By Jessica Ward, June 14, 2024
Find out what’s happening in the Portland real estate market for Mid-June 2024.
Hi, I’m Jessica Ward, licensed real estate agent in Oregon and Washington with Living Room Realty, here to tell you what you need to know about the market for mid-June 2024.
With summer fast approaching, kids enjoying their break from school, and temperatures on the rise, it’s the perfect time to explore the latest trends and changes in the housing market. Let’s dive into what’s happening in the real estate market this season.
Let’s Look At The Numbers
As of this week, the median list price in Portland sits at $695,000, which is pretty spot on with this time last year which was $699.000.
The market action index, which we use as a snapshot of supply, demand, and overall market competitiveness currently indicates a balanced market at 49. This figure closely mirrors last year’s market action index of 55, showing that the market is becoming MORE balanced for both buyers AND sellers.
In the last few weeks the market has achieved a relative stasis point in terms of sales to inventory. However, inventory is low enough to keep us in the Seller’s Market zone so watch for changes in the MAI. If the market heats up, prices are likely to resume an upward climb.
What About Interest Rates?
If you have been waiting for rates to fall, here’s what you need to know… the feds latest forecast, which came out this week, is for one rate cut before the end of the year. Which is down from a previous forecast of three. Inflation, despite having cooled in the past two months, remains persistently elevated. The officials’ rate-cut forecast reflects the individual estimates of 19 policymakers. The Fed said eight of the officials projected two rate cuts. Seven projected one cut. Four of the policymakers envisioned no cuts at all this year. So it will be interesting to see where we actually land by the end of 2024.
Make A Move
Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help YOU find your next Living Room.
Jessica Ward
Broker | ADU Specialist | OR & WA
My life is fueled by a profound passion for serving others and making a positive impact on my community.
A proud Pacific NW native, I am intimately acquainted with the fabric of local life – its people, its treasures, and its countless opportunities. My sociable nature thrives on connection, and I embrace the roles of an active listener and clear communicator, values that underpin the ability to forge authentic bonds. Aptly dubbed the “queen of resources and connections” by my clients, I bring an extensive bag of “hats” I wear to the world of real estate. I seamlessly meld a vast reservoir of industry knowledge with a deeply personalized touch, ensuring that every individual need is met. My specializations encompass an array of real estate experience and knowledge. From guiding first-time home buyers, strategizing with investors, building with developers, to facilitating seamless relocations for those venturing from afar. I'm also known to expertly navigate the intricate terrain of down payment assistance programs, grants, and investment opportunities.Follow me: @Jessica_TheHomeGirl
Affiliations and Accolades:
- ADU Specialist
- Licensed Broker in Oregon & Washington
- National Association of Real Estate Brokers (Board Member)
- Youth Rights and Justice (Board Member & Sponsor)
- Lents Neighborhood Association (President)
- Portland Metropolitan Association of Realtors (Member)
- Diversity Chair Award Winner (LRR- 2022 & 2024)
- The first African American to close a transaction with a Black owned title & escrow company in Oregon state history (Vanport title & escrow)
- T: 971-230-8164
- jessicaw@livingroomre.com
