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Portland Real Estate Update
April, 2024 Update
Over 70 Years Combined Experience, Since 1988
Portland Market as of April 2024
This image is a snapshot showing what the Portland metro real estate market is like as of the end of March, 2024 when compared to the same month in 2023, and last month. You can see that prices are actually up 2.3% in the past year, BUT also up 1% just last month. Remember though this price is for all property types, including condos so detached homes are higher. With anticipated interest rate drops on the way, and a big lack of inventory (currently 2.3 months, should be 6 months) we are seeing increased demand on Portland area homes, particularly those priced in the average price range, and those in the higher price ranges too but outside of Multnomah County. Click on the image to see a full sized version. eMail Rob for a full seven page MLS report on the Portland metro area.
Consumer Confidence in Home Prices Update
Forget about the experts, or even us Realtors because we arent the ones who are actually buying and selling homes, consumers are. This is what they say.... You can see in the chart (click on it for a larger PDF) that consumers now feel much more confident that there will not be a big price drop in home prices anytime soon. This is being backed up by home buyers actively being in the market now, and when priced to the market we are seeing multiple offers on some, and homes in all markets actually selling within days of coming on the market. My take as a top Realtor for 35+ years now in the Portland Metro Area is buyers are realizing we are not going to see 2.5% mortgage interest rates in my lifetime again and that its time to buy a home.
Boomers Staying Longer in Their Homes
There has been a lot of talk about the "silver tsunami" and boomers moving but here is the latest news... The youngest baby boomers are turning 60 this year, and only 40% of boomers have retired. At the same time boomers parents are passing away and there is the largest transfer or wealth in the world's history right now going on in the USA. The thought was all boomers would move to the "sun and sand states" but that's proving to not be true. Don't get me wrong, boomers ARE buying homes in the sun and sand states, but not all are moving to live full time. The reason? Grandkids, and wanting to be near their children to both look after the grandkids and have family around as boomers get older.
Search ALL Portland Area Homes
Click on the link below, or the image to search the Portland area MLS for all single family, condo, or multi-family homes in the Portland metro area. The site also includes some pre-defined common searches on the right side, and also always shows the most recent 20 listed properties in the metro area. Be sure to SAVE your search, that way you will always be notified of any new matches as they happen. Click on the photo to search now!
Thanks for checking out this newsletter, and for supporting our real estate team for all these years. We are always available for you. ROB LEVY, CAITY ABOUAF and PAT WEISS
*Pat Weiss is licensed with Oregon Referral Partners, LLC. Same address as below.
Give Us a Call
(503) 906-1444
Now More Than Ever, Experience Matters
The Rob Levy Team, Rob Levy Principal Broker and Caity Abouaf, Broker
Keller Williams Realty Professionals / Main Office (503) 546-9955