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Are you planning to buy a home in Portland in 2024? If so, there are certain trends in the market you should know about.
In order to get a feel for housing in the Portland area, you will need to first ask yourself, what are the 2024 Portland, OR real estate market trends to keep an eye out for? Of course, you will likely not be able to rattle the top 3 trends off without doing so research. The good news is that you don’t have to because we’ve done the work for you.
If you live in the Portland area, you’ve probably already seen headlines relating to home prices in recent years. Home prices have gained a lot of traction over the past few years. However, home prices dipped by 2.6% over the past 12 months, according to Zillow. As of January 2024, the average home price in Portland is $519,746.
That said, looking forward, experts believe that home prices will continue to increase over the next 12 months at a steady pace.
So, that’s the first prediction for Portland’s housing market: home prices will increase over the months ahead.
Related: Overview of closing costs in Portland
Recently, the number of listings slowed after sellers who normally would have listed held off due to high mortgage rates. This is because they were afraid of trading in a lower rate for a higher one when they took out a new mortgage for a new home they planned to buy.
For this reason and others, inventory continues to remain tight. There are still not enough homes available for sale to accommodate the number of interested buyers on the market.
Even though many more listings have popped up and may continue to spring over the next few months, there is still a low number of residential homes for sale in Portland and in Oregon as a whole.
In fact, the state is currently experiencing the largest shortage in housing in the country. Right now, there is barely a 2.3-month supply.
Home buyers would be well-advised to be prepared. Among other things, this means having your financing pre-arranged before you start shopping for homes. If you’re going to use a mortgage loan to finance your purchase, you can benefit from getting pre-approved before entering the real estate market.
Related: 5 tips for buying a home in Portland, OR
Mortgage rates have been very high this year and have been rising for the past coupe of years. In fact, rates peaked at 7.79% in October 2023. But rates have since dipped. Today, the interest rate for a 30-year fixed-rate mortgage is 6.62%.
Rising home values have been a big concern for home buyers in the area, but declining mortgage interest rates may help to offset this expense.
The Mortgage Bankers Association (MBA) routinely issues forecasts for a variety of economic indicators. Their “finance forecast” also includes an outlook for 30-year mortgage rates. In their latest report, the industry group predicted that the average rate for a 30-year fixed home loan would dip to 6% by the end of 2024.
Disclaimer: This article includes housing market predictions for Portland, Oregon, that were curated from various third-party sources not associated with our company. We have presented them here as an educational service to help home buyers be better prepared.
Sammamish Mortgage has been serving borrowers in Oregon and across Colorado, Idaho, and Washington since 1992. We offer many mortgage programs and provide you with a mortgage rate quote, along with an estimate of what your monthly payments would be. Please contact our staff to get started.
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.