Conos Realty

* Real Estate Market Update *
* Portland Oregon Metro *
**April 2024 **

The market took a slower than expected turn as we head deeper into the Spring months of 2024.

1,441 sold single family homes, 236 less than the previous month and 406 less year-over-year (April 2023).

Meanwhile prices continued to an upward trend where median sales price rose $10k month-over-month (March 2023), which higher averages +$35k, as well.

Homes that sold spent less time on the market at 44 days, which is 9 days less than the previous month.

Slower than expected numbers likely impacted by the surge of mortgage interest rates (7.17% avg 30-yr 4/25/2024 vs 6.88% 3/7/2024[FRED]). Higher inflation numbers have pushed any interest rate cuts further.

I anticipate a slower than expected May 2024 as we already see a decline of homes pending, 842 less homes than previous month (March 2024), which is 1,690 less than what was observed the year prior (April 2023).

More inventory puts a more favorable position for buyers as more supply typically may ease home purchase prices. Peak activity saw 5,245 homes on the market, which is 196 more than the previous month.

Digging deeper into the data shows 7 out of 26 Portland Metro Areas showed increase in homes over the previous month, with Lake Oswego, North Portland, North East Portland, Hillsboro to list a few.

Do you have any questions about your local market? Feel free to get in touch!

Nathaniel Conos, Realtor ®️
✉️ [email protected]
📞 (971) 353-5094

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