2024 Neahkahnie Real Estate Market Report
Inventory Overview
The inventory in Neahkahnie has historically been tight, with limited active listings available at any given time. Between 2022 and 2024, the number of active listings per month fluctuated between 0-6 listings, with the upper end of the range seen during the summer months when the market typically becomes more active.
For example, in May 2022, there were 6 active listings, the highest point of the year, as sellers took advantage of the increased buyer activity that coincides with the tourist season. However, this was followed by a drop in active listings, with 1-2 active listings reported in the following months. This trend is typical for Neahkahnie, where the real estate market is driven by seasonality, and homeowners often hold onto their properties for vacation use or long-term investment, contributing to the scarcity of available homes.
By 2024, the inventory remained constrained, with an average of 1-2 active listings per month. In the first half of 2024, several months saw no active listings at all, reflecting the limited opportunities for buyers to enter the market.
Market Trends
The real estate market in Neahkahnie has experienced significant growth in home prices from 2022 to 2024. The median sale price rose sharply, driven by increased demand for coastal homes and the limited number of properties available. In May 2022, the median sale price was recorded at $2.5 million, reflecting the increasing interest in premium properties, particularly those with ocean views or proximity to the beach.
The appreciation of home values has been consistent throughout 2022-2024. By August 2023, the average list price had risen to $1.35 million, continuing the upward trend seen over the past several years. Even during slower months, such as in January 2024, the average list price remained high, reflecting the sustained demand for coastal properties in this exclusive area.
Price Appreciation:
- In 2022, the average sale price for homes in Neahkahnie hovered around $972,000 to $2.5 million. For instance, in May 2022, a high of $3.1 million was recorded for sold homes sold by Meadow Davis and built by her father Tom Ayres also of Neahkahnie. This trend continued, with many homes fetching prices well above their listing price, as seen with the 104.3% sale-to-list price ratio in September 2022.
- By 2023, the average sale price rose to $1.69 million, and in August 2023, homes continued to sell for close to their asking price, with the sale-to-list price ratio sitting at 94.7%.
- In 2024, the market shows continued strength. In July 2024, the sale-to-list price ratio reached 101.9%, indicating that buyers are still paying a premium for properties in this desirable coastal market.
Another key market trend has been the decrease in the average days on market (ADOM) for homes sold in Neahkahnie. In June 2022, homes took an average of 47 days to sell. This rapid turnover highlights the competitive nature of the Neahkahnie real estate market, where desirable properties are snapped up quickly.
Sales Activity
Sales activity has followed a similar seasonal pattern, with increased transactions during the warmer months and fewer sales during the winter. In 2022, sales peaked in May and June, when six properties were sold each month. However, as inventory tightened, sales activity slowed, with only 1-2 homes sold per month during the winter of 2022.
The trend continued in 2023, with an uptick in sales during the spring and summer. In May 2023, 2 homes were sold for an average of $2.4 million, followed by strong sales in July 2023 when 4 homes were sold. By the fall of 2023, sales activity had slowed, with only 1-2 sales per month, as is typical for the season. However, the limited number of available listings meant that demand remained strong, and homes continued to sell for close to or above their asking price.
As of 2024, the market has remained steady. In July 2024, 2 homes sold for an average of $1.69 million, and in August 2024, one home was sold for $998,000, illustrating the continued interest in Neahkahnie properties despite the limited inventory.
Historical Price Trends (2022-2024)
From 2022 to 2024, Neahkahnie’s real estate market has seen significant appreciation in property values, driven by demand from both full-time residents and those seeking vacation homes. In early 2022, the median sale price hovered around $900,000 but quickly climbed to $2.5 million by May 2022. This price appreciation is consistent with trends observed across the northern Oregon coast, where increased demand and limited inventory have led to strong price growth.
The rise in home prices has been accompanied by a high sale-to-list price ratio, with many homes selling for more than their asking price. In 2022, homes frequently sold for 110-118% of their list price, with the peak being September 2021, when the record sale-to-list price ratio reached 118.7%. This trend continued through 2023, with homes consistently selling at or above their asking price.
By 2024, the Neahkahnie market has stabilized somewhat, with the sale-to-list price ratio averaging around 100%, reflecting a more balanced market. However, the limited number of available homes and the strong demand for coastal properties mean that prices are likely to continue appreciating, albeit at a slower pace than in previous years with two stale listings.
Conclusion
The Neahkahnie real estate market has been defined by its exclusivity, limited inventory, and steady price appreciation over the past few years. From 2022 to 2024, home prices have risen significantly, driven by demand for luxury coastal properties and the limited number of homes available for sale.
For buyers, Neahkahnie represents a rare opportunity to invest in a premium coastal community where properties are highly sought after, and homes often sell quickly once they hit the market. With prices continuing to rise, buyers should be prepared for a competitive environment, especially for homes with ocean views or other premium features.
For sellers, the current market conditions provide an ideal opportunity to list properties. The combination of rising prices, low inventory, and strong demand means that well-priced homes are likely to attract multiple offers and sell for close to or above their asking price.
Looking ahead, the Neahkahnie real estate market is expected to remain strong, with continued price appreciation, albeit at a slower pace than in recent years. As long as demand for luxury coastal homes remains high, Neahkahnie will continue to be one of Oregon’s most exclusive and valuable real estate markets. Contact Meadow Davis for detailed Neahkahnie Information and off market opportunities.
