March 2024 Market Action Report

Portland is currently a seller’s market due to low available homes to purchase when compared to the number of buyers wanting to buy.

Last month, we saw another big uptick in new listings but even so, those homes went pending at an even faster rate resulting in our “inventory“ number going down.

As a result, sold price went up from this time last year.

Strangely there was a sizeable increase in average days homes are listed for. This tells me there was an even bigger divide between the homes that went pending right away and the homes that lingered (overpriced) on the market in March.

2.3 MONTHS OF INVENTORY

The number of available homes when compared to the number of active buyers last month decreased by .5%—despite a 16.3% increase in new listings.

$578k MEDIAN SALES PRICE

Homes are about 2.1% more valuable than they were 1 year ago.

91 DAYS ON MARKET

Only the super duper dialed and in great location houses went pending in their first weekend—those places received a few good offers. Many overpriced and stubborn listings hanging around and dragging down the averages.