Market Vibes | October

The Portland real estate market is holding steady as we move into fall, despite mortgage rates fluctuating and inventory rising. Here’s a quick look at the latest trends and what they mean for buyers and sellers.

Listings Are Down, But Buyers Are Still Active

New listings dropped 4.6% compared to this time last year, indicating that many sellers are holding back as the market cools heading into the final quarter. However, pending sales tell a different story—up 14.8% from last year and 1.2% higher than last month. Buyers are out there, actively engaging, possibly due to changes in mortgage rates or more competitive pricing.

Closings Have Slowed

Closed sales fell slightly, down 0.9% from September 2023, and dropped 13.0% compared to last month. Although fewer transactions are closing, the market remains stable as buyers take a bit more time to make decisions.

Prices Are Holding Strong

Despite fewer deals, home values are rising. The average sale price jumped 3.6% from this time last year to $617,200 The median sale price also increased by .7%, now at $547,000. These price increases highlight the ongoing strength and value of the Portland real estate market.

The Big Picture

Fewer homes are coming onto the market, and homes are taking longer to sell, but prices continue to climb. This reflects the long-term stability of Portland’s housing market. As we move toward the end of the year, both buyers and sellers are adjusting their strategies.

For Buyers: This is a great time to explore your options. With more inventory available, there’s room to negotiate and find the perfect home.
For Sellers: Despite the seasonal slowdown, values remain solid. This is a chance to take advantage of steady price growth before winter kicks in.

Portland’s real estate market is holding steady as we head into the fourth quarter. Whether you’re looking to buy or sell, now is the time to position yourself strategically—and maybe even close a deal before the winter chill sets in!

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The data in this report covers the broader Portland Metro area, including everything from Mt. Hood to Yamhill County and even parts of SW Washington. If you’re curious about trends in your specific neighborhood, reach out—we’d be happy to provide the details!

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