Q4 2024
PACIFIC NW MARKET REPORT
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:
• Greater Portland Metro Area
• Southwest Washington (Vancouver Metro Area)
• Greater Seattle Metro Area (King, Pierce, Snohomish, & Thurston)
• Mid-Willamette Valley (Marion, Polk, Linn, & Benton)
• Central Oregon
• Eugene, Coastal, and Southern Oregon (Lane, Tillamook, & Douglas)
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 to help successfully navigate 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 October 1, 2024 – December 31, 2024.
LETTER FROM THE EDITOR
The Q4 2024 Berkshire Hathaway HomeServices Quarterly Market Report analyzes residential real estate market activity across the Pacific Northwest. Despite initial hopes the Federal Reserve’s interest rate cuts would lead to lower mortgage rates, as we closed out the year the market showed notable resilience and buyers demonstrated a willingness to adapt to the new financial landscape. As this report highlights, every Pacific Northwest region surveyed posted double-digit percentage gains in closed transactions compared to Q4 last year—a strong signal of market momentum.
With mortgage rates remaining above 6% and home prices continuing to rise, affordability remains a challenge. However, data indicates that both buyers and sellers are adjusting to market conditions. Inventory levels have risen from historic lows, driving renewed activity and optimism—especially among previously sidelined buyers.
As we navigate through the first quarter of 2025, rising inventory and ongoing demand bring significant optimism for the months ahead, though affordability will remain a critical factor for many. Whether you are considering buying, selling, or investing, our Berkshire Hathaway HomeServices Forever Agents® are ready to guide you home and help you achieve your real estate goals with confidence.
Melanie Weidenbach, President & CEO
Greater Portland Metro Area
In comparison to the Greater Portland Metro Area’s final quarter of 2023, Q4 2024 was stronger and more balanced. Home prices remained relatively stable, rising a slight 2%, and the number of closed transactions were higher than this time last year, with an increase of 18%. With active listings rising modestly in Q4, buyers took advantage of the broader selection but showed patience, resulting in longer days on market.
DAYS ON MARKET
Average days on market in the Greater Portland Metro Area was 28% higher than this time last year, rising from an average of 43 days to an average of 55 days this quarter. In Wilsonville, average days on market surged 86% to 80 days but in Canby, average days on market fell 31% year-over-year to a fast-moving average of 47 days.
NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES
New listings (4,843) missed the mark by 6% compared with this time last year; active listings (11,148) throughout the Greater Portland Metro Area were up 4%, and pending sales climbed 15% from year-ago figures to 4,708 this quarter.
AVERAGE SALES PRICE
Average sales price during Q4 of 2024 was $602,216, rising 2% from this time last year. Average sales price in Lake Oswego ($1,243,529) and McMinnville ($532,227) increased 12% in both locations.
CLOSED TRANSACTIONS
Greater Portland Metro’s closed transactions (5,430) climbed 18% from year-ago figures. In Oregon City, closed units jumped 35% year-over-year to 152 this quarter. Most areas surveyed in the region posted year-over-year closed transaction gains, except for Wilsonville (77) and McMinnville (86), where closed transactions fell 10% and 1%, respectively.
GREATER PORTLAND METRO AREA
GREATER PORTLAND METRO AREA
Southwest Washington
(Vancouver Metro Area)
Home prices in Southwest Washington moderated this quarter, posting a small year-over-year gain as buyer demand continued to keep prices moving in an upward direction, though the rate of acceleration noticeably slowed. Closed transactions revealed a more active market than this time last year.
DAYS ON MARKET
In Southwest Washington, average days on market climbed 41% year-over-year to 58 days from 41 days in Q4 of 2023. Market time increased by 76% in Washougal, to an average of 104 days this quarter. Vancouver posted the lowest average days on market for the region (51 days), which still represented a 50% jump from yearago figures.
AVERAGE SALES PRICE
Average sales price in the Vancouver Metro Area increased a slight 3% from year-ago figures to end Q4 2024 at $612,344. Year-overyear, the average sales price in La Center ($736,834) jumped 22%, and 20% in Washougal ($750,593). In both Battle Ground and Vancouver, average sales price dropped compared with this time last year, falling by 1% in each city.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions (1,570) jumped 25% from this time period last year. In Camas, closed units surged 55% year-over-year to 124. In both La Center and Washougal, closed units were up 45%, ending Q4 2024 at 42 and 80 units, respectively. Pending sales also posted positive gains, rising 30% from year-ago figures to 1,451.
NEW LISTINGS & ACTIVE LISTINGS
New listings in the Vancouver Metro Area increased 9% to 1,503 from 1,385 in Q4 of last year, and active listings were up 19% from year-ago figures to end Q4 2024 at 3,179.
SW WASHINGTON METRO AREA
NUMBER OF CLOSED UNITS
Greater Seattle Metro Area
(King, Pierce, Snohomish, & Thurston)
While seasonality came in play, the Greater Seattle Metro Area saw positive growth in many key metrics year-over-year. New listings, active listings, closed transactions, pending sales, and average sales price all posted higher numbers than this time last year. Average days on market increased, but inventory, still climbing from historic lows, kept prices climbing.
DAYS ON MARKET
In the Greater Seattle Metro Area, average days on market jumped 15% to 38 days, compared with 33 days this time last year. In Mercer Island, average days on market climbed 79% year-over-year to 34 days this quarter. At 26 days, Redmond/Carnation posted the fastest average days on market for the region, which was a 4% drop from year-ago figures.
CLOSED TRANSACTIONS
Closed transactions increased 26% year-over-year to end Q4 2024 at 12,689. On a percentage basis, closed units in Puyallup were up the most, rising 76% to 488 this quarter. Notably, all but one market posted year-over-year double-digit percentage increases in closed units. Against this trend, closed units in Lacey/DuPont fell 4% to 235.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (11,069) in the Greater Seattle Metro Area climbed 23% year-over-year, new listings increased 18% to 11,141 and active listings also posted gains, rising 26% to 21,455.
AVERAGE SALES PRICE
Average sales price ($882,342) was 5% higher than this time last year. On Mercer Island, average sales price jumped 32% year-overyear to $3,069,585, the highest average sales price recorded for the region. Average sales price in Juanita/Woodinville ($1,533,835) and Kirkland/Bridle Trails ($1,670,745) also posted notable gains, increasing year-over-year by 23% and 18%, respectively.
PACIFIC NW MARKET REPORT Q4
GREATER SEATTLE METRO AREA
Mid-Willamette Valley
(Marion, Polk, Linn, & Benton)
The Mid-Willamette Valley aligned with other regional trends relating to year-over-year growth in closed units, as buyers adjusted to rates and took advantage of a broader selection than the same period last year. Sellers remained reluctant in Q4, with new listings down slightly, driving continued price growth.
DAYS ON MARKET
Average days on market in the Mid-Willamette Valley region was 58 days, a 12% increase from year-ago figures. In Monmouth, days on market climbed 89% year-over-year, to end the quarter at an average of 70 days. At 56 days, Salem/Keizer had the lowest (and fastest) market time average for the region, which was an 8% rise from this time period last year.
AVERAGE SALES PRICE
Average sales price ($448,547) was up 3% compared with Q4 of last year. In the cities, results were mixed; average sales price in Philomath ($533,823) jumped 15% while average sales price in Independence ($364,615) missed the mark by 9%.
PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS
Pending sales (935) jumped 22% year-over-year; new listings decreased by 2% to end Q4 2024 at 979; and active listings (2,348) increased 5% compared with this time last year.
CLOSED TRANSACTIONS
Within the Mid-Willamette Valley, closed transactions climbed 20% from year-ago figures to end this quarter at 1,048. Closed units in Monmouth (30) increased by 50% year-over-year and by 31% in Salem/Keizer (705).
MID-WILLAMETTE VALLEY
MID-WILLAMETTE VALLEY
Central Oregon
Despite mortgage rates, market activity in Central Oregon was stronger this quarter than during Q4 of last year. Buyer demand remained steady and continued to outpace supply, resulting in rising average prices throughout the region.
AVERAGE SALES PRICE
Central Oregon’s average sales price ticked up 3% to $776,509 this quarter compared with Q4 of last year. Average sales price in Bend ($927,663) increased 9% while average sales price fell 3% in Redmond/Terrebonne to end Q4 2024 at $536,728.
CLOSED TRANSACTIONS & PENDING SALES
Closed transactions jumped 23% from year-ago figures to 974. Closed units in Redmond/Terrebonne (249) surged 60% year-over-year and increased 14% in Bend to 545, while Sunriver closings (28) dipped 13%. Pending sales in the region realized a 26% gain, ending the quarter at 862.
NEW LISTINGS & ACTIVE LISTINGS
New listings (900) were up 7% compared with yearago figures and active listings (2,589) increased 22%.
DAYS ON MARKET
Average days on market in Central Oregon jumped 31% from year-ago figures to end Q4 2024 at 72 days. The days-on-market average in all cities surveyed for this report was slower than this time last year. At 71 days, Redmond/Terrebonne posted the lowest days-on-market average for the region, which represented a 25% rise from Q4 2023.
CENTRAL OREGON
Eugene, Coastal, & Southern Oregon
(Lane, Tillamook, & Douglas)
Buyers took advantage of inventory growth while sellers continued to evaluate whether they were prepared to enter the market. An increase in closed activity paired with modest inventory growth resulted in continued price appreciation.
DAYS ON MARKET
In Eugene, Coastal, and Southern Oregon, average days on market lengthened by 28%, rising from 46 days in Q4 2023 to 59 days this quarter. In Tillamook County, average days on market fell by 68% to an average of 8 days — the fastest days-on-market time recorded for the region.
CLOSED UNITS
Closed transactions were up 17% compared with this time last year, ending Q4 2024 at 1,362. Closed units posted significant gains in Florence (101), rising 36% from the same time period last year. In Tillamook, closed units fell 67%, declining from 3 units in Q4 2023 to 1 unit this quarter.
NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES
New listings in Eugene, Coastal, and Southern Oregon (1,312) edged up 1% compared to this time period last year; active listings increased 8% to 2,982; and pending sales experienced a 15% yearover-year jump, ending Q4 2024 at 1,227.
AVERAGE SALES PRICE
In the region, average sales price increased year-over-year by 6%, rising to $450,798 this quarter. While many cities throughout Eugene, Coastal, and Southern Oregon posted noteworthy average sales price gains, average sales price in Oceanside surged 205% from year-ago figures, ending the quarter at $1,515,610 compared with $497,005 during the same time period last year.
EUGENE, COASTAL, & SOUTHERN OREGON
