Housing Market News for January 2024 - Portland Metro
January 2024
A Bird's Eye View:
January showed a slight increase in new listings from last year, a significant post-holiday rise from December 2023. Pending sales dipped compared to last January but rose from the previous month. Closed sales also saw a modest year-on-year increase but fell from December's numbers.
For Prospective Buyers:
The inventory expanded to 3.2 months, and market time lengthened to 68 days. This indicates more options and potentially less competition for buyers, a shift from the previous tight market conditions.
Sellers, Here's Your Takeaway:
The market is balancing, with a steady demand reflected in the slight increase in closed sales and a rise in both average and median sale prices since last year. This points to a continued growth in property values.
Conclusion:
January's market dynamics suggest balanced activity with moderate price growth. Understanding these trends is crucial for making informed decisions in Portland's real estate landscape.
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