2024 Cannon Beach Real Estate Market Report
Inventory Overview
Cannon Beach, one of Oregon's most iconic coastal towns, continues to be a highly desirable location for homebuyers seeking a blend of natural beauty, luxury, and small-town charm. Over the past 12 months, the real estate market in Cannon Beach has seen fluctuations in inventory, with an average of 20 active listings per month. Inventory peaked in April 2024, with 24 active listings, and hit a low of 15 listings in January 2024. These inventory numbers reflect a moderately-sized market with more listings than neighboring areas like Arch Cape, but still constrained by the limited availability of land and strict zoning regulations.
New listings in Cannon Beach have averaged 6 per month over the past year, with a high of 9 new listings in May 2024 and a low of 4 listings in January 2024. This relatively stable flow of new listings ensures that buyers have a range of options, but the market remains competitive, especially for homes offering ocean views or proximity to the beach.
The average list price for active homes in Cannon Beach has consistently stayed above the $1 million mark, with an average listing price of $1.3 million over the last 12 months. This is indicative of Cannon Beach’s reputation as a premium coastal destination, where homes often feature high-end finishes and are located near some of the most scenic spots on the Oregon coast, such as Haystack Rock.
Market Trends
The real estate market in Cannon Beach over the last year has shown resilience despite broader economic concerns such as rising interest rates. The number of pending listings has averaged 5 per month, with highs of 7 pending listings in March and June 2024. This level of buyer interest demonstrates the continued demand for homes in this coastal town, even as the national housing market experiences volatility.
The months of inventory metric, which measures how long it would take to sell all active listings at the current sales pace, has averaged around 5 months over the last year. In April 2024, this figure jumped to 12 months, signaling a temporary slowdown in sales activity, but by May 2024, the months of inventory dropped sharply to 2.78 months, indicating a swift uptick in buyer demand. This trend highlights the seasonal nature of Cannon Beach's real estate market, where activity often picks up in the spring and summer months as buyers look to secure vacation homes before peak tourist season.
Historical Price Trends (2019–2024)
To understand the broader context of Cannon Beach’s real estate market, it’s important to look at price trends from 2019 onwards. Over the last five years, Cannon Beach has experienced significant appreciation in home values, driven by a combination of factors including limited inventory, increased demand for coastal properties, and the town’s appeal as both a vacation destination and a permanent residence.
From January 2019 to September 2024, the average sale price of homes in Cannon Beach has increased from $530,000 in early 2019 to over $1.1 million in 2024. This represents a 107% increase in just five years, underscoring the rapid appreciation of real estate in this market.
The data shows that between 2019 and 2020, prices remained relatively stable, with only modest growth. However, in 2021, the market saw a surge in demand as buyers sought out coastal properties during the COVID-19 pandemic, driving prices up by 10-12% year-over-year. This trend continued into 2022, with average sale prices exceeding $900,000. By 2023 and 2024, prices had crossed the $1 million mark, with certain premium homes—particularly those with oceanfront views or located in prime neighborhoods—selling for well above this average.
The median sale price has followed a similar upward trajectory. In January 2019, the median sale price was $499,000. By September 2024, it had nearly doubled to $900,000, reflecting the overall increase in property values. The increase in median price is particularly notable in the higher-end segment of the market, where homes with ocean views or direct beach access have consistently attracted higher prices.
The sale-to-list price ratio has also remained relatively strong throughout this period, hovering between 95% and 98%. This indicates that, even as prices have risen, buyers have continued to show a willingness to pay close to or at the asking price, especially for homes that are competitively priced or located in desirable areas. This consistency suggests that the Cannon Beach market has remained healthy, with demand matching supply even as prices have climbed.
Sales Activity
Over the last year, Cannon Beach has seen an average of 4 homes sold per month, reflecting steady, if somewhat modest, sales activity. January 2024 saw a spike in sales with 5 homes sold, while February and March 2024 each recorded 2 home sales. The summer months, particularly May 2024, saw increased sales volume with 9 homes sold, highlighting the seasonal nature of the market.
One of the standout trends in Cannon Beach is the amount of time homes spend on the market before selling. The average days on market (ADOM) for sold properties was 164 days, with a high of 268 days in February 2024 and a low of 83 days in April 2024. This wide range suggests that while some homes sell quickly—especially those in prime locations or priced competitively—others may linger on the market longer, particularly if they are priced at the higher end of the spectrum or require updates.
Cash buyers have played a significant role in the Cannon Beach market, particularly for high-end homes. These buyers, many of whom come from out-of-state, are drawn to Cannon Beach for its natural beauty, walkability, and proximity to Portland. The availability of financing at favorable terms has become less critical in this market, with many buyers preferring to close quickly with cash offers, allowing them to avoid the complications of financing in a fluctuating interest rate environment.
Conclusion
The Cannon Beach real estate market in 2024 has demonstrated stability and resilience, even in the face of broader economic challenges. With limited inventory, steady demand, and high home values, Cannon Beach continues to be one of the most sought-after coastal towns on the Oregon coast.
For buyers, Cannon Beach offers a unique opportunity to invest in a market where home values have historically appreciated steadily. Whether you're looking for a vacation home or a permanent residence, Cannon Beach provides a blend of natural beauty, luxury, and community that is hard to find elsewhere. The data suggests that while some homes may take longer to sell, particularly at higher price points, the overall strength of the market means that well-priced, desirable properties will continue to attract buyers.
For sellers, now is an opportune time to list, particularly as demand remains strong and prices remain high. Homes that are move-in ready, feature ocean views, or are located near Cannon Beach’s central amenities will likely sell quickly and close to asking price. Sellers should be mindful of the sale-to-list price ratio, which remains high, ensuring that well-priced homes can attract competitive offers.
Looking ahead, the Cannon Beach market is expected to remain stable, with moderate price appreciation likely through the remainder of 2024 and into 2025. As long as demand for luxury coastal homes remains strong, Cannon Beach will continue to be one of Oregon’s most valuable and exclusive real estate markets.
This expanded report now includes detailed historical data on price trends from 2019 onward, providing a comprehensive look at how the Cannon Beach market has evolved over the last five years. If you would like to speak with a broker about Nehalem Oregon, please contact any of our experienced Home + Sea Realty Brokers.
