The Portland Metro real estate market is buzzing with activity, driven by several key trends:
Interest Rates: Despite recent dips, interest rates continue to play a significant role in the market. Buyers are becoming more cautious and selective, which likely explains the slight decrease in pending sales compared to last month. Some buyers are taking a step back to reassess their strategies or waiting for a home that better fits their needs. However, demand remains strong enough to keep closed sales higher than this time last year, though slightly down from last month.
Inventory Levels: The housing supply has been gradually increasing over the past few years, providing buyers with more options and time to make decisions. However, sellers with homes that aren’t perfectly priced or lack mass appeal may need to exercise more patience than in previous years. It now takes an average of 44 days to find a buyer—still low by historical standards, but not the rapid pace we’ve seen in recent years.
Lock-In Effect: The “lock-in effect,” where homeowners are reluctant to sell due to their low pandemic-era interest rates, seems to be easing. We’ve observed a 3.1% increase in new listings year-to-date. However, the slight decline in new listings from June to July suggests that some sellers are strategically timing their moves, perhaps choosing to enjoy the last days of summer or focus on back-to-school season rather than selling.
Local Economic Factors: Portland’s job market remains robust, well above the national average, even in the face of recent layoffs. A steady influx of new residents continues to drive demand, helping to keep the market resilient. As a result, the average sale price in the metro area is up 1.9% from last year.
Whether you’re a buyer, seller, or just curious, the Portland real estate market is full of surprises and opportunities!
HERE is a link to the full market report provided by RMLS
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