Portland Real Estate Market- August 2022

What’s Causing the Real Estate Market’s Change in Pace?

Over the past two years, home prices have increased at an extreme pace causing many to ask: are things just slowing down, or is a housing bubble crisis coming? In our attempts to address this in our local market, we need to evaluate two things: the reality of this shift on a national level, and what experts predict. 

The reality is, we’re seeing a crossover point in housing supply and demand. On a national scale, realtor.com reports that active listings have increased over 26% during the last year, while the latest from ShowingTime reports a decrease of almost 17% in showings from last year. This is considered an inflection point for housing because in the past two years, we’ve seen an immense amount of demand and not enough homes available for sale, which caused the market madness. 

Today, the market is slowing down from the pace we’ve seen, however, it isn’t slowing to an undesirable status. While the previous market’s unbelievable success is welcomed, the present slower pace is definitely not something to shy away from. We are still seeing great success in deals closing within two weeks and multiple offers presented to sellers. We can also notice an influx in inventory that allows buyers that have been holding off a better opportunity at finding something that suits their needs. Overall, we’d consider the market today as healthy and sustainable and still successful throughout the shifts we’ve seen over the past few months.