West Coast home sales are surging in 2024, driven by significant year-over-year growth in cities like Portland, San Jose, and Seattle. According to Redfin’s analysis, these regions have seen double-digit increases in home sales, outpacing the national average. With limited inventory and high demand, the West Coast real estate market is setting new benchmarks.
Record-Breaking 2024 West Coast Home Sales
Portland, OR, leads the nation with a staggering 27.6% year-over-year increase in home sales as of November 2024. Other notable cities include:
- San Jose, CA: A 26.2% increase, fueled by Silicon Valley’s robust economy.
- Seattle, WA: Home sales rose by 19.5%, marking its position as a competitive market.
- San Francisco, CA: A 17.7% growth, despite its already premium pricing.
These cities, characterized by their higher-than-average median home prices, are witnessing activity levels that far exceed the national home sales growth of 4.8%.
Limited Inventory Driving Competition
One key factor contributing to the surge in West Coast home sales is the shortage of available listings. Portland saw new listings decline by 20.3% compared to the previous year, the sharpest drop among major U.S. metros except Austin, TX. Other West Coast cities like Oakland, San Jose, and Sacramento also reported significant reductions in listings, tightening the supply even further.
As Redfin Premier real estate agent Josh Felder notes, “Low inventory means homes that check all the boxes are selling quickly with multiple offers, often above the asking price.”
Luxury Markets Thrive in the Bay Area
The Bay Area continues to dominate as the most expensive housing market in the U.S., with San Jose and San Francisco reporting median sale prices of $1.5 million. More than half of homes in these cities are selling for above their asking price, reflecting intense buyer competition.
In November 2024:
- 58.6% of homes in San Jose sold above list price.
- Oakland and San Francisco saw 53.6% and 52.9% of homes exceed their asking price, respectively.
West Coast home sales in 2024 are a testament to the region’s strong demand and competitive nature, particularly in high-price markets like San Jose and Portland. While inventory shortages pose challenges, they also fuel opportunities for sellers in this booming market. As Redfin’s report highlights, the West Coast is poised to continue its upward trajectory, making it a focal point for the U.S. housing market.
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