The Portland Metro real estate market closed 2024 with steady year-over-year growth and the expected seasonal slowdown in December. Here’s a breakdown of the stats:
Year-Over-Year Highlights (December 2024 vs. December 2023):
• New Listings: 1,068 homes, a 4.1% increase.
• Pending Sales: 1,326 accepted offers, up 1.3%.
• Closed Sales: 1,534 homes sold, a 15.3% jump.
• Average Price: $608,600, up 1.8%.
• Median Price: $543,000, up 2.1%.
• Inventory: Remained steady at 2.7 months.
Month-to-Month Highlights (December 2024 vs. November 2024):
• New Listings: Decreased by 26.8%.
• Pending Sales: Fell by 16.2%.
• Closed Sales: Dropped by 8.7%.
• Average Price: Declined slightly by 1.4%.
• Median Price: Decreased by 1.9%.
• Market Time: Increased to 74 days, reflecting the holiday slowdown.
What Does It All Mean?
The year-over-year growth confirms the Portland Metro market’s strength, even as December’s numbers reflect the typical holiday pause. The seasonal slowdown is expected, and as late winter approaches, we anticipate activity will start heating back up, leading into what should be a busy and competitive spring market.
