Manzanita Real Estate: 2024 Market Trends and Overview
In 2024, Manzanita, Oregon real estate continues to thrive as one of the most sought-after coastal markets in the state. Known for its breathtaking beaches, tranquil environment, and proximity to the Nehalem Bay, Manzanita offers a diverse selection of properties. From luxurious oceanfront homes to cozy inland cottages and vacant land perfect for custom builds, the market appeals to a wide range of buyers, including those seeking vacation homes, investment opportunities, or primary residences. Below is a comprehensive overview of the current real estate market in Manzanita, including trends, inventory insights, sales activity, and a forward-looking conclusion for the remainder of 2024.
1. Inventory Overview
The real estate market in Manzanita continues to offer a variety of properties in 2024, catering to different buyer needs, but inventory remains relatively low due to high demand.
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Active Listings: As of 2024, the median home price in Manzanita is approximately $885,000. The market features a mix of homes, including:
- Luxury oceanfront homes offering expansive views of the Pacific Ocean, typically priced well over $1 million.
- Mid-range homes, which are popular among both vacation home buyers and full-time residents, priced between $600,000 and $1 million.
- Vacant land, which is becoming increasingly popular as buyers look for opportunities to build custom homes, with prices ranging from $175,000 to $600,000 depending on location and proximity to the beach.
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Days on Market: Homes in Manzanita are averaging 58 days on the market, with many properties, especially those near the beach or offering ocean views, selling much faster. Listings that are competitively priced in the $600,000 to $1 million range tend to see multiple offers and shorter time on the market.
2. Market Trends
The 2024 Manzanita real estate market is shaped by several key trends, reflecting broader economic conditions and local demand:
Price Stabilization After Rapid Growth
After experiencing significant price appreciation over the past few years, the Manzanita market has begun to stabilize. The median home price saw a 0.56% decrease year-over-year in 2024, a sign that the rapid growth of recent years has slowed. This trend is likely influenced by rising interest rates, which have tempered demand somewhat. Despite the slight decline, the market remains strong, particularly for homes near the beach, which continue to command premium prices.
Sustained Demand for Vacation Homes and Rentals
Manzanita’s appeal as a destination for vacation homes remains robust in 2024. The town’s proximity to Portland and its scenic coastal setting make it a top choice for second-home buyers and investors looking for rental properties. Homes with easy access to the beach and ocean views are particularly popular, often receiving multiple offers shortly after hitting the market. This demand continues to support the market, particularly for properties in the $600,000 to $950,000 range.
Increasing Interest in Custom Homes and Vacant Land
With limited inventory of move-in-ready homes, many buyers are turning to vacant land to build custom homes. Land near the beach or with desirable views is in high demand, and buyers are increasingly interested in creating their own personalized retreats. This trend reflects a broader move toward long-term investments in custom construction, with buyers willing to wait for the opportunity to design homes that meet their specific needs.
3. Sales Activity
Sales activity in Manzanita remains steady in 2024, with properties selling near their asking prices, especially those with prime locations or ocean views.
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Recently Sold Homes:
- Several high-end ocean view homes sold for well over $1.5 million, reflecting continued interest in luxury properties during late summer.
- Mid-range homes in Manzanita priced between $750,000 and $1.4 million have seen strong demand, particularly those located within walking distance of the beach.
- Vacant land sales continue to increase, as buyers seek opportunities to build custom homes tailored to their needs and preferences.
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Price Adjustments: While the majority of homes are selling at or near asking prices, some luxury properties are experiencing minor price reductions after longer periods on the market. This is particularly true for homes priced over $1.5 million.
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High-Interest Properties: Homes that offer ocean views, proximity to the beach, or are located in desirable neighborhoods tend to sell the fastest. Properties in the $600,000 to $1 million range are particularly popular, often receiving multiple offers within a short period of time.
4. In-Demand Properties and Price Trends Over the Last 5 Years
What Properties Are Most in Demand?
In 2024, the most sought-after properties in Manzanita include:
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Oceanfront and Ocean View Homes: These homes continue to be the most desirable, often selling for over $1.5 million. Properties near the beach or offering expansive ocean views are always in high demand, appealing to both full-time residents and vacation home buyers.
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Mid-Range Vacation Homes: Homes priced between $700,000 and $1 million attract a wide range of buyers, including those looking for second homes, rental properties, or retirement homes. These properties offer a good balance of price, location, and investment potential.
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Vacant Land for Custom Builds: With fewer move-in-ready homes available, many buyers are turning to vacant land to build custom homes. Land near the beach or in scenic areas remains popular, with buyers seeing long-term value in designing their own homes.
How Have Home Prices Changed Over the Last 5 Years?
The Manzanita real estate market has experienced strong growth over the past five years, driven by increased demand for coastal properties:
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2019-2020: The median home price was approximately $725,000, with annual growth driven by interest in second homes and coastal living.
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2021-2022: The market surged during the pandemic, with the median home price reaching $850,000 by the end of 2022, marking a 17% year-over-year increase.
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2023-2024: Although growth has slowed, the market remains strong, with the median home price in 2024 sitting at $885,000, a 22% increase from five years ago.
Conclusion
In 2024, the Manzanita real estate market presents a balanced blend of opportunity and exclusivity, appealing to both buyers and sellers alike. The market remains highly competitive, particularly for properties offering proximity to the beach, ocean views, or the chance to build a custom home on vacant land. Buyers are drawn to the town’s scenic beauty, charming atmosphere, and accessibility from major urban areas like Portland, making Manzanita an ideal location for vacation homes, rental properties, and full-time residences.
For buyers, the range of options in Manzanita is diverse. The market caters to those seeking luxury oceanfront estates, but also provides opportunities for mid-range homes and custom builds. With home prices stabilizing after a period of rapid appreciation, now may be an opportune time for those who previously felt priced out of the market. Despite price stabilization, the long-term value of property in this area is strong, particularly given Manzanita's reputation as one of the more exclusive coastal towns along the Oregon coast.
Sellers in the area can still expect strong interest in well-maintained homes, particularly those located near the beach or with desirable features like ocean views. Homes that offer vacation rental potential remain in high demand, and those priced competitively are seeing multiple offers and relatively short time on the market. The strong demand for homes in the $600,000 to $1 million range also ensures that sellers have plenty of opportunities to negotiate favorable terms.
Moreover, the growing interest in vacant land for custom builds presents a unique dynamic in the market. With fewer move-in-ready homes available, buyers are increasingly turning to land purchases to create custom homes that suit their needs. This trend indicates a robust future for the market, as more buyers opt for long-term investments in custom construction, particularly in prime locations near the beach.
Overall, the Manzanita real estate market remains one of Oregon's most desirable coastal markets. With its mix of scenic beauty, small-town charm, and steady property values, Manzanita is set to remain a top choice for buyers seeking a coastal lifestyle in 2024 and beyond. The town’s unique combination of natural beauty and accessibility ensures that demand will continue, supporting steady growth and stability in the market.
If you would like to speak with a broker about Manzanita Oregon, please contact any of our experienced Home + Sea Realty Brokers.
