Bright Future Ahead: Oregon’s Real Estate Market Gains Momentum for 2025
Despite rising interest rates, the Oregon real estate market is showing signs of resilience as 2025 approaches. November 2024 statistics from RMLS reveal a positive outlook, particularly in Salem and the surrounding areas, where promising trends suggest a strengthening market.
One of the most notable indicators is the rise in the average sale price, which now sits at $556,560—a 3.7% increase compared to November 2023. Similarly, the median sale price rose to $493,000, reflecting a 3.8% increase from last year. These gains signal not only steady home values but also a market that continues to attract buyers willing to invest in the region.
Active listings are also on the rise, with 11,301 properties available in November—a 13.3% increase compared to the same time last year. This boost in inventory is critical for meeting demand, especially as population growth continues in Salem and across Oregon. Coupled with a 12.2% increase in new listings from November 2023, this upward trend offers hope for more options in the housing market moving forward.
Another encouraging sign is the jump in closed sales, which reached 3,395 in November 2024—a significant 23.7% increase compared to last year. The rise in closed sales underscores buyer confidence and the ability of REALTORS® to guide clients through complex transactions in a high-interest-rate environment.
As we move into 2025, the Mid Valley Association of REALTORS® remains committed to collaborating with the City of Salem and state legislators to address housing challenges. Efforts to increase inventory, streamline development processes, and create more affordable housing solutions are central to the association’s mission.
These November metrics reflect a market that is beginning to adapt and thrive despite economic headwinds. With a continued focus on increasing inventory and addressing housing needs, we remain optimistic about the opportunities the new year will bring for Salem and the broader Oregon real estate market.