Portland Real Estate Market Update- March 2022

Spring has sprung! More listings hit the market in March than in February by nearly 1000 homes and a 37% increase.  This is great news for buyers!  The demand still remains strong despite rising interest rates leaving the available inventory at 0.7 months (down slightly from February).  We are expecting an increase in new listings hitting the market through the summer giving buyers more choices.  Interest rates are the most speculative aspect of the market right now with rates over 5% causing some buyers to hesitate.  The market remains strong and indicators show it will continue to due to demand outpacing supply. Rising rates may slow things down a bit including home price appreciation which could bring a welcome cooling to the pace of this fast moving market.