Nehalem Real Estate: 2024 Market Trends and Overview
In 2024, Nehalem, Oregon real estate continues to attract buyers seeking a peaceful lifestyle with access to both the coast and the Nehalem River. The town offers a variety of homes, from historic houses with character to land for custom builds, making it an appealing location for those looking to settle near the water. Below is a detailed overview of the Nehalem real estate market, covering inventory, market trends, sales activity, and a concluding outlook for 2024.
1. Inventory Overview
Nehalem’s real estate market offers a range of property types, including riverfront homes, residential homes with acreage, and vacant land for development. The town’s proximity to Nehalem Bay, along with its small-town charm, continues to attract both full-time residents and second-home buyers.
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Active Listings: As of 2024, the median home price in Nehalem is approximately $475,000, reflecting a balanced mix of higher-end homes and more affordable properties. Available listings include:
- Riverfront properties along the Nehalem River, where prices for homes with water access and views typically range from $500,000 to $800,000.
- Single-family homes in the town center or on the outskirts, priced between $350,000 and $500,000.
- Vacant land, ranging in price from $120,000 to $300,000, ideal for those looking to build custom homes.
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Days on Market: The average days on market for homes in Nehalem is around 50 days, slightly quicker than in previous years. However, some properties have been on the market longer, such as:
- 2320 Foss Road: Listed at $639,000, this 4-bedroom, 2-bathroom home has been on the market for 93 days. Despite its spacious acreage and proximity to the river, it’s waiting for the right buyer.
- 43505 Carol Dr: This 5-bedroom, 3-bathroom home, priced at $874,999, has been on the market for over 125 days. The property’s rural setting makes it appealing for buyers seeking peace and privacy, but the extended time on the market reflects the slower pace for rural properties in Nehalem.
- 15585 Lairs Lair: This riverside home with a small shop has been on the market for 203 days. This home even has a private dock but no buyer has been found for it yet.
- 36055 10th ST: This home has recent upgrades and, new siding and more with a dock only two blocks away. This 3 beds and 2 bath has not attracted any attention either at $475,000 and waiting for a new owner with 88 days on the market. Well over the Nehalem average.
Nehalem’s inventory includes a mix of historic homes, newer builds, and vacant land, offering buyers a wide range of options in a market that continues to balance demand with availability.
2. Market Trends
The 2024 Nehalem real estate market is shaped by a variety of trends, from increased demand for custom homes to stabilized pricing after several years of growth.
Price Stabilization
After several years of sharp appreciation, Nehalem's real estate market has seen prices stabilize. The median home price has decreased slightly by 2% compared to 2023, aligning with broader regional trends along the Oregon coast. This softening reflects a cooling demand as rising interest rates have slowed down some buyer activity, though Nehalem’s unique setting continues to draw interest.
Increased Interest in Custom Homes
Nehalem has experienced a growing demand for vacant land as more buyers seek to build custom homes. With land prices ranging from $120,000 to $300,000, buyers are finding opportunities to design homes that fit their exact needs. The combination of proximity to the Nehalem River and the quiet, natural surroundings makes Nehalem an attractive option for those looking to build.
Second Homes and Rentals
The town remains popular with buyers looking for vacation homes or rental properties. Homes along the river or those with scenic views of Nehalem Bay continue to be in high demand. Buyers are drawn to the area’s natural beauty and the potential for both short- and long-term rental income, especially given Nehalem’s appeal to tourists and outdoor enthusiasts.
Steady Demand for Affordable Homes
While luxury and custom homes attract high-end buyers, there is a steady demand for affordable homes priced below $500,000. Properties in this range, particularly those near the town center or with easy access to local amenities, are attractive to first-time buyers, retirees, and families seeking a quieter lifestyle.
3. Sales Activity
Sales in Nehalem have remained consistent throughout 2024, with demand for well-priced homes driving steady activity. Here’s a breakdown of recent sales and key trends:
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Recently Sold Homes: Several homes have sold in Nehalem recently, reflecting strong buyer interest:
- 40560 North Fork Road: This riverfront property sold for $725,000, just slightly below its listing price. The home featured panoramic river views, private access to the water, and modern updates, making it highly desirable.
- 36385 9th Street: Located near the heart of Nehalem, this 3-bedroom home sold for $450,000. Its proximity to downtown and scenic surroundings contributed to a quick sale, highlighting the demand for properties near local amenities.
- Vacant land on Lower Nehalem Road sold for $185,000. The lot, with river views and access to outdoor activities, demonstrates the growing interest in custom home construction in Nehalem.
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Price Adjustments: Many homes in Nehalem have sold close to their asking prices, although some have seen minor price reductions of about 3-5%. Buyers are willing to pay for the location, particularly homes with water access or scenic views.
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High-Interest Properties: Homes with river access or views of Nehalem Bay tend to sell faster and for closer to their asking prices. Properties priced between $400,000 and $600,000 are in the highest demand, especially if they feature modern updates or access to outdoor activities.
4. In-Demand Properties and Price Trends Over the Last 5 Years
What Properties Are Most in Demand?
Nehalem’s most desirable properties include those with river access, scenic views, and historic charm:
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Riverfront Homes: Properties along the Nehalem River are consistently in demand. Homes that offer direct river access, boat docks, or scenic water views are typically priced between $500,000 and $800,000, making them ideal for second-home buyers and those seeking a peaceful, waterfront lifestyle.
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Homes Near the Town Center: Affordable homes near Nehalem’s small but lively downtown area are also in high demand. These homes, often priced between $350,000 and $500,000, attract buyers looking for a combination of community and proximity to outdoor activities like kayaking, fishing, and hiking.
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Vacant Land for Custom Builds: The growing interest in custom homes has increased the demand for vacant land. Buyers are seeking lots near the river or in more secluded areas for custom home construction, with prices ranging from $120,000 to $300,000 depending on location and size.
How Have Home Prices Changed Over the Last 5 Years?
Nehalem’s real estate market has seen significant growth over the past five years, particularly during the pandemic years when demand for coastal properties surged:
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2019-2020: The median home price in Nehalem was around $350,000, with steady growth driven by local demand. Home prices appreciated at a modest rate of about 4-5% annually during this period.
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2021-2022: The market saw a substantial increase during the pandemic, with more buyers seeking second homes and properties outside urban areas. By 2022, the median home price had risen to $475,000, reflecting an 18% year-over-year increase.
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2023-2024: The market has stabilized somewhat in 2024, with a slight 2% decline from 2023. However, the overall trend shows that prices have increased by approximately 30% since 2019, with the current median home price sitting at $475,000.
Conclusion
The 2024 real estate market in Nehalem, Oregon, continues to offer strong appeal for a variety of buyers, from those seeking peaceful riverfront properties to families and retirees looking for affordable homes in a close-knit community. Although the market has seen a slight price adjustment compared to the last couple of years, demand remains strong, particularly for homes with water access and scenic views.
For buyers, Nehalem offers a diverse range of options, from historic homes to vacant land for custom builds. Sellers, especially those with well-maintained homes or properties with desirable views, can still expect strong interest in 2024.
With a mix of affordability, natural beauty, and proximity to outdoor activities, Nehalem is well-positioned to remain a desirable location for both full-time residents and those seeking vacation properties. As demand for custom homes and affordable options continues, Nehalem is set to retain its appeal as a small-town coastal destination.
If you would like to speak with a broker about Nehalem Oregon, please contact any of our experienced Home + Sea Realty Brokers.
