Q3
ABOUT THIS REPORT
The Berkshire Hathaway HomeServices Quarterly Market Report features the latest MLS data and local market statistics. Through year-over-year comparisons of key performance indicators and market summaries, this report delivers a comprehensive overview of residential real estate activity for the regions we service across the Pacific Northwest, including:
• Mid-Willamette Valley (Marion, Polk, Linn, & Benton)
• Eugene, Coastal, and Southern Oregon (Lane, Tillamook, & Douglas)
• Central Oregon
• Greater Portland Metro Area
• Southwest Washington (Vancouver Metro Area)
• Greater Seattle Metro Area (King, Pierce, Snohomish, & Thurston)
Learn about trends affecting sales activity and price, read decisive takeaways for each market, and empower yourself with Northwest Knowledge.
ABOUT US
Since 1942, we’ve been helping people buy and sell homes in Oregon and Washington. With 29 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by datadriven market intelligence, just like you’ll find throughout this report.
For more information and assistance successfully navigating today’s real estate market, contact your local Berkshire Hathaway HomeServices broker. We are
All statistics are based upon MLS data for the period of July 1, 2024 – September 30, 2024.
LETTER FROM THE EDITOR
The Q3 2024 Berkshire Hathaway HomeServices Quarterly Market Report measured residential real estate activity for the late summer and early fall market, and the results signify continued demand as resilient buyers and sellers enjoyed a broader selection than last summer while navigating an uncertain mortgage rate environment. Lower mortgage rates propelled some buyers back into the market as they took advantage of improved affordability and gave sellers more confidence to list their homes. The optimism resulted in steadier market activity, with most markets demonstrating continued resilience, and closed units picked up in many areas surveyed for our Q3 report.
With optimism that mortgage rates may come down in a meaningful way, those waiting for further affordability may find themselves priced out as home values continue to see appreciation in the majority of sub-markets. However, it’s impossible to forecast exactly what the future holds for the Pacific Northwest real estate market, so it’s vital to consult a Berkshire Hathaway HomeServices real estate professional before making any move.
Whether rates march steadily downward or follow a less predictable path, a Berkshire Hathaway HomeServices professional will help you achieve your real estate goals.
Melanie Weidenbach, President & CEO
Mid-Willamette Valley
(Marion, Polk, Linn, & Benton)
The Mid-Willamette Valley posted moderate gains and losses during the third quarter of the year. New listings edged up while closed transactions edged down. Pending sales and active listings both posted positive numbers, though market activity was slower than this time last year.
DAYS ON MARKET
The Mid-Willamette Valley’s average days on market was 49 days, 11% longer than Q3 2023. Average days on market in Independence (33) fell 38% from yearago figures, while average days on market in Dallas (57) jumped 33% compared with this time last year.
AVERAGE SALES PRICE
Average sales price ($454,883) was virtually unchanged compared with this time period last year. Most cities analyzed for this report saw average sales price declines in Q3 (Monmouth, for instance, experienced a 32% year-over-year drop), however, in Dallas, prices notably increased by 9% to end Q3 2024 at $482,907.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (1,216) posted a 12% year-over-year gain, new listings (1,546) edged up 1%, and active listings were up 8%, ending Q3 2024 at 2,845.
CLOSED TRANSACTIONS
Closed transactions in the Mid-Willamette Valley (1,157) missed the mark by 1% this quarter compared with year-ago figures. Activity in Monmouth was up, rising 13% year-over-year to 26 closed units. Activity declined in Independence, where 23 closed units in Q3 2024 represented a 44% drop from this time last year.
MID-WILLAMETTE VALLEY
MID-WILLAMETTE VALLEY
Eugene, Coastal, & Southern Oregon
(Lane, Tillamook, & Douglas)
The Eugene, Coastal, and Southern Oregon market showed clear signs of moderation this quarter, with prices remaining about the same as this time last year. The balancing marketplace didn’t significantly impact overall real estate activity, as closed transactions were just 1% lower than this time last year.
DAYS ON MARKET
Average days on market in Eugene, Coastal, and Southern Oregon jumped 32% year-over-year to an average of 45 days. In Oceanside, average days on market surged 219% to 102 days this quarter and jumped 180% in Tillamook to 179 compared with year-ago figures. Conversely, in Garibaldi, average days on market fell 48.7% year-overyear to a fast-moving average of 19 days, the shortest average market time recorded for the region.
CLOSED UNITS
Closed transactions slipped 1% from year-ago figures to 1,571 throughout the region. In Oceanside and Tillamook, closed units increased 100% from 1 unit in Q3 2023 to 2 units this quarter. In Netarts, closed units climbed as well, rising 8% year-over-year to 27 units for Q3 2024. In Sweet Home, however, closed units (42) missed the mark by 21% compared with this time last year.
NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES
New listings in Eugene, Coastal, and Southern Oregon (2,082) declined 2% from year-ago figures, active listings increased 8% year-over-year to 3,614, and pending sales were up 7% to end Q3 2024 at 1,588.
AVERAGE SALES PRICE
Compared with this time last year, average sales price throughout the region ($452,480) remained flat. Average sales price in Garibaldi jumped 7% year-over-year to $538,000 and soared 28% year-over-year in Tillamook to $370,750 this quarter. At $772,906, Oceanside’s average sales price was the highest in the region, though it represented a 6.3% drop from year-ago figures.
EUGENE, COASTAL, & SOUTHERN OREGON
Central Oregon
Prices in Central Oregon found somewhat stable ground in Q3 2024, experiencing just a 1% drop from this time last year. Inventory increased and market activity picked up, with more new listings, active listings, closed transactions, and pending sales than this time last year.
AVERAGE SALES PRICE
Average sales price in Central Oregon declined 1% from year-ago figures, ending Q3 2024 at $786,128. In Sunriver, average sales price ($660,834) fell 6% year-over-year, whereas in Bend and Redmond/ Terrebonne, average sales price increased 1% and 2%, respectively.
CLOSED TRANSACTIONS & PENDING SALES
Central Oregon closed transactions (1,172) were up 2% compared with this time last year. In Sunriver, closed units (48) fell 23% from year-ago figures and offsetting this trend, in Redmond/Terrebonne, closed units increased 12% year-over-year to end Q3 2024 at 295. Pending sales throughout Central Oregon posted positive gains, rising 9% to 1,192 this quarter compared with 1,098 in Q3 of last year.
NEW LISTINGS & ACTIVE LISTINGS
New listings were up 14% compared to Q3 2023, ending this quarter at 1,532. Active listings (3,178) climbed year-over-year by 21%.
DAYS ON MARKET
Average days on market jumped 37% from year-ago figures to an average of 56 days. In all cities surveyed throughout the region, average days on market increased, rising the most on a percentage basis in Redmond/Terrebonne, where the 63-day average represented a 70% surge from year-ago figures.
CENTRAL OREGON
Greater Portland Metro Area
Most places in the Greater Portland Metro Area experienced average sales price gains during the third quarter of 2024. While new listings were down, active listings and pending sales were up, even as the average market time lengthened and overall market activity in the region slid slightly downward when compared with this time last year.
DAYS ON MARKET
In the Greater Portland Metro Area, average days on market was up 28% year-over-year, from 32 days during Q3 2023 to an average of 41 days this quarter. Average days on market jumped 107% in Newberg, ending Q3 2024 at 60 days, and in Beaverton/Aloha, average days on market (38) rose 65% compared with year-ago figures. Northeast Portland posted the lowest average days on market for the region (31), which still represented a 15% increase from this time last year.
NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES
New listings (8,165) fell 6% compared with this time last year; active listings ticked up 4% to 14,041 and pending sales (6,038) increased 6% from year-ago figures.
AVERAGE SALES PRICE
Average sales price throughout the Greater Portland Metro Area posted a slight 2% gain from year-ago figures, rising from $610,900 in Q3 2023 to $621,770 this quarter. In both Columbia County and Gresham/Troutdale, average sales price climbed 9% year-over-year in Q3 to $475,405 and $522,857, respectively. In Sherwood, however, average sales price declined, falling 8% from year-ago figures to $774,504 this quarter.
CLOSED TRANSACTIONS
Closed transactions throughout the Greater Portland Metro Area missed the mark by 2%, declining from 6,158 during Q3 2023 to 6,009 in Q3 2024. In Yamhill/Carlton, closed units jumped 44% year-overyear to 36 units, and closed units in both Sherwood (113) and Tigard/ Tualatin (140) were up 12% compared with this time last year. In Canby and Sandy, closed units fell 23% year-over-year to 88 and 59 units, respectively.
GREATER PORTLAND METRO AREA
Southwest Washington
(Vancouver Metro Area)
Despite inventory levels not meeting demand and the uncertainty surrounding mortgage rates, the Southwest Washington real estate market still fared well in the third quarter of 2024. Average sales price, new listings, active listings, pending sales, and closed transactions all posted positive gains, though average days on market lengthened due in part to higher rates keeping some buyers on the home-purchasing sidelines.
DAYS ON MARKET
Average days on market in Southwest Washington increased 30% year-over-year, from 30 days in Q3 2023 to 39 days this quarter. In La Center, average days on market climbed 94% compared with year-ago figures to end Q3 2024 at 60 days. At 35 days, Vancouver posted the shortest days on market average, though this figure still represented a 35% jump compared with year-ago figures.
AVERAGE SALES PRICE
The Vancouver Metro Area’s average sales price ticked up 6% to $633,155 this quarter. On a percentage basis, Washougal experienced the largest increase; at $791,711, Washougal’s average sales price jumped 20% year-over-year. Average sales price in both Camas ($924,072) and Ridgefield ($705,122) rose 11% compared with this time last year.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions in Southwest Washington (1,768) were up 3% compared with last year. In Camas, closed units (159) increased 20% and in Ridgefield, closed units (193) were 19% higher than this time last year. On the opposite side of this trend, closed units in La Center (42) missed the mark by 24% compared with yearago figures. Pending sales posted an 8% gain, rising from 1,571 in Q3 2023 to 1,704 in Q3 2024.
NEW LISTINGS & ACTIVE LISTINGS
New listings increased year-over-year by 3% to end at 2,233 this quarter, and active listings climbed 17% to 3,824 this quarter.
SW WASHINGTON METRO AREA
NUMBER OF CLOSED UNITS
Greater Seattle Metro Area
(King, Pierce, Snohomish, & Thurston)
As more homes entered the market during the summer season, buyers had additional choices, which – when paired with a window of lower interest rates – helped boost market activity throughout the Greater Seattle Metro Area. Home prices edged up and closed transactions increased, with overall days on market slightly longer than Q3 of last year.
DAYS ON MARKET
In the Greater Seattle Metro Area, average days on market was up 8% compared with year-ago figures, rising from 25 days in Q3 2023 to 27 days this year. Analyzing the cities, days on market saw increases and declines. In Dash Point/Federal Way, average days on market (36 days) climbed 64% year-over-year, whereas in both Gig Harbor/Key Peninsula and Juanita/Woodinville, average days on market fell 23%, ending Q3 2024 at 31 days and 20 days, respectively.
CLOSED TRANSACTIONS
Closed transactions increased 5% from year-ago figures to 14,117 throughout the metro area. In Kirkland/Bridle Trails, closed units increased 32% year-over-year to 455 units this quarter. Lynnwood/ Edmonds also saw a significant jump; closed units climbed 27%, ending Q4 2024 at 621 units.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (14,197) increased 12% from year-ago figures, and new listings were up 13% year-over-year to 18,707 this quarter. Active listings (27,968) also posted positive gains, climbing 22% compared with this time last year.
AVERAGE SALES PRICE
Average sales price ticked up 7% compared with Q3 of last year, ending this quarter at $915,718. In Kirkland/Bridle Trails, average sales price surged 19% year-over-year to $1,626,867. Average sales price in Central Seattle was up as well, jumping 12% from year-ago figures to $1,254,405 this quarter.
PACIFIC NW MARKET REPORT
GREATER SEATTLE METRO AREA
GREATER SEATTLE METRO AREA
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