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Buyers want to know how much they can expect to pay for homes and what kind of competition they face, while sellers want to know what their homes are worth and how much they can sell their homes for.
Thus, here is a look at the Portland real estate prediction for 2024: continued low housing inventory will continue to push home prices higher throughout the year.
The latest readings of the Portland, Oregon real estate market suggest that tight inventory will continue to be a factor through much of 2024. While we might not see the above-average price gains of the last year, experts agree that home values in Portland will almost certainly continue to rise throughout 2024.
That said, here are the latest predictions for the Portland real estate market for 2024.
In January 2024, the real estate research firm Zillow reported that the median sales price for homes in Portland is currently $519,746.
Over the past few years, home values across the metro area have increased sharply, though the past 12 months saw a slight dip in prices. However, that’s expected to change.
Related: When is The Best Time To Buy A House in Portland, Oregon to Get a Good Deal?
The Portland area attracts residents from elsewhere in the country, but there aren’t enough homes to go around at present. Consequently, home prices are expected to continue pushing north at a steady pace, and all signs indicate that they will continue to go up for the Portland real estate market for the foreseeable future.
How tight is the housing supply in Portland? Consider this…
A “balanced” real estate market is considered to have five to six months’ worth of supply. As of early 2024, housing reports indicate that Portland had a 2.37-month supply of available housing.
The entire state of Oregon is currently in an inventory crunch, recording the biggest housing supply deficit, according to the research team at Freddie Mac.
As a result of these trends, home buyers should be well prepared, with their financing lined up ahead of time. It’s also important to be realistic with regard to your wish-lists and expectations. Being flexible and open-minded goes a long way in a hot real estate market like Portland.
Related: Check out our Portland buyer guides
Homes are selling at a decent pace within the Portland metro-area housing market. According to Redfin, properties listed for sale in November 2023 spent a median of 27 days on the market before going under contract.
These statistics illustrate the relatively high level of demand and limited inventory in the area.
Housing analysts predict that the median home value in Portland would rise throughout the rest of 2024.
One could argue that real estate predictions calling for historically average price growth in Portland are a positive indicator from an economic standpoint.
Disclaimer: This article includes projections and predictions for the Portland, Oregon real estate market through 2024. Such outlooks were provided by third parties not associated with our company. We have compiled them here as an educational service to our readers.
Are you ready to apply for a mortgage in Portland? If so, Sammamish Mortgage is ready to help you. We are a local, family-owned company based in Bellevue, Washington working in the industry since 1992. We currently lend in all of Washington, Oregon, Idaho, and Colorado and offer many mortgage programs for qualified borrowers. Please contact us if you have mortgage-related questions.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.