NPR’s Marketplace takes listeners “beyond the numbers, bringing you the context.” Let me try to do the same with the Lake Oswego real estate numbers.

44 – That is the median number of days the current inventory of homes has been on the market. Of the homes that have sold, 27.5 is the median number of days they were on the market which is actually 22 more days than the homes that sold in June of last year. That speaks to the tug higher interest rates continue to have on the market.

50 – is the number of homes that sold in Lake Oswego in June, a 43% increase over the 35 that sold in June of 2023.

12% – is the percentage increase in the median sale price of homes sold in June of 2024 compared to June of 2023. That median sale price was $1,065,000.

3.6 – is the months of inventory currently on the market, meaning the number of homes for sale relative to the amount of homes purchased which puts us in a balanced market.

73 – is the number of price changes in the Lake Oswego/West Linn housing market in just one day last week which speaks to the higher inventory and the need for sellers to rely on Realtor’s estimated market values versus what they think they’d like to get. It also tells buyers that there is room for negotiation on many homes listed.

13 – is the number of homes that went back on the market in one day last week which usually happens because (a) a sale fails due to buyers walking away or (b) a seller putting a house back on the market after taking it off for a bit. Sales fail for a variety of reasons from issues that arise during an inspection that can’t be negotiated to a buyer not qualifying for financing to a simple case of cold feet.

37 – is the number of new listings that came on the market in one day last week. It appears that for every new listing there were two price changes to existing listings so it’s a dynamic market with adjustments being made on a daily basis.

For the rest of the year, people need to understand that this market is changing. Even though the median price is going up, it doesn’t tell the whole story. Many houses are selling for less than seller expectations and for good reason. Interest rates put a crimp on affordability for buyers and sellers need to take that into consideration when pricing their home. A buyer qualifies for 40% less than they did two years ago. Think about those implications. A good Realtor will tell you what you need to hear but it may not necessarily always be what you want to hear.

Working with an experienced hyperlocal Realtor is more important than ever whether you are buying or selling a home in Lake Oswego and the Portland metro area. If you’re thinking of entering the market, please get in touch. We’d love to make sure your next move is your best one!

Kevin Costello kevin.costello@cascadehassonsir.com 503.939.9801

Riley Costello riley.costello@casecadehassonsir.com 971.322.6205