PORTLAND REAL ESTATE MARKET - JUNE 2023

    As we entered into the traditionally busiest time of the local real estate market, market trends show us it has been a slow and steady climb throughout 2023 and we expect sales will continue to climb through the rest of 2023 as buyers realize that prices are slowly rising and inventory of new homes for sales is only increasing slightly. New listings were up 1.8% in June over May. The average sales price is up 1.3% over May and down just 1% from June of 2022. The gap continues to close on home prices coming back to where they were last year before interest rates increased dramatically. With prices going up, it’s a great time for buyers to purchase a home now. If rates do drop, there will be much more competition for the available homes which could push prices higher.

    For sellers, there is little incentive to wait to list your home. Prices are increasing slowly and with inventory remaining low, there is likely little competition in your neighborhood. As the market has picked up, the number of days that homes have remained on the market has dropped from 40 in May to 33 in June making it a more efficient process for sellers. The $400,000- $600,000 price range is the hottest with the majority of homes sales falling in this range which encompasses the median price point of $559,900.  The average price per square foot is nearly the same as June of last year at about $325/ square foot and higher than it was in June of 2021 when it was just $300/ square foot. At Ark Realty Group, we believe in providing our clients with the knowledge and insights needed to navigate the ever-changing real estate landscape successfully. The Portland Metro area offers a unique market, and we are dedicated to guiding you through every step of your real estate journey. If you have any questions or want to explore your options in this market, don't hesitate to reach out to us. We are here to help you make the most of the current real estate opportunities!