Is McMinnville, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, McMinnville has remained a Seller's Market.
Key Takeaway
McMinnville is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in McMinnville, OR
How much do homes in McMinnville, OR cost?
Median Sold Price
$474,758
$276/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in McMinnville have sold for 2.3% more than they did a year ago.
Summary: The median home sold price in McMinnville was $474,758 in May 2024, up 2.3% from last year, and the median price per square foot was $276.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $389.9K | $444K | +13.9% |
| 2 Bedrooms | $380K | $370K | -2.6% |
| 3 Bedrooms | $450K | $450K | 0.0% |
| 4 Bedrooms | $563.5K | $549.9K | -2.4% |
| 5+ Bedrooms | $547.5K | $560.2K | +2.3% |
Summary: McMinnville housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.9%, 2 bedroom homes decreased by 2.6%, 3 bedroom homes did not change, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 2.3%.
Median Sold Price Compared To Nearby Cities
| Dayton-Amity | $454.2K | $470K | +3.5% |
| McMinnville | $464.3K | $474.7K | +2.3% |
Housing Supply in McMinnville, OR
How many homes are available in McMinnville, OR?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 148 | 140 | -5.4% |
Summary: The McMinnville real estate market had 140 homes for sale in May 2024, a 5.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 5 | -50.0% |
| 3 Bedrooms | 75 | 72 | -4.0% |
| 4 Bedrooms | 48 | 47 | -2.1% |
| 5+ Bedrooms | 14 | 15 | +7.1% |
Summary: The McMinnville housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 4%, 4 bedroom homes decreased by 2.1%, and 5+ bedroom homes increased by 7.1%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 38 | 34 | -10.5% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
24 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in McMinnville, expect to pay close to the asking price. 70.6% of homes here sold near the asking price last month.
Summary: A total of 34 homes were sold or pending in McMinnville in May 2024, down by 10.5% month-over-month. Of the 34 sold homes, 15% were sold under asking, 71% were sold at asking, and 15% were sold over asking.
Days on Market for McMinnville, OR
How long does it take to sell a home in McMinnville, OR?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 38 Days | 50 Days | +33.9% |
Summary: Homes in McMinnville had an average of 50 days on market in May 2024, up by 33.9% compared to last year.
Breakdown of Home Sale Times
21 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in McMinnville are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 34 homes were sold in McMinnville; 62% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.
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