PORTLAND REAL ESTATE MARKET - OCTOBER 2022

Portland’s housing market is cooling off as we move towards a more balanced market. Over the past few months, properties are staying on the market longer and the number of available homes has increased. While the Portland housing market is still competitive, the rise in available housing inventory allows home buyers to more choices, more time, and more negotiation.

Even though there were 2,513 new listings in October 2022, that is a 20.2% decrease from the 3,151 new properties listed from the previous month. Portland still has relatively low homes for sale creating both opportunities for buyers and sellers.  

Inventory of homes for sale in months is the highest that it's been in 2022, at 2.4 months in October. However, four to six months of inventory is what most real estate professionals would agree is a balanced market between buyers and sellers. Nonetheless, we’re inching closer and closer to an optimally balanced market and opportunities for negotiation and more buyer-friendly processes are presenting themselves again. 

In the graphic below, it shows that the 2.4 months of inventory seen last month is the same as it was in October of 2019.  This is great perspective as we can also see that homes were staying on the market 16 days longer in October of 2019 than they are currently.  

Additionally, most Portland area home values have increased significantly, leaving numerous sellers in this market to reap the benefits of investing in property and homeownership. 

If you’re interested in purchasing or selling property, please reach out to an expert member of our team! We would love to navigate this with you and offer our professional opinion when it comes to this ever-changing market.