The Oregon housing market is currently swaying towards being a buyer’s market because of the strong demand, evident in the higher proportion of homes sold above the listed price and a smaller percentage of houses with price reductions. Although there is a slight rise in median home prices, The overall trend indicates a steady trend rather than a significant price decrease.
For prospective buyers, understanding the Oregon market for homes needs careful consideration. Although increased competition could make it difficult, the steady price and increased number of homes for sale suggest an appropriate moment to buy.
Oregon Housing Market Trends

What is the state of the housing market in the present? According to the information from Redfin the month of November 2023, the Oregon housing market experienced modest growth of 0.09 percent in the price of homes. Despite this, however, significant changes in the key indicators affected both sellers and buyers. Let’s look at the in-depth data to understand the underlying dynamics at the helm.
Home Prices and Sales Volume
The median price for a home in Oregon was $490,200, a slight rise of 0.09 percent over last year. However, the number of homes sold dramatically decreased, dropping 13.0 percent yearly. In November, 3,093 homes were sold, compared with 3,557 in the same month last year. The median number of days for homes on the market grew by five and reached the 38-day mark.
Oregon Housing Demand
The competitiveness of Oregon’s housing market can be seen in the figures from November 2023. 23.3 percent of the homes sold were priced above the listed price, representing an increase of 0.03 percent over last year. However, there was a decline in the number of homes that had price reductions, falling to 27.5 percent as opposed to 30.0 percent in November of last year. The ratio of sales to prices increased to 98.4 percent, a 0.08 percent rise year-over-year.
Oregon Housing Supply
In November 2023, the supply side of the market saw a drop in the number of homes available for sale, which was 14,472 homes, down 2.8 percent from the prior year. However, the newly listed homes rose 1.1 percent year-over-year and totalled 3132. The average supply of months was three months, indicating a 0.1% change from year to year.
The Top 10 Cities in Oregon with the fastest growing sales Prices
- West Linn, OR: 26.8%
- Redmond, OR: 20.1%
- Bend, OR: 15.6%
- Bethany, OR: 15.1%
- Tigard, OR: 14.8%
- Grants Pass, OR: 9.1%
- Beaverton, OR: 7.1%
- Aloha, OR: 5.6%
- Hillsboro, OR: 5.5%
- Eugene, OR: 4.4%
What is Oregon Housing Market Forecast for 2024?

At the time of writing, on the 30th of December, 2023, the median value of homes in Oregon was $483,939, a slight 0.3 percent reduction over the last year. Homes typically go on the market in about 26-27 days, indicating a rapid pace of activity in the market.
Key Metrics and Indicators
- For Sale Inventory: 14,254 homes (the 30th of November, 2023)
- New Listings: 3,504 (the 30th of November, 2023)
- Median Sale to List Ratio: 0.998 (the 31st of October, 2023)
- Median Sale Price: $481,217 (the 31st of October, 2023)
- Median List Price: $513,583 (the 30th of November, 2023)
- Percent of Sales Over List Price: 28.8% (the 31st of October, 2023)
- Percent of Sales Under List Price: 49.0% (the 31st of October, 2023)
Market Forecast and Trends
Zillow’s data offers insight into the direction of the Oregon market for housing. While the average value of homes has decreased slightly, it is essential to consider other factors that affect the overall dynamics of the market. The median sale-to-listing ratio of 0.998 suggests a healthy relationship between the listing price and the actual sale price.
The median price for sales at $481,217 on the 30th of November, 2023 and the average list price of $513,583 on the 30th of November, 2023, suggest that the sellers set prices similar to the eventual sale price. The proportion of sales exceeding the list price, at 28.8 percent, shows that a large part of the market is competitive, with buyers willing to pay higher fees than the advertised prices.
However, On the other hand, 49.0 percent of sales below the list price indicates that a large part of the transactions involves homes sold below-stated prices. This could provide a possibility for buyers seeking better deals on the market.
Areas in Oregon Where Home Prices Are Expected to Drop in 2024
In the year 2024, certain regions in Oregon are predicted to see an increase in the cost of homes based on information from November 2023.
Medford, OR: Medford, Oregon: Medford Metropolitan Statistical Area (MSA) is predicted to see a slight decrease in the cost of homes, projected to be -0.3 percent for 2024. This could indicate a slowdown in the market, which is why potential buyers and residents within the Medford region must evaluate their strategies regarding real estate. The year-over-year variation of -1.1 percent indicates a slow decline in property value, whereas the projected three-year value of -3.1 percent indicates a longer-lasting trend.
Grants Pass OR: In Grants Pass Grants Pass, the MSA shows a slightly more positive outlook, with a projected decline in the cost of housing at -0.2 percent for 2024. While this decline is more moderate to Medford and Medford, the year-over-year increase of -0.9 percent and the 3-year forecast of -2.6 percent indicate a slow or medium decline trend. Potential buyers and residents in Grants Pass should monitor these trends for better decision-making.
Portland, OR: Portland is an important cultural and economic city in Oregon and is predicted to see a -0.2 percent reduction in the cost of homes in 2024. Although this decrease is modest, the year-over-year drop of -0.8 percent and the 3-year forecast of -2.5 percent represent a significant change within the housing market. People considering real property transactions in Portland must carefully review the projections and adjust their strategies to reflect the changes.
Brookings, OR: The Brookings MSA is anticipated to have a more significant reduction in the cost of homes, projected to be a decline of -0.5 percent for 2024. The change in year-over-year of -1.1 percent suggests a faster effect, while the projection for three years of -1.6 percent indicates a possible stabilization market. Potential buyers and residents in Brookings should be on the lookout for these developments to make informed choices in the ever-changing real estate market.
Salem, OR: The Salem Metropolitan Statistical Area (MSA) is expected to experience a modest drop in the cost of homes with a predicted reduction of -0.1 percent for 2024. This is a steady market, but the year-over-year decrease of -0.5 percent and the 3-year forecast of -1.1 percent indicate a slow cooling. Potential buyers and residents in Salem must consider these projections when making real estate choices in the near future.
Hood River, OR: Hood River shows an unchanging outlook, with no anticipated price changes for homes in 2024. Although the year-over-year variation of -0.5 percent suggests a slight decline, the 3-year forecast of -0.9 percent indicates that the market could stabilize. Homeowners and potential buyers who reside in Hood River should closely monitor these trends to ensure they are well informed about the need for real estate.
Corvallis, OR: The Corvallis MSA is predicted to experience a slight decrease in the cost of homes and an expected decline of -0.1 percent by 2024. The year-over-year reduction of -0.4 percent and the 3-year forecast of -0.8 percent indicate a relatively stable market. Anyone involved in the Corvallis real estate Corvallis housing market, whether they are buyers or residents, should be aware of these projections to make an informed decision.
Eugene, OR: Eugene is expected to see a -0.2 percent reduction in home prices in 2024. The year-over-year decrease of -0.7 percent and the 3-year forecast of -0.7 percent suggest a possible stabilization of the market. Buyers and residents of Eugene ought to consider these projections as an element of their plans for exploring the real estate market in the future.
Roseburg, OR: Roseburg is predicted to enjoy a relatively solid real estate industry by 2024, with a slight expected reduction of -0.1 percent. The year-over-year decrease of -0.5 percent and the projected three-year figure of -0.1 percent suggests a market that could see minor changes. Monitoring these trends is vital for prospective and current purchasers living in Roseburg to make informed choices.
Will the Housing Market Crash in Oregon?
It’s impossible to determine with absolute certainty if the Oregon housing market will crash due to increasing interest rates. Although higher interest rates could affect the housing market, it is also essential to consider other factors that may affect the market.
One crucial factor is Oregon’s strong economy. According to the most recent statistics of the Bureau of Labor Statistics, Oregon’s unemployment rate was 3.6 percent in November 2023, which is lower than the national average. In addition, Oregon has experienced significant job growth over the past few years, with a particular focus on healthcare and technology.
Another thing to think about is the demand and supply dynamic of the market for housing. Although interest rates are increasing, Oregon must have more housing inventory, particularly in urban areas such as Portland. This will help to support home prices, even if rates rise.
It’s also important to remember that although the interest rates have risen in recent months, they’re still low compared to the past. This means that even though some buyers could be priced out from the market because of the higher interest rates, many people will have the money to purchase houses.
Growth in the population could also affect the housing market. Oregon has experienced a constant increase in people over the last few times, with many residents choosing to move to the state due to its scenic beauty, job opportunities, and overall quality of living. According to the United States Census Bureau, Oregon’s population grew by 9.3% between 2010 and 2020, making it the ninth-fastest-growing state in the country.
The increase in population has increased the need for housing. This has increased the cost of housing in many parts of the state. But, it has also caused a demand for more housing shortage, specifically in urban areas such as Portland. In the wake of this, policymakers are looking at options to address this problem by increasing the amount of money available to affordable housing programmes and encouraging the creation of housing units.
Ultimately, population growth will impact the Oregon housing market over the next few years. While it can help maintain demand for housing, it could also increase the affordability issues and place the local government under pressure to tackle these problems. This is why it’s essential for homeowners and investors alike to closely monitor changes in the population and their impact on the property market.
The final decision on whether you think the Oregon housing market will fall depends on an intricate interplay of elements, such as economic strength, supply and demand dynamics, and interest rates. Although rising interest rates could influence markets, it’s crucial to consider these other aspects in making predictions regarding the housing market’s future.