Portland Real Estate Market Update- November 2021

New listings have definitely slowed down approaching the holidays.  New listings dropped 31% from October to November, but this happens every year at this time.  We are anticipating the new year will bring many more listings.  We’ve also seen that Zillow is releasing more of their inventory as they begin to sell off the homes they had purchased as they exit the home buying business. 

Due to fewer homes hitting the market, inventory dropped slightly to just 0.8 months, but prices are staying fairly stable with just a small increase of 0.1% in the average price from October to November.  Year to date, the average home price has increased 16.1% and that’s been holding pretty steady the last few months. 

Interest rates have also been holding steady at just under 3.25%.  Historically, the current rates are phenomenal!  The Fed has said that rates will go up in 2022, but only time will tell.  We have a very optimistic outlook for the 2022 market with demand remaining strong, interest rates remaining low, and price growth leveling off to more sustainable growth with an estimated appreciation of around 5% in 2022.