Published December 19, 2022
PORTLAND REAL ESTATE MARKET - NOVEMBER 2022
Inventory grew slightly in November for the fourth straight
month in a row. There are fewer new
listings coming on the market, but the ones that are, aren’t selling as rapidly
as they were at this time last year. In just the last week, interest rates dropped
and are hovering around 6%, making now a great opportunity for buyers! With rates lower, less competition for homes,
and prices down 1.3% from October, there is a sweet spot happening right now
for buyers and we have people jumping on this opportunity! In fact, the median home price in the
Portland Metro area is now $525,900 – it had peaked in May of this year at $575,000,
so buyers are paying $50K less on average than they were in the spring time. It’s
also a great opportunity for sellers when rates drop because it causes an
increase in demand. Some of the homes
that have been sitting on the market for two or three months are now getting
offers at a time of year that would normally be pretty slow in real estate. Rates peaked for the year three months ago and
that has resulted in price corrections on many listings that hadn’t received
offers. As we close out 2022 and look ahead to 2023, there are people on the
sidelines waiting to get through the busyness of the holidays before they list
their homes or buy a home, so we are optimistic that activity will increase in
January!
