November in Woodburn’s real estate market looks worse that in is. While buyers enjoyed some relief with declining prices, sellers still saw brisk activity as homes continued to move fast. Here’s a closer look at the numbers and trends shaping this month.
Median Sales Price Takes a Dive
The median sales price for Woodburn in November 2024 dropped to $313,500—a 7.8% decrease compared to November 2023. This significant dip offers buyers a chance to snag properties at more affordable levels than we’ve seen in recent years. Why does it look worse? If you look at the year to date numbers, then the median price drop is 2.5%. So a decline in home values in Woodburn, but it isn’t as severe as the monthly swing might indicate. If you’ve been waiting for the right moment to jump in, this could be it.
Fewer Homes, But Faster Sales
Active inventory is down 36.4% year-over-year, with only 28 homes available. Despite the tight inventory, closed sales surged by 77.8% compared to the previous year. This shows that motivated buyers are making moves, even in a competitive market.
How Fast Are Homes Moving?
Homes are moving at about the same speed as other local markets with a median of 69 days on the market. This is down from last year by 10.4%, but there is a lot of new construction happening in Woodburn so the days on the market numbers are skewed.
List Prices Holding Steady
While sale prices dropped, sellers are still receiving nearly what they’re asking, with the list-to-sale price ratio sitting at 99.1%. This reflects strong demand despite the market softening in other areas.
What Does This Mean for Buyers and Sellers?
- Buyers: With falling prices and steady inventory levels, this is a great opportunity to enter the market.
- Sellers: While the market may feel cooler, the pace of sales shows that there’s no shortage of demand. Pricing your home right is key to capturing buyer interest.
Woodburn’s market is a blend of opportunity and competition as 2024 wraps up. Whether you’re buying, selling, or just keeping an eye on trends, the current data paints a compelling picture of an active, albeit evolving, housing market.
This data came from WVMLS and Altos.