Portland Real Estate Market Update- October 2020

The Portland real estate market is going against the “seasonal slowdown” trend with closed sales, pending sales, average sales price, and new listings all exceeding last year’s October stats. Heading into the holidays, we normally see fewer listings in October, November, and December in our area, however, this month new listings increased 14.7% from the 3064 listed in October 2019, and increased 7.7% from the 3264 listed in September 2020.

Even with the increased number of new listings coming on the market this time of year, there are so many buyers looking to purchase that the pending and closed sales are keeping the inventory at a low of 1.1 months of supply.

Low inventory in the Portland Metro Area has established a strong seller’s market for the last several months. Great news for ready to go sellers! The current market time is 38 days and houses are also selling for 6.5% more in compared to October 2019. The average sales price for the Portland Metro increased 1.3% from September to October of this year.

While the market remains strong and competitive, record low interest rates are fueling buyer activity. With continuing low interest rates, buyer affordability has increased this year and is the best we’ve seen since fall of 2015. Even in a competitive market, buyers are able to buy for the first time or upgrade their home for a similar monthly payment when factoring in the low rates and equity from their previous home.