Rockaway Beach Real Estate: 2024 Market Trends and Overview
In 2024, Rockaway Beach Oregon real estate continues to offer a desirable coastal retreat with a variety of property types ranging from oceanfront estates to affordable single-family homes and development-ready land. Buyers are drawn to the charm of small coastal living, along with its relative affordability compared to more well-known Oregon coastal towns. Below is an in-depth overview of the real estate market, including trends, inventory insights, sales activity, and a concluding outlook for Rockaway Beach Oregon real estate.
1. Inventory Overview
The Rockaway Oregon real estate market is home to diverse listings, from multimillion-dollar beachfront homes to smaller vacation properties, with something for buyers across the financial spectrum.
- Active Listings: As of 2024, the median price of homes listed in Rockaway Beach Oregon real estate hovers around $499,000, which represents a slight decrease from 2023 when the median was closer to $512,000. This decline reflects a cooling off in the market, allowing more entry-level buyers to consider the area. Homes for sale include:
- Oceanfront homes such as 18000 Ocean Blvd listed at $2.45 million, showcasing expansive ocean views and high-end finishes.
- Modest single-family homes like those along S Neptune Street, with recent listings starting at around $375,000.
- Vacant land for custom builds is also prevalent, with many lots priced between $150,000 and $300,000 depending on proximity to the beach.
- Days on Market: Homes in real estate Rockaway Beach Oregon are spending an average of 53 days on the market, which is a notable improvement from the 2023 average of 67 days. This reduction indicates a faster pace of sales, especially for competitively priced homes.
The range of available homes and land indicates a balanced market where both high-end buyers and those with more modest budgets can find options that suit their needs.
2. Market Trends
Several key trends define the Rockaway Beach Oregon real estate listings in 2024:
Price Stabilization
After several years of price appreciation, the Rockaway Beach Oregon real estate market has begun to stabilize. The median price of homes for sale has dropped slightly, with a 2% decrease from 2023. This softening is partly due to the broader regional market cooling, as rising mortgage rates have tempered demand.
Continued Demand for Vacation and Second Homes
Despite overall price stabilization, demand for vacation homes remains robust. Properties near the ocean or offering beach access, such as 29285 S Bayview Blvd (sold for $670,000) and 121 S Falcon St (sold for $322,000), continue to attract buyers looking for both personal retreats and rental income opportunities. Coastal homes remain a hot commodity for both long-term rentals and short-term vacation rental opportunities, given Rockaway Beach’s tourist appeal.
Shifts Toward More Affordable Properties
There has been increased interest in affordable homes and vacant lots. As home prices have decreased slightly and inventory has expanded, buyers who were previously priced out are re-entering the Rockaway Beach Oregon real estate market. Listings in the $300,000–$500,000 range, such as properties on Neptune Street and Dolphin Street, have become more attractive to first-time buyers and investors.
Additionally, buyers seeking to build custom homes are taking advantage of the lower price points of vacant land. This trend is contributing to a diverse market that caters to both luxury and more affordable segments.
Slightly Longer Listing Times
Homes are staying on the market for a bit longer in 2024 than in prior years. While high-demand properties (such as oceanfront homes) can sell within a few weeks, the average time on the market has increased to around 53 days. This is partly due to the national economic slowdown and buyers being more cautious. However, Rockaway Beach is faring better than many other markets, where homes may sit unsold for several months.
3. Sales Activity
Sales activity in Rockaway Beach Oregon real estate continues to be steady, despite minor fluctuations in pricing. Recent sales data reveals the following trends:
- Recently Sold Homes: Several properties in Rockaway Beach have sold recently, providing insight into the health of the market.
- 29285 S Bayview Blvd sold for $670,000, slightly under its listing price of $699,000. This sale reflects the continued interest in well-located homes with beach proximity, even at higher price points.
- 121 S Falcon St sold for $322,000, underscoring the demand for homes priced in the mid-range. This 1,664 sq. ft. home with 4 bedrooms and 2 bathrooms represents an attractive option for buyers looking for affordable coastal homes.
- 132 S Neptune St sold for $385,000, offering 1,120 sq. ft. of living space across 3 bedrooms and 2 bathrooms. Its relatively quick sale (within 62 days) demonstrates that well-maintained, competitively priced homes continue to move quickly.
- Price Adjustments and Negotiations: Many homes have sold below their original asking prices, with price reductions averaging 5-10% off the list price. For instance, 1435 N Pacific Ln sold for $1,125,000, approximately 5% below its listing price of $1,179,000. Buyers are becoming more conservative in their offers, leading to slightly more negotiation room for those willing to make competitive bids.
- High-Interest Properties: Some of the hottest homes—especially those with ocean views or modern upgrades—are receiving multiple offers. These properties often go under contract in as little as 9-14 days, compared to the market average of 53 days.
4. In-Demand Properties and Price Trends Over 5 Years
What Properties Are Most in Demand?
Certain types of properties in Rockaway Beach Oregon real estate listings consistently attract more buyer interest, particularly in 2024. These include:
- Oceanfront Homes: As expected, properties along the coastline are among the most sought-after. Listings like 29285 S Bayview Blvd (sold for $670,000) and 1435 N Pacific Ln (sold for $1,125,000) showcase the premium buyers are willing to pay for beach access, stunning views, and high-end finishes. These homes attract both buyers seeking personal retreats and investors looking for vacation rentals.
- Mid-Range Homes Near the Beach: Homes in the $300,000–$500,000 range that are within walking distance to the beach are also in high demand. Properties like 121 S Falcon St and 132 S Neptune St, which sold in the mid-$300,000s, exemplify the interest in affordable, move-in-ready homes that can serve as vacation properties or second homes.
- Vacant Lots: With more buyers interested in custom homes, vacant land is becoming a popular option. These lots, particularly those close to the beach or nestled in more secluded areas, are perfect for those looking to build personalized retreats.
How Home Prices Have Changed Over the Last 5 Years
Over the past five years, Rockaway Beach Oregon real estate has seen a steady increase in home prices, particularly from 2019 to 2022, when coastal demand surged due to remote work trends and buyers seeking vacation homes. Here’s a breakdown of price trends:
- 2019-2020: The median price of homes in Rockaway Beach was around $350,000. At this point, the market was relatively steady, with prices appreciating at a rate of around 3-4% annually.
- 2021-2022: The market saw rapid price growth during the pandemic, as buyers flocked to coastal areas. The median price rose to $450,000, reflecting an 18% increase year-over-year in 2021. Low interest rates and the ability to work remotely fueled much of this growth.
- 2023-2024: While home prices have softened slightly in 2024, with a 2% decline from 2023, the long-term trend remains one of appreciation. The current median price of $499,000 is still significantly higher than it was five years ago, reflecting overall growth of approximately 42% since 2019.
Conclusion
The 2024 real estate market in Rockaway Beach, Oregon, offers a mix of opportunities for both buyers and sellers. The market has shifted slightly from its previously rapid appreciation, providing a more stable environment with balanced pricing. Inventory has expanded, offering more choices for a wide range of buyers, from high-end oceanfront estates to affordable mid-range homes and vacant land for custom development.
While price stabilization marks 2024 as a transitional year, the demand for vacation homes and properties with rental potential remains high. Oceanfront properties continue to attract top dollar, while more affordable homes are seeing renewed interest due to the slight drop in prices.
If you would like to speak with a broker about Rockaway Beach, please contact any of our experienced Home + Sea Realty Brokers.
