetosellahome\">this season<\/a> brings some unique twists.<\/p>\n<p>Buyer traffic has shown greater resilience compared to 2023, and the lower interest rates in September were a big part of that. Still, inventory remains higher than usual and buyer traffic is declining.<\/p>\n<p>What does this mean for you as a <a href=\"https:\/\/realestateagentpdx.com\/portlandbuyersagent\">buyer<\/a> or <a href=\"https:\/\/realestateagentpdx.com\/sell-your-home-with-a-top-realtor\">seller<\/a>? There are some benefits for both. In this article, we look at each statistic in detail and offer our predictions.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-buyer-traffic-experiencing-a-more-gradual-decline\">Buyer Traffic Experiencing a More Gradual Decline<\/h2>\n<p>Following the <a href=\"http:\/\/rmlscentral.com\">latest RMLS data<\/a>, buyer traffic in Portland has followed similar seasonal patterns over the last few months. This year, the market has been a bit more active last last. Buyer traffic typically drops a little faster during this time, but this year has shown a more gradual decrease. Lower interest rates in September are likely the reason for the slower decline (though rates have popped back up recently). <\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024.jpg\"><picture fetchpriority=\"high\" class=\"wp-image-42149\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-1024x452.jpg.webp 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-300x133.jpg.webp 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-768x339.jpg.webp 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024.jpg.webp 1064w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img decoding=\"async\" fetchpriority=\"high\" width=\"1024\" height=\"452\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-1024x452.jpg\" alt=\"Lockbox graph 2024\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-1024x452.jpg 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-300x133.jpg 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024-768x339.jpg 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2023-to-2024.jpg 1064w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/>\n<\/picture>\n<\/a><figcaption class=\"wp-element-caption\">2024<\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023-.jpg\"><picture class=\"wp-image-42150\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--1024x452.jpg.webp 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--300x132.jpg.webp 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--768x339.jpg.webp 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023-.jpg.webp 1062w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"452\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--1024x452.jpg\" alt=\"Lockbox data 2023\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--1024x452.jpg 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--300x132.jpg 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023--768x339.jpg 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Lockbox-graph-2022-2023-.jpg 1062w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/>\n<\/picture>\n<\/a><figcaption class=\"wp-element-caption\">2023<\/figcaption><\/figure>\n<p>Even with the September rate reduction, current traffic is similar to that seen in 2023 and is expected to continue its typical decline, especially since interest rates have risen since September. The year isn\u2019t over, but we have a short amount of time left before the major holidays bring everything to a halt. It isn\u2019t clear if we will get lower rates again before the holidays arrive. Therefore, we predict seasonal trends holding.<\/p>\n<figure class=\"wp-block-table\">\n<table class=\"has-fixed-layout\">\n<tbody>\n<tr>\n<td>Oregon weekly home buyer traffic<\/td>\n<td>Hot or Cold Market?<\/td>\n<\/tr>\n<tr>\n<td>0 \u2013 5,000<\/td>\n<td>Frozen<\/td>\n<\/tr>\n<tr>\n<td>5,000 \u2013 10,000<\/td>\n<td>Cold<\/td>\n<\/tr>\n<tr>\n<td>10,000 \u2013 15,000<\/td>\n<td>Cool<\/td>\n<\/tr>\n<tr>\n<td><mark><strong>15,000 \u2013 20,000<\/strong><\/mark><\/td>\n<td><mark><strong>Lukewarm (Currently)<\/strong><\/mark><\/td>\n<\/tr>\n<tr>\n<td>20,000 \u2013 25,000<\/td>\n<td>Warm<\/td>\n<\/tr>\n<tr>\n<td>25,000 +<\/td>\n<td>Hot<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<h2 class=\"wp-block-heading\" id=\"h-inventory-levels-remain-elevated-but-are-starting-to-drop\">Inventory Levels Remain Elevated But Are Starting To Drop<\/h2>\n<p>The slight decline in inventory levels since October aligns with prior trends. This year, active listings decreased from 1,552 to 1,380. Still, inventory this year <strong>has remained higher than in 2023<\/strong> (1,375 vs. 1,191). However, we predict a continued lowering of inventory for the remainder of the year.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph.jpg\"><picture class=\"wp-image-42151\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-1024x341.jpg.webp 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-300x100.jpg.webp 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-768x256.jpg.webp 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph.jpg.webp 1178w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"\/><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"341\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-1024x341.jpg\" alt=\"Inventory graph\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-1024x341.jpg 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-300x100.jpg 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph-768x256.jpg 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Inventory-graph.jpg 1178w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/>\n<\/picture>\n<\/a><\/figure>\n<p>Inventory data as of November 19, 2024, courtesy of\u00a0<a href=\"http:\/\/fidelityportland.com\/\"><strong>Fidelity National Title<\/strong><\/a>.<\/p>\n<p>Due to high inventories and the fall season\u2019s slower buyer activity, it\u2019s not surprising to see the average days on the market high in November. As of mid-month, the total is 103, up from 95 in 2023 and 79 in 2022. (Even though we have a little more buyer activity, we also have more inventory to sell through.) As we approach December, slower buyer activity is expected, and the number of days on the market will continue to increase. Lower interest rates may come into play, but the backlog from summer will likely keep inventory high for this time of year.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-price-reductions-remain-stable\"><a\/>Price Reductions Remain Stable<\/h2>\n<p>As of November, the percentage of listings with price reductions since September has remained relatively steady at 50%. When following prior trends, we can expect the percentage rate to rise or at least hold steady until dipping in January. The 50% percentage this year is slightly lower than in 2023.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph.jpg\"><picture loading=\"lazy\" class=\"wp-image-42152\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-1024x343.jpg.webp 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-300x101.jpg.webp 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-768x258.jpg.webp 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph.jpg.webp 1157w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"343\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-1024x343.jpg\" alt=\"Price reductions graph\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-1024x343.jpg 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-300x101.jpg 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph-768x258.jpg 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Price-decreases-graph.jpg 1157w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/>\n<\/picture>\n<\/a><\/figure>\n<p>Price decrease data as of November 19, 2024, courtesy of\u00a0<a href=\"http:\/\/fidelityportland.com\/\"><strong>Fidelity National Title<\/strong><\/a>.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-average-prices-are-slightly-higher-than-2023-but-lower-than-the-2022-peak\">Average Prices Are Slightly Higher Than 2023, But Lower Than The 2022 Peak<\/h2>\n<p>In our <a href=\"https:\/\/realestateagentpdx.com\/sell-your-home-with-a-top-realtor\">20+ years<\/a> as Portland realtors, we have found that price-per-square-foot data is best for price comparisons. As of November, the price per square foot stood at $315. Pricing has followed the seasonal trend of increasing in early spring and then decreasing through summer and fall.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118.png\"><picture loading=\"lazy\" class=\"wp-image-42163\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-1024x351.png.webp 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-300x103.png.webp 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-768x263.png.webp 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118.png.webp 1159w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"351\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-1024x351.png\" alt=\"\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-1024x351.png 1024w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-300x103.png 300w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118-768x263.png 768w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Screenshot-2024-11-22-115118.png 1159w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/>\n<\/picture>\n<\/a><\/figure>\n<p>Price-per-square-foot data as of November 19, 2024, courtesy of\u00a0<a href=\"http:\/\/fidelityportland.com\/\"><strong>Fidelity National Title<\/strong><\/a>.<\/p>\n<p>We expect next year\u2019s home prices to increase due to upcoming lower interest rates and a build up of demand from home buyers and sellers that have been waiting for lower rates before making a move.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-new-listings-decline-while-pending-sales-show-resilience\"><a\/>New Listings Decline While Pending Sales Show Resilience<\/h2>\n<p>As of the latest\u00a0<strong>RMLS Market Action September Report<\/strong> ending in October, new listings in Portland totaled 2,283, about a 12% decrease from 2,589 in September. The dip aligns with typical trends because sellers become more cautious in the colder months. The number of new listings is also in alignment with 2023.<\/p>\n<p>Pending sales, however, are higher than in the last two years and haven\u2019t seen the dip that typically comes in August. This is a good sign. Still, if we look at prior trends heading into the holiday season, we will likely see a decrease in pending sales through the end of the year.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph-.jpg\"><picture loading=\"lazy\" class=\"wp-image-42154\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph-.jpg.webp 645w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph--300x269.jpg.webp 300w\" sizes=\"auto, (max-width: 645px) 100vw, 645px\"\/><img decoding=\"async\" loading=\"lazy\" width=\"645\" height=\"579\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph-.jpg\" alt=\"Active listings and new listings graph\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph-.jpg 645w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/active-listings-and-new-listings-graph--300x269.jpg 300w\" sizes=\"auto, (max-width: 645px) 100vw, 645px\"\/>\n<\/picture>\n<\/a><\/figure>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><a href=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph-.jpg\"><picture loading=\"lazy\" class=\"wp-image-42155\"><source type=\"image\/webp\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph-.jpg.webp 647w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph--300x133.jpg.webp 300w\" sizes=\"auto, (max-width: 647px) 100vw, 647px\"\/><img decoding=\"async\" loading=\"lazy\" width=\"647\" height=\"286\" src=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph-.jpg\" alt=\"Pending sales graph\" srcset=\"https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph-.jpg 647w, https:\/\/realestateagentpdx.com\/wp-content\/uploads\/2024\/11\/Pending-sales-graph--300x133.jpg 300w\" sizes=\"auto, (max-width: 647px) 100vw, 647px\"\/>\n<\/picture>\n<\/a><\/figure>\n<\/div>\n<h2 class=\"wp-block-heading\" id=\"h-advice-for-buyers-and-sellers\"><a\/>Advice for Buyers and Sellers<\/h2>\n<p>With inventory high and buyer traffic cooling, sellers should be prepared for longer market times and to price competitively to attract offers. While price reductions are common this time of year, keeping a closer eye on the market will bring benefits.<\/p>\n<p>For buyers, price reductions and high inventory in this time of year bring more opportunities to negotiate. If interest rates decrease, more buyers could enter the market, which may require faster action and price flexibility to stay ahead of the pack. Still, the market is likely to stay favorable for buyers throughout the remainder of the year, and with inventory high, you have ample opportunities to secure homes at attractive prices.<\/p>\n<h2 class=\"wp-block-heading\" id=\"h-what-we-can-expect-ahead\">What We Can Expect Ahead<\/h2>\n<p>As we head into December, the Portland real estate market continues to show signs of seasonal slowing and gradual declines in buyer activity. The market also shows signs of a continued demand, with average pricing staying stable despite higher-than-average inventory. Next spring we expect buyer demand to dramatically increase (as it typically does) and that will likely be paired with low inventory (as the holidays tend to wipe out the excess inventory from the year). By next spring the market should favor buyers (at least for the season). <\/p>\n<h2 class=\"wp-block-heading\" id=\"h-work-with-a-top-local-agent\">Work with a Top, Local Agent<\/h2>\n<p>Our\u00a0<a href=\"https:\/\/realestateagentpdx.com\/sell-your-home-with-a-top-realtor\">top 1% sellers agents<\/a>\u00a0charge 1.7% to sell a home, with no fees and a cancel anytime policy to back everything up. They pay more to market their homes online so they sell faster and for more. Our\u00a0<a href=\"https:\/\/realestateagentpdx.com\/portlandbuyersagent\">top 1% buyers agents<\/a>\u00a0have helped hundreds of local buyers find their best match, and also provide friendly service and reasonable rates. Give us a call today, or chat with the bot on this site. We\u2019d love to connect!<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>&#13; &#13; &#13; The real estate market in Portland typically holds to historical seasonal patterns, with buyer activity typically peaking in the spring and gradually slowing through late summer, fall, and into winter. As we close out 2024, we see that the Portland real estate market holds true to some patterns, but this season brings [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":97616,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[3764,4856,11209,13269,13688,482,10930],"dealstore":[],"offerexpiration":[],"class_list":["post-97615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-december","tag-estate","tag-market","tag-oregon","tag-portland","tag-real","tag-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Portland, Oregon Real Estate Market, December 2024 Report - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=97615\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Portland, Oregon Real Estate Market, December 2024 Report - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"&#013; &#013; &#013; The real estate market in Portland typically holds to historical seasonal patterns, with buyer activity typically peaking in the spring and gradually slowing through late summer, fall, and into winter. 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