Oregon Housing Forecast for 2024

July 11, 2019
Last updated:
January 10, 2024
In This Article

Oregon’s housing market continues to remain strong after a very healthy year last year. Home prices may have dipped over the past year, but they’re on their way back up again and are expected to rise even more into 2024. Prices in Oregon are now at $483,939, with more price increases to come thanks in part to tight inventory. Sales numbers are also on the rise, and with mortgage rates finally starting to dip, home buying is more affordable for buyers. Anyone looking to buy a home in Oregon may want to do so sooner rather than later before home prices continue to skyrocket even more.

Oregon Housing Forecast for 2024

Median Prices Are On Their Way Up in Oregon

According to real estate research firm Zillow, existing home listing prices in Oregon were down 0.3% in January 2024 over last year and now sit at $483,939. Despite this decline, prices are expected to increase this year.

Tight Housing Inventory in Oregon

According to recent data, Oregon has an average home inventory of about 3 months. That means it would take 2 months to sell the properties that are actively listed on the market today. A balanced market has a 5- to 6-month supply, so Oregon’s current inventory situation is certainly very tight.

Housing Inventory is Tight in Portland

Portland is also seeing tight inventory, with only a 2.2-month supply of housing currently available to buyers.

Portland Home Prices On the Rise

The average home price in Portland is down 2.6% over the past 12 months, though home prices are expected to continue on an upward trend in 2024. Portland’s average home price is currently $519,746.

Home Prices Up in Eugene and Salem

Eugene and Salem home prices are also up. Eugene’s home prices increased 1.4% over the past year and now sit at $459,782. And in Salem, home prices increased 0.1% over the past year and are now at $416,599.

30-Year Fixed-Rate Mortgage Rate

According to Freddie Mac, current rates in Oregon are 6.62% for a 30-year fixed-rate mortgage, 5.89% for a 15-year fixed, and 6.38% for a 5/1 adjustable-rate mortgage (ARM).

Live Oregon Mortgage Rates

HPI Home Price Forecast

The CoreLogic HPI Forecast indicates that home prices will increase on year-over-year by 2.9% from October 2023 to October 2024. 

Expected Appreciation

According to Zillow, Oregon’s price depreciation of 0.3% over the past 12 months is moderately lower than the national appreciation average of 2.2% over the same time period.

Existing Home Sales Are Down

Existing home sales in the US which include completed transactions of single-family homes, townhomes, condominiums and co-ops, plunged 7.28% to a seasonally adjusted annual rate of 3.82 million in November of 2023.

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Ready to Apply For a Home Loan in Oregon?

If you have questions about mortgages in Oregon, we’d love to help. Sammamish Mortgage is a local mortgage company based out of Bellevue, Washington that serves the entire state, as well as Oregon, Idaho, and Colorado. Our experts will walk you through our mortgage programs to see which one is right for you. Contact us today with any questions you have about home loans in Oregon.

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