How is the Housing Market Doing Currently?
In February 2024, the median home price in Oregon saw a modest increase of 1.1% compared to the previous year, reaching a median price of $488,300. According to the data from Redfin, however, this uptick in prices was accompanied by a slight decrease in the number of homes sold, down by 3.3% year over year. Interestingly, despite the decrease in sales volume, the median days on the market increased by 2 days, totaling 56 days on average.
How Competitive is the Oregon Housing Market?
The competitiveness of the Oregon housing market is evident from the data on sales prices. Notably, 23.7% of homes sold above their list price in February 2024, albeit a slight decrease from the previous year. Conversely, the percentage of homes with price drops rose to 25.4%, indicating a shift in negotiation dynamics.
Moreover, certain cities within Oregon stand out for their competitive nature. Wood Village, Clackamas, River Road, and others emerge as the top 10 most competitive cities in the state, where buyers often find themselves navigating multiple offers and bidding wars.
Are There Enough Homes for Sale to Meet Buyer Demand for Oregon?
Examining inventory levels provides insight into the balance between supply and demand in the housing market. In February 2024, Oregon saw an increase in the number of homes for sale, up by 1.5% compared to the previous year. Additionally, the number of newly listed homes rose by 7.7% year over year. Despite this increase in inventory, the average months of supply remained steady at 3 months.
What is the Future Market Outlook?
Forecasting the future of the Oregon housing market requires consideration of various factors, including economic indicators and demographic trends. While it's challenging to predict with certainty, analyzing current data can offer some insights.
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Furthermore, examining the top 10 metros in Oregon with the fastest-growing sales prices sheds light on emerging trends within the state. Cities like Roseburg, Tigard, and Lake Oswego lead the pack, experiencing notable increases in sales prices, indicating potential areas for future investment.
Top 10 Metros in Oregon with the Fastest Growing Home Price
The Oregon housing market's dynamics vary across different metros. The top 10 metros with the fastest-growing sales prices include:
Roseburg, OR35.3% Tigard, OR18.5% Lake Oswego, OR13.2% West Linn, OR11.5% Gresham, OR10.7% Redmond, OR9.7% Beaverton, OR7.0% Albany, OR6.1% Eugene, OR3.9% Hillsboro, OR