Portland Real Estate Market Update- October 2021

Closed and pending sales were down slightly in October from September, but inventory tightened up a bit again as there were 14% fewer listings that came on the market in October compared to September.  As a result of the slimmer inventory, the average price increased 0.6% over September, but had been on a decreasing trend the previous three months.  Fewer listings in the fall is a common trend seen nearly every year at this time, though once again, buyer demand seems to be outpacing the new listings coming on the market.  This makes prices more likely to rise as buyers compete over available inventory.  Both the average price and median price have increased 15.9% over the last 12 months.  Home appreciation is expected to slow significantly in 2022, but prices will continue to rise.  Although there are fewer homes to choose from through the winter months, there are typically fewer buyers competing for them, especially around the holidays, making the winter a great time for sellers to list and for buyers to find their dream home!