Navigating Portland’s Dynamic Market in 2024
It’s May which means it is time to look back on the previous month and analyze the real estate trends and market conditions. As we venture deeper into 2024, the Portland real estate market is showing signs of holding steady. While rates had started coming down, beacause of the positive jobs report and increased inflation, they went back up into the 7s again. This has again led to some uncertainty in the market. There are still buyers in the market, but the buyer pool is smaller than it typically is this time of year. We are still seeing appreciation month over month, up 2.3% from the previous month. Inventory still continues to be the main driving factor driving home prices upwards. If we do see rates stay down continuously, expect to see appreciation jump into the 5-6% range.
The Most and Least Expensive Homes Sold Last Month
The Portland real estate market is diverse, ranging from luxury to affordability. Last month’s sales highlight this range vividly.
An exemplar of luxury, the most expensive home sold last month in Portland was located in King Heights. This beautiful property has 6 bedrooms, 7 full bathrooms and 1 half bathroom. With over 8900 square feet this home sits on just under 1 acre. This home sold for a remarkable $4,558,000. There were 4 other homes that sold in Portland last month for over 2 million showcasing the strength of Portland’s high-end market.
Contrasting this luxury, the least expensive home sold offers a glimpse into the market’s affordability. Situated in SE Portland, this cottage has 3 bedrooms and 1 bathroom. The home also has just over 1100 sqft and sold for just $249,000. The home definitely needs a little bit of work, but if you are willing to do some sweat equity, this home was a great deal! There were multiple other homes that sold for under $250,000 but they were either condemned or tear-downs. There were however multiple cute homes in the $250-$300K range.
For Sellers: Seizing the Moment
While this spring market has not been as hot as markets in the past couple years we are still seeing multiple offers on homes that are priced well and showing well. This often means that the homes are fully or partially staged. The buyers that we are seeing in the market are very well qualified which leads to fewer sales falling apart. This is good news as sellers so if you are considering a sale. Now could be the perfect time.
For Buyers: Know your Strength
Inventory and interest rates have led to a less than ideal market for buyers this spring. Top economists were expecting rates to come down to ease affordability concerns but unfortunately they have held steady in the high 6% to low 7% range. With low inventory some homes are still seeing multiple offers so if you are looking in the 500-800 range and in the highly coveted neighborhoods, expect to be writing against other buyers. The good news is if you are open to doing some finishing work or painting, you can likely get a good deal and have the seller buy down your interest rate.
Tailored Advice and Guidance
Whether you’re looking to buy, sell, or simply explore your options in Portland’s real estate market, personalized advice is key. For strategies, market timing, affordability, or property valuation, feel free to reach out. Together, we can navigate the evolving landscape of Portland’s real estate market in 2024.