Is Hermiston, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Hermiston was a Seller's Market.
Key Takeaway
Hermiston is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Hermiston, OR
How much do homes in Hermiston, OR cost?
Median Sold Price
$347,307
$210/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Hermiston have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Hermiston was $347,307 in March 2024, up 3.7% from last year, and the median price per square foot was $210.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $90K | N/A |
| 2 Bedrooms | $234.9K | $235K | 0.0% |
| 3 Bedrooms | $320K | $343.7K | +7.4% |
| 4 Bedrooms | $396.5K | $390K | -1.6% |
| 5+ Bedrooms | $500K | $460K | -8.0% |
Summary: Hermiston housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 7.4%, 4 bedroom homes decreased by 1.6%, and 5+ bedroom homes decreased by 8%.
Median Sold Price Compared To Nearby Cities
| Hermiston | $335K | $347.3K | +3.7% |
| Hermiston-Umatilla | $327.2K | $314.4K | -3.9% |
Housing Supply in Hermiston, OR
How many homes are available in Hermiston, OR?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 111 | 122 | +9.9% |
Summary: The Hermiston real estate market had 122 homes for sale in March 2024, a 9.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 10 | 13 | +30.0% |
| 3 Bedrooms | 58 | 61 | +5.2% |
| 4 Bedrooms | 38 | 43 | +13.2% |
| 5+ Bedrooms | 4 | 4 | 0.0% |
Summary: The Hermiston housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 30%, 3 bedroom homes increased by 5.2%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 10 | 12 | +20.0% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Hermiston, you may be able to get a good deal. 75% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Hermiston in March 2024, up by 20.0% month-over-month. Of the 12 sold homes, 75% were sold under asking, 17% were sold at asking, and 8% were sold over asking.
Days on Market for Hermiston, OR
How long does it take to sell a home in Hermiston, OR?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 72 Days | 157 Days | +118.6% |
Summary: Homes in Hermiston had an average of 157 days on market in Mar 2024, up by 118.6% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Most homes in Hermiston are taking a long time to sell, it's a good idea to negotiate on homes here.
Summary: During March 2024, 12 homes were sold in Hermiston; 25% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.
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