PORTLAND REAL ESTATE MARKET - JULY 2023

July was an unexpectedly slow month for real estate in the Portland Metro area. Nearly all metrics for new listings, pendings, closings, and more were down across the board including a small 1% decrease in the average sales price. Inventory rose 0.4 months to 2.4 months for only the third time in the last 30 months. The additional inventory is giving buyers more choices at a time of year that is typically busy in real estate sales, though 2.4 months of inventory is still low. The $400- $500K price range is the most active price range currently though only occasionally seeing multiple offers on homes. Although condos often have lower sales prices, the condo market has more active listings and fewer sales than we’ve seen in over three years with the median sales price lower in the first half of this year than the same time last year, but considerably higher than two years ago.

August is already picking up with more activity as people wrap up their summer vacations and international traveling. We are anticipating a stronger market this fall with more buying and selling activity. Zillow is predicting that home values will climb 6.5% between now and July 2024. Today’s $500,000 homes may be worth $532,500 in 12 months. Interest rates may drop in 2024, which will increase the number of buyers. With the limited number of homes for sale, this will increase competition. Many buyers overestimate the value of lower rates and underestimate the value of building equity. As long as you qualify, you may be able to refinance if rates drop.

As we evaluate the ever-changing market, one thing remains constant – our commitment to guiding you through the intricacies of Portland’s real estate market. Whether you’re a buyer or a seller, our team is dedicated to helping you navigate these shifts with confidence and ease. We understand that beyond the numbers, there are dreams and life changes, and we’re here to turn those visions into reality!