Predictions: Will Oregon Housing Market See “Normal” Gains in 2024?

Published:
March 26, 2018
Last updated:
January 10, 2024
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Home prices across Oregon have remained stable over the past year, but what will the market do in 2024? 

In recent years, home prices in Oregon have seen above-average gains. This was largely due to the still-lingering imbalance between supply and demand. (Lots of buyers, not enough homes for sale.)

However, the Oregon housing market slowed down somewhat to a more “normal” rate of price growth over the recent past. Right now, the average price for a home in Oregon is $483,939. Prices have actually dipped slightly by 0.3% over the past 12 months.

Low Inventory Continues in Oregon

Oregon is currently experiencing some of the shortest housing inventory in the entire country. Right now, Oregon has only a 3-month supply of inventory across the state.  

That’s a far cry from the 5- to 6-month supply that characterizes a balanced market. As such, buyers don’t have a lot to choose from when it comes to buying a home in Oregon.

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Home Prices Expected to Increase at a Healthy Pace in 2024

While prices in Oregon have not increased over the past year, it’s difficult to say what they’ll do over the next 12 months

The number of listings on the market in Oregon continues to be low compared to the number of buyers looking. Oregon continues to experience a significant housing supply crunch, which can contribute to rising home prices..

Oregon’s Housing Market is Very Strong

The real estate market in Oregon continues to remain relatively strong. Typically, the housing market sees an uptick in the spring season as more buyers begin looking for homes, with a strong summer anticipated.

Home prices may increase at a healthy pace, in addition to a slight uptick in sales over the coming months. People who live in congested centers like NYC are looking at places like Portland and other Oregon cities. This could lead to an influx of buyers and residents to Oregon while allowing buyers to take advantage of relatively affordable home prices.

According to RedFin, as of January 2024, homes in Oregon sell after 38 days on the market compared to 33 days last year. There were 3,093 homes sold in 2023, down 13% from last year. 

Disclaimer: This article includes forecasts and predictions relating to the Oregon real estate market in 2024 and beyond. Such statements were provided by third parties not associated with our company. We have curated and compiled them here as an educational service to our readers.

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