Q4 2023
O R EGO N • SW WAS H INGT ON • P U G ET S OU ND
PAC I F I C N O R T H W ES T
Q4
2023 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 Seattle Metro Area (King, Pierce, Snohomish, and Thurston) • Southwest Washington (Vancouver Metro Area) • Greater Portland Metro Area • Mid-Willamette Valley (Marion, Polk, Linn, and Benton) • Eugene, Coastal, and Southern Oregon (Lane, Tillamook, and Douglas) • Central Oregon
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 33 offices and a growing regional network of nearly 1,000 real estate professionals, we lead the Northwest in delivering exceptional service backed by data-driven 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 10/01/23 - 12/31/23.
BERKSHIRE HATHAWAY HOMESERVICES
PAC I F I C N O R T H W ES T
Q4
2023 MARKET REPORT
LET TER FROM THE EDITOR Market performance for the final quarter of Pacific Northwest residential real estate did not reveal too many seasonal surprises. Sales activity was down across the board, a reflection of the usual holiday slowdown as well as higher rates that continued to impact affordability, keeping some buyers in “wait and see” mode. Those buyers who remained in the market were serious about purchasing, and low inventory meant stable or in some instances, increased prices for many areas throughout the Pacific Northwest. With a more favorable interest rate scenario projected in the coming months, sidelined buyers will likely re-enter the market, creating a faster-moving market as competition increases. With an influx of returning (and new) buyers, there is cautious optimism that sellers who also have been ‘rate-locked’ will begin to return to the market. For sellers, this means working closely with your Berkshire Hathaway HomeServices real estate professional to determine a price that’s competitive yet beneficial based on local trends and your real estate goals. Whether buying or selling in 2024, I encourage you to use this Q4 2023 Market Report as your qualitative guide and enlist the expertise of a Berkshire Hathaway HomeServices professional to serve as your trusted confidant and lifelong real estate advisor.
Melanie Weidenbach, President & CEO
LET TER FROM THE EDITOR
BERKSHIRE HATHAWAY HOMESERVICES
Greater Portland Metro Area Throughout the Greater Portland Metro Area, new listings, active listings, closed transactions, and pending sales all declined compared with Q4 of 2022. Lack of inventory continues to keep average prices afloat (and slightly higher than last year), as the buyers that remain encounter limited supply to satisfy their demand. DAYS ON MARKET Average days on market jumped 19%, ending Q4 2023 at 43 days. The Greater Portland Metro Area market was noticeably slower in most cities surveyed for this report, rising the highest on a percentage-basis in Canby, where average days on market increased to 68 days, a 143% year-over-year jump. Conversely, other areas of the region saw faster-moving markets; in Northeast and North Portland, average days on market fell 11% and 10% from year-ago figures to end Q4 2023 at 31 and 35 days, respectively. NEW LISTINGS, ACTIVE LISTINGS, & PENDING SALES New listings (5,102) decreased 4% from this time last year, active listings (10,487) dropped 3% and pending sales edged down 4% to finish the quarter at 4,179. AVERAGE SALES PRICE Average sales price in the Greater Portland Metro Area ($591,140) was 1% higher than this time the previous year. Analyzing average sales prices in each city yields mixed results. Average sales price in Newberg, for instance, declined 15% year-over-year to $472,142, yet average sales price in Yamhill/Carlton – $585,258 – increased 16% from year-ago figures. CLOSED TRANSACTIONS Closed transactions (4,553) decreased 14% compared with Q4 2022. In Tigard/Tualatin, closed transactions fell 47% from year-ago figures to 101 units this quarter. And while most cities experienced declines in closed transactions, three cities in the Greater Portland Metro Area saw closed units increase from this time last year: Lake Oswego (153), Wilsonville (84), and Yamhill/Carlton (24), where closed units climbed by 17%, 29%, and 14%, respectively.
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER PORTLAND METRO AREA 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $722,126
PORTLAND - W
41
$702,284
45
$498,806
PORTLAND - N
39
$479,214
35
$569,412
PORTLAND - NE
35
$584,204
31
$514,027
PORTLAND - SE
37
$489,328
38 $726,958
NW WASHINGTON COUNTY
35
$719,542
48 $1,019,425
LAKE OSWEGO
40
$871,892
41
$473,696
GRESHAM/ TROUTDALE
40
$466,560
SANDY MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY
39
$525,877
29
$537,681
56
$566,271
32
$546,973
45
$620,920
OREGON CITY
34
$688,611
35
$559,791
CANBY
28
$601,046
68
$538,737
BEAVERTON/ ALOHA
34
$536,120
35
$580,856
TIGARD/ TUALATIN
36
$655,965
69
$702,619
WILSONVILLE
29
$757,541
HILLSBORO/ FOREST GROVE
43
$561,583
36
$547,501
38 $720,889
SHERWOOD
35
$736,747
51
$544,211
MCMINNVILLE
30
$477,614
51
$506,562 $585,258
YAMHILL/ CARLTON
41 43
$555,629
NEWBERG
$250K
43
$821,269
WEST LINN
COLUMBIA COUNTY
28
$1,111,011
47
$472,142
62
$407,351
43
$446,828
$375K
GREATER PORTLAND METRO AREA
56
$500K
$625K
$750K
$875K
$1M
$1.25 M
$1.5 M
BERKSHIRE HATHAWAY HOMESERVICES
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER PORTLAND METRO AREA
1600
1500 1400
2023
2022
1300
NUMBER OF CLOSED UNITS
1200 1100 1000 900 800 700 661
600
478
416
414
414 378
344
300 270
249
161
153 102
LAKE OSWEGO
NW WASHINGTON COUNTY
PORTLAND - SE
PORTLAND - N
PORTLAND - NE
131
110
80
74
65
CANBY
100
PORTLAND - W
262 235
MILWAUKIE/ CLACKAMAS/ HAPPY VALLEY
257 214
GRESHAM/ TROUTDALE
243
WEST LINN
200
OREGON CITY
400
545
509
BEAVERTON/ ALOHA
500
700 600 500 400 300
337 275
GREATER PORTLAND METRO AREA
117
45
112
85
21
24
93
89
NEWBERG
74
YAMHILL/ CARLTON
137 83
SANDY
SHERWOOD
90
84
HILLSBORO/ FOREST GROVE
65
WILSONVILLE
101
MCMINNVILLE
189
TIGARD/ TUALATIN
100
COLUMBIA COUNTY
200
BERKSHIRE HATHAWAY HOMESERVICES
Southwest Washington (Vancouver Metro Area) Higher interest rates, higher levels of inflation, and an expected seasonal slowdown impacted residential real estate activity in Southwest Washington this quarter. New listings, active listings, closed units, and pending sales all posted declines. Home prices continued to rise throughout the Vancouver Metro Area, though the rate of appreciation has noticeably decreased. DAYS ON MARKET In Southwest Washington, average days on market – 40 days – remained unchanged from this time last year. On a city-by-city basis, some areas experienced slower markets while others were faster. Woodland’s average days on market (44 days) increased 38% from year-ago figures. However, in Vancouver, average days on market fell 13% compared with this time last year, ending the quarter at an average of 33 days. AVERAGE SALES PRICE Average sales price increased 2% year-over-year to $591,655. In Woodland, average sales price jumped 19% year-over-year to $556,381. Camas posted the highest average sales price in the region – $789,410. Still, this figure represents a 2% decline from this time last year. CLOSED TRANSACTIONS & PENDING SALES Closed transactions in the Vancouver Metro Area missed the mark by 19%, finishing Q4 2023 at 1,232 compared with 1,526 last year. And while some cities followed this trend – in Washougal, 55 closed units this quarter represented a 38% decline from last year – others went against it. Woodland experienced a 48% year-over-year jump in closed units (40), and La Center posted a 33% rise in closed units (28). Pending sales fell 8% to end Q4 2023 at 1,141. NEW LISTINGS & ACTIVE LISTINGS Compared with year-ago figures, new listings (1,374) were down 9%, and active listings (2,643) decreased 8%.
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
SW WASHINGTON METRO AREA 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $517,348
VANCOUVER
38
$540,131
33 $639,614
WASHOUGAL
45
$625,471
BAT TLE GROUND
59
$615,242
49
$618,528
46
$466,092
WOODLAND
32 $556,381
44 $650,648
LA CENTER
42
$610,911
54 $730,179
RIDGEFIELD
48
$695,851
61
CAMAS LONGVIEW/ KELSO
$200K
$808,000
32
$789,410
33
$370,921
40
$363,703
44
$300K
$400K
$500K
$600K
$700K
$800K
$900K
325 2000
300
1800
250
1600
225
1400
200
153
798
125
600
100
400
75
200
50
123 105
98
88
79 55 40
WOODLAND
BAT TLE GROUND
WASHOUGAL
VANCOUVER
151
130
27
SW WASHINGTON METRO AREA
146
28
21
LONGVIEW/ KELSO
800
150 983
CAMAS
1000
175
RIDGEFIELD
1,263 1,252
LA CENTER
1200
NUMBER OF CLOSED UNITS
BERKSHIRE HATHAWAY HOMESERVICES
Greater Seattle Metro Area (King, Pierce, Snohomish, and Thurston) The end of 2023 saw home prices on the rise throughout the Greater Seattle Metro Area, as the number of new and active listings fell to lower levels than this time last year. Market activity was down across the region, yet the average days on market decreased, reflecting a faster market impacted by a mix of low inventory and buyer demand. DAYS ON MARKET Days on market throughout the Greater Seattle Metro Area fell 8% from the previous year to an average of 33 days this quarter. Notably, average days on market in Mercer Island dropped 46% from year-ago figures to just 19 days, the lowest average posted in the region. Average days on market in Pierce, Snohomish, and Thurston Counties were also down, declining year-over-year by 7%, 22%, and 10%, respectively. CLOSED TRANSACTIONS Closed transactions (10,013) decreased 15% from year-ago figures. While almost every Greater Seattle Metro Area city surveyed in this report saw year-over-year declines in closed units, in Bellevue, closed units increased 11% to 354 and in Redmond/Carnation, closed units increased 3% to 218. Closed units also rose 2% in Central Seattle to end Q4 2023 at 265. PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS In the Greater Seattle Metro Area, pending sales (9,215) were down 3%, new listings (9,366) dropped 12%, and active listings (16,899) missed the mark by 19% compared with Q4 2022. AVERAGE SALES PRICE Average sales price ($837,838) was up 6% in Q4 2023 compared to Q4 2022. Mercer Island posted the highest average sales price for the region – $2,329,669 – though this price represents a 12% decline from year-ago figures. On a percentage basis, average sales price increased the most in Gig Harbor/Key Peninsula, where the average price of $994,690 represented an 18% year-over-year rise. Sales prices in Bellevue also jumped, increasing to $1,709,005, a 10% climb from the average price this time the prior year.
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER SEATTLE METRO AREA 2022
AVERAGE SOLD PRICE $966,950
KING COUNTY PIERCE COUNTY
32
$577,216
41
$595,726
38
$742,546
37
$750,030
29
$524,788
40
$530,535
36
WEST SEAT TLE
$858,066
28
$883,642
26
CENTRAL SEAT TLE NORTH SEAT TLE BURIEN/ NORMANDY PARK KENT
32
$1,017,639
SNOHOMISH COUNTY THURSTON COUNTY
$1,060,434
33
$998,961
34
$1,020,101
24
$1,035,324
32
$655,796
31
$625,357
34
$600,152
41
$624,745
37 $1,552,154
BELLEVUE FEDERAL WAY/ DASH POINT
PUYALLUP
23
$528,067
30
$570,578
33 $840,189
49
$994,690
41
$523,438
35
$518,769
34
$547,137
45
$563,406
41
$777,852
LYNNWOOD/ EDMONDS EVERET T
28
$1,709,005
GIG HARBOR/KEY PENINSULA TACOMA/ UNIVERSITY PLACE
31
$830,624
24
$593,546
36
$617,981
25 $2,644,886
MERCER ISLAND
KIRKLAND/BRIDLE TRAILS
$0K
19
$1,311,718
40
$1,326,714
26
$1,342,848
28
$1,414,027
JUANITA/ WOODINVILLE
LACEY/ DUPONT
35
$2,329,669
REDMOND/ CARNATION
OLYMPIA
AVERAGE DAYS ON MARKET
2023
21
$1,248,907
33
$1,251,098
28
$567,262
38
$573,542
38
$510,346
42
$508,272
28
$375K
GREATER SEAT TLE METRO AREA
$750K
$1.1M
$1.5M
$1.8M
$2.2M
$2.6M
$3M
$3.3M
BERKSHIRE HATHAWAY HOMESERVICES
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
GREATER SEATTLE METRO AREA 2023
2022
NUMBER OF CLOSED UNITS
11,000 10,000
900
9,000
800
8,000
700
7,000
600
6,000
500
5,000
5,555
400
5,100
4,000
300
3,000
200 2,759
2,000
2,073
2,523
319 278
259
265
298
289 254
216
318
297
354
224
219
100
2,085
204
177
143
GIG HARBOR/ KEY PENINSULA
FEDERAL WAY/ DASH POINT
BELLEVUE
KENT
BURIEN/ NORMANDY PARK
NORTH SEAT TLE
WEST SEAT TLE
755
THURSTON COUNTY
SNOHOMISH COUNTY
PIERCE COUNTY
KING COUNTY
877
CENTRAL SEAT TLE
1,000
1,750
700
1,500
600
1,250
500
1,000
218
277
500
729
250
100
275
TACOMA/ UNIVERSITY PLACE
KIRKLAND/ BRIDLE TRAILS
REDMOND/ CARNATION
GREATER SEAT TLE METRO AREA
524 369
396 328
376
89
JUANITA/ WOODINVILLE
96
42
MERCER ISLAND
43
570
OLYMPIA
211
834
EVERET T
200
750
LYNNWOOD/ EDMONDS
311
PUYALLUP
300
303
252
234
LACEY/DUPONT
400
BERKSHIRE HATHAWAY HOMESERVICES
Mid-Willamette Valley (Marion, Polk, Linn, and Benton) Due in part to the usual seasonal cooldown, the real estate market in the Mid-Willamette Valley felt the winter chill. New listings, active listings, closed transactions, pending sales, and sales prices were all lower than this time last year, while homes stayed on the market longer. As winter in the MidWillamette Valley thaws into spring, expect sales activity to warm along with the weather. DAYS ON MARKET In the Mid-Willamette Valley, average days on market (52) was up 24% from this time last year. In Stayton, days on market skyrocketed 71% year-over-year, to end Q4 2023 at an average of 48 days. AVERAGE SALES PRICE Average sales price ($435,358) fell 1% compared with this time last year. In Independence, average sales price declined 12% to $401,053, but Stayton proved a bright spot for the region; average sales price was up 86% year-over-year, finishing the quarter at $618,135 compared with $332,011 in Q4 2022. PENDING SALES, NEW LISTINGS, & ACTIVE LISTINGS Pending sales in Marion and Polk Counties (795) missed the mark by 5% from year-ago figures, new listings (966) dropped 9%, and active listings (2,106) declined 11%. HOME SALES Closed transactions (860) were down 11% from year-ago figures. On a percentage basis, closed units dropped the most in Independence, falling 36% year-over-year to 18. In Stayton, closed units went against the regional trend, rising 21% compared with this time last year, to end Q4 2023 at 17.
PAC I F I C N O R T H W ES T
Q4
2023 MARKET REPORT
MID-WILLAMETTE VALLEY 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $431,794
SALEM/ KEIZER
40
$423,635
52
$332,011
STAYTON
28 $618,135
DALLAS
$426,337
42
$426,689
57
$452,762
MONMOUTH
51
$407,402
37
$455,176
INDEPENDENCE
66
$401,053
PHILOMATH ALBANY
50 $465,242
32
$462,444
42
$446,767
39
$447,376
44
CORVALLIS LEBANON
$519,530
39
$519,711
39
$376,682
71
$380,221
58
$314,494
SWEET HOME
63
$332,767
$0K
MID-WILLAMET TE VALLEY
$100K
$200K
48
$300K
70
$400K
$500K
$600K
BERKSHIRE HATHAWAY HOMESERVICES
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
MID-WILLAMETTE VALLEY 2023
2022
NUMBER OF CLOSED UNITS 1200 1000 800 600
638 531
400 200
320
SALEM/ KEIZER
300 280 260 240 220
216
200 180 160 140
134
120
137 113
100 98
80
90
90 72
60
52
40
40
MID-WILLAMET TE VALLEY
16
SWEET HOME
18
LEBANON
18
CORVALLIS
28
ALBANY
20
PHILOMATH
MONMOUTH
21
17
DALLAS
STAYTON
14
INDEPENDENCE
20
BERKSHIRE HATHAWAY HOMESERVICES
Central Oregon The Q4 2023 market in Central Oregon was a tale of mixed reviews. New listings were up, active listings edged down. Average days on market lengthened, and closed units dropped, reflecting slower sales activity overall. Central Oregon prices remained on the rise, increasing from year-ago figures as inventory levels remained seasonably low. AVERAGE SALES PRICE In Central Oregon, average sales price increased 5% year-over-year to finish Q4 2023 at $758,865. Average sales price in Sunriver jumped to $839,946, a 38% rise compared with Q4 of 2022. Average sales price in Bend ($855,237) was up 2% from year-ago figures, and this number represented the highest average sales price posted for the region this quarter. CLOSED TRANSACTIONS & PENDING SALES Closed transactions (777) fell 18% compared with this time last year. Closed units were down across the board in Central Oregon, dropping 33% in Redmond/ Terrebonne (155), 17% in Sunriver (30), and 15% in Bend (471). Pending sales increased by just 1%, ending the quarter at 704. NEW LISTINGS & ACTIVE LISTINGS New listings (826) increased 7% year-over-year, while active listings (1,973) fell a slight 1% in Q4 compared with this time in 2022. DAYS ON MARKET Days on market increased 20% year-over-year to end Q4 at 55 days throughout Central Oregon. In Sunriver, days on market had the highest percentage jump, rising 50% from year-ago figures to an average of 60 days.
PAC I F I C N O R T H W ES T
Q4
2023 MARKET REPORT
CENTRAL OREGON 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE $841,480
BEND
53
$514,353
REDMOND/ TERREBONNE
46
$554,035
57
$606,463
SUNRIVER
$0K
44
$855,237
40 $839,946
$150K
$300K
$450K
$600K
$750K
60
$900K
450 NUMBER OF CLOSED UNITS 400 1,200
350
1,050
300
900
250
750
200
600 450
557 471
150
300
100
150
50
232
155
CENTRAL OREGON
30
SUNRIVER
REDMOND/ TERREBONNE
BEND
36
BERKSHIRE HATHAWAY HOMESERVICES
Eugene, Coastal,& Southern Oregon (Lane, Tillamook, and Douglas) Homes in Eugene, Coastal, and Southern Oregon prices edged slightly lower and spent more time on the market this quarter. However, there are strong indications that market activity is on the rise – new listings, active listings, and pending sales all posted Q4 gains. DAYS ON MARKET In Eugene, Coastal, and Southern Oregon, average days on market increased year-over-year by 21% to an average of 46 days this quarter. In Eugene, average days on market jumped 36% to 38 days but in Tillamook, average days on market fell 79% to an average of 19 days, the fastest-moving average posted in the region this quarter. CLOSED TRANSACTIONS In Q4 2023, closed transactions (1,151) dropped 11% from yearago figures. Both Sweet Home and Lebanon went against this regional trend; closed units in Sweet Home (52) increased by 30% from this time last year and closed units in Lebanon (90) increased 25% compared with Q4 2022. Conversely, closings in Oceanside fell 85% year-over-year to end Q4 2023 at 2, and Albany was down 38% at 134 transactions. NEW LISTINGS, ACTIVE LISTINGS, AND PENDING SALES New listings increased 1% to 1,284, active listings climbed 12% to 2,723 and pending sales also increased, rising 6% from year-ago figures to finish Q4 2023 at 1,082. AVERAGE SALES PRICE Throughout Eugene, Coastal, and Southern Oregon, average sales price fell 2% year-over-year to $424,675 compared with $434,808 this quarter last year. Evaluating market performance in each city, only Netarts, Sweet Home, and Lebanon posted average sales price increases. In Netarts, average sales price ($438,722) rose 7% from Q4 2022, in Sweet Home, average sales price ($332,767) climbed 6% from year-ago figures and in Lebanon, average sales price ($380,221) was up 1% compared to this time last year.
Q4
PAC I F I C N O R T H W ES T
2023 MARKET REPORT
EUGENE, COASTAL, & SOUTHERN OREGON 2022
2023
AVERAGE DAYS ON MARKET
AVERAGE SOLD PRICE EUGENE
38 40
$325,299
51
$311,626
GARIBALDI
15 $445,500
100
$357,500
TILLAMOOK
90
$240,000
19 $411,833
NETARTS
72
$438,722
74 $588,917
$150K
EUGENE, COASTAL, & SOUTHERN OREGON
39
$497,000
$0
FLORENCE
$0K
28
$384,481
ROSEBURG
OCEANSIDE
$485,802 $483,998
72
$410,929
55
$403,484
70
$300K
$450K
$600K
$750K
$900K
BERKSHIRE HATHAWAY HOMESERVICES
PAC I F I C N O R T H W ES T
Q4
2023 MARKET REPORT
EUGENE, COASTAL, & SOUTHERN OREGON 2022 850
2023
NUMBER OF CLOSED UNITS
800 750 700
130
650
120
600
110
550
100
500
80 412
77
70
350
74
60
300
50
250
40
200
30 135
100
121
20 10
EUGENE, COASTAL, & SOUTHERN OREGON
5
2
1
6
8
13
OCEANSIDE
ROSEBURG
EUGENE
3
NETARTS
50
2
FLORENCE
150
TILLAMOOK
400
90
494
GARIBALDI
450
BERKSHIRE HATHAWAY HOMESERVICES
©2024 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.