Oregon’s housing market is facing a defining moment. The 2024 Oregon Housing Needs Analysis (OHNA) Report reveals a persistent shortage that has left both buyers and sellers navigating a high-demand, low-inventory market. With nearly 600,000 new homes needed statewide over the next 20 years—including 58,401 homes in Central Oregon alone—the landscape is shifting rapidly.
In 2024, Oregon’s residential real estate market faced several key challenges:
1. Limited Housing Inventory: A persistent shortage of available homes continued to drive up property prices, making it difficult for buyers to find affordable options.
2. Rising Construction Costs: Builders grappled with increased material expenses, labor shortages, and regulatory hurdles, which slowed the pace of new housing developments and exacerbated the supply-demand imbalance.
3. Elevated Mortgage Rates: Higher interest rates discouraged potential buyers, reducing purchasing power and leading to a slowdown in market activity.
4. Affordability Issues: The combination of escalating home prices and stagnant wage growth made homeownership less attainable for many residents, particularly in urban centers like Portland.
5. Regulatory Challenges: Despite legislative efforts to address housing shortages, such as the passage of SB 1537 in 2024 to expand urban growth boundaries, implementation faced delays due to bureaucratic processes and local opposition.
“Oregon’s housing supply has struggled to keep up for years, and this report shows just how significant the gap has become,” says Steve Studley, CEO of Cascade Hasson Sotheby’s International Realty. “For sellers, this means strong demand and rising home values. For buyers, it’s more important than ever to have expert guidance to secure the right home at the right price.”
Let’s break down what this means for you—whether you’re looking to sell at a premium or secure a home before competition intensifies.
🏡 Why Now is the Time to Sell
With homebuilding lagging behind demand, sellers are in a powerful position to capitalize on low inventory and rising competition.
✅ Low Inventory = Faster Sales & Stronger Offers
Oregon needs 50,300 homes just to catch up from years of underbuilding. This gap has created a strong seller’s market, where homes sell quickly, often at or above the asking price.
✅ Population Growth is Fueling Demand
With over 400,000 new residents in Oregon since 2010, homeownership demand has skyrocketed while supply remains stagnant. If you’re considering selling, this demand positions your property as a hot commodity.
✅ Luxury & Second Homes are in High Demand
17,300 homes have been removed from the market for short-term rentals and vacation homes, particularly in sought-after locations like Bend and the Oregon Coast. If you own in these areas, now is an ideal time to sell to eager buyers.
🔹 “Sellers are in a strong position right now,” says Steve Studley, CEO of Cascade Hasson Sotheby’s International Realty. “With demand far outpacing supply, properly priced homes are selling quickly—and at a premium.”
🏠 What Buyers Should Know in This Competitive Market
Despite the challenges of a low-inventory market, there are still opportunities for buyers who move strategically.
✅ Home Prices Remain Strong & Stable
Unlike other markets experiencing major fluctuations, Oregon’s real estate values continue to hold steady. This makes buying now a smart long-term investment.
✅ New Housing is Coming—But It Won’t Meet Demand Overnight
Oregon is planning to build 29,500 homes per year, with Portland expected to add 57,000 homes in the next 20 years. However, this is still below Gov. Tina Kotek’s goal of 36,000 homes per year, meaning buyers should act now to secure homes before inventory pressures intensify.
📌 “Oregon remains an incredibly desirable place to live, invest, and build wealth through real estate,” adds Steve Studley. “With a clear picture of future housing needs, buyers can position themselves to purchase wisely before competition intensifies.”
📊 What’s Next for Oregon’s Housing Market?
With the housing shortage showing no signs of immediate relief, the market is expected to remain competitive through 2024 and beyond. Whether you’re looking to sell for maximum value or buy before prices rise further, now is the time to plan your next move.
🌟 Want to explore Oregon’s best properties?
Check out our newly released Winter 2025 Luxury Lookbook, featuring over 100 exceptional homes across Oregon and SW Washington. Each listing includes the top five reasons it stands out, helping buyers quickly assess if it’s the right fit.
📖 Browse now at www.LuxuryLookbook.com
With a market this competitive, having the right real estate advisor is essential.
Cascade Hasson Sotheby’s International Realty provides:
✔ Exclusive Access to Off-Market Listings & High-Demand Properties
✔ Global Brand Recognition that Attracts the Right Buyers
✔ Expert Local Market Knowledge to Guide Smart Decisions
✔ Sophisticated Digital Marketing & High-End Photography
✔ Comprehensive Support from Pricing Strategy to Closing
📞 Call us at: 541-383-7600
📧 Email us at: info@cascadehasson.com
Connect with a Real Estate Advisor
🌎 Visit us online at: www.CascadeHasson.com
📢 Share this with anyone thinking about buying or selling in Oregon!
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