Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)
Why are there so many homes for sale at lower prices right now?
The median home price in the Portland metro area dropped 17% from September to October 2024, ranking 19th among the highest median prices nationwide.
Nearly 1 in 5 home sellers in the US are now dropping their asking prices to attract buyers amid rising interest rates and a cooling housing market.
Homes that sold in the past year were on the market for a record-low median of 15 days, down from 19 days a year earlier, indicating a slowdown in buyer demand.
A record 57% of homes sold above the list price in the past year, up from 50% a year earlier, showcasing the intense competition that previously characterized the housing market.
On average, 48% of homes for sale each week had a price drop in 2024, a significant increase from the 30% seen a year earlier.
The number of homes for sale with a price drop in the past four weeks reached a record 191, up from 130 a month earlier and 98 a year ago.
The share of homes that went off the market within two weeks reached 37.7%, up from 34% a year earlier, suggesting homes are staying on the market longer.
The median number of days homes spent on the market reached 33.2 days, indicating a slower sales pace compared to the previous year.
The share of homes sold above the list price dropped to 29.4%, down from 28% a year earlier, as buyer competition eases.
The average sale-to-list price ratio reached a record high, with sellers accepting offers closer to their asking prices.
The total number of homes for sale hit a record low in May 2024, with just under 1.4 million homes seasonally adjusted on the market, the lowest level ever recorded.
The median sale price of luxury homes in the US jumped 26.5% year-over-year in the second quarter of 2021, outpacing the 16% growth for mid-priced homes and 13.2% for affordable homes, indicating a shift in buyer preferences.
Stand out in crowded search results. Get high-res Virtual Staging images for your real estate quickly and effortlessly. (Get started for free)