By Erin Middleton, July 11, 2024
Find out what’s happening in the Portland real estate market for Mid-July 2024.
Hi I’m Erin Middleton licensed real estate broker with Living Room Realty here to tell you what you need to know about the Portland Market for mid July 2024.
Inventory continues to rise in general… following trends from previous years that sees inventory rise from January through Summer. However we didn’t see the Spring dip we’ve seen in years prior and have continued to stay high in the mid-2s, meaning we have about 2 and a half months of inventory, likely as a result of high interest rates that don’t seem to be going anywhere and Sellers who have unrealistic expectations for the home’s sale price. More on that in a minute.
Market Activity
Activity across the board is down. New Listings, Pending Sales, and Closed Sales in June have all decreased year-over-year as well as month-over-month. This coupled with the higher inventory and high interest rates means we have a very different market than we’ve had in years prior. But as one smart colleague said earlier this year, it’s a tale of two markets. Thanks Kim Parmon!
While high interest rates are “the captain” of this year’s real estate market, Buyers that can afford the payments are still driving multiple offer situations on well-priced, good-looking, and well-located listings.
But on the flip side, unrealistic Sellers who have been sold tales of “everything sells” or “we can start high and come down later in price” are seeing their not-so-desirable listings sit – thus pushing up inventory as new listings come to market.
Let’s Look At The Numbers
But even though inventory is up and interest rates hover around 7%, prices are still on the rise!! Comparing 2024 to 2023 through June, the average Sales Price increased 2% from $595,000 to $607,000. And the median price is up 2.3% from $530,000to $542,000. These numbers position us just shy of the market peak reached in May and June of 2022
What Should You Do?
So, here are my tips for Buyers & Sellers in this HOT Summer market:
Buyers – look at the outliers. What’s sitting? What’s been picked over and provides you with an opportunity for a deal? Go get it!
And Sellers – in order to not be one of the aforementioned “sitting not selling” listings, make your house look its best, price it well, and it will sell.
Make A Move
I hope this information has been helpful. If you’re ready to make a move, call us today. We’d love to help you find your next Living Room.
Erin Middleton
Broker | OR
She/Her
Passionate Realtor and Adventurous Soul Hailing from the coastal town of Bandon, Oregon, Erin is a dynamic individual who enjoys meeting people with a thirst for life and adventure. Before embarking on her career in real estate, Erin carved her path in the advertising industry, honing her skills and dedicating a decade to the dynamic world of brand advertising. Working for agencies like Leopold Ketel, The Richards Group, the Integer Group, Venables Bell & Partners, and PSFK.com, Erin developed strategies for numerous social media campaigns, brand engagement, and product launches. Born with a passion for exploration, Erin's journey has taken her from Oregon to Spain, Miami, New York, Dallas, Petaluma, Napa, and ultimately back to the Pacific Northwest. With a newfound appreciation for the importance of home and community, Erin decided to embrace her passion for a sense of place and become a realtor. She now brings a wealth of marketing knowledge, genuine enthusiasm, and a natural talent for connecting with people to the forefront of finding solutions for each of her clients. Driven by a genuine love for her work, Erin feels a deep sense of fulfillment when she meets incredible people and helps them live their best life, wherever that might be. Her infectious energy and genuine care have earned her a stellar reputation among clients and colleagues alike. Erin Middleton is not just a realtor; she is a passionate advocate for creating lasting connections and fostering a sense of belonging. With her unique blend of professional expertise, vibrant personality, and love for the outdoors, she continues to make a significant impact on the lives of those she encounters. When she’s not actively serving clients, Erin finds solace in the great outdoors. Whether it's backpacking through breathtaking landscapes or tending to her yard, she cherishes the opportunity to immerse herself in nature. In the quiet moments, she finds comfort in the company of her beloved cat, Niña, who loves to cuddle and hide out in the raspberry bushes. My Team - Principal Broker: Paul D’Souza - Transaction Coordinator: Iris Ireland - Marketing: Abby Camp & Bea Barryte Credentials - Bachelor’s Degree, Journalism & Communication, University of Oregon, 2003 - NAR’s Green Designation
- Sumner Neighborhood Association, Land Use & Transportation Rep
- Parkrose School District Budget Committee - Treasurer, Past President with the Eastside Professional Association
- erin@livingroomre.com
