Portland Oregon Real Estate Market Update - September 2021

This month we saw a slowdown in August as predicted, but a busy fall should be on the horizon for real estate.

As we talked about in our last update, August is always a slow month for the market, people are more focused on getting in their last summer experiences than they are focused on making real estate moves.

This shows in the numbers.

New listings went down 13% with 3,698 new homes to the market.

And sold homes seeing a decrease of 6% with 3,219 homes getting new owners.

Pending sales did see a slight increase of 5% with 3,535 homes going under contract.

Because an August slow down is a predictable trend year to year, it does not mean we won't potentially see further market stabilization as we finish out the year.

Looking year to year we saw activity increase across the board when looking from August 2020 to now.

Inventory of homes saw a slight increase back up to 1.0 months.

Which is a nominal change but shows some forward motion towards a more balanced market.

What does this mean if you are thinking of selling? A more balanced market means fewer buyers competing for your home, and therefore fewer offers with competitive terms. But you should still expect a good price for your property.

The average purchase price saw an increase again up to $570,000. That is huge growth from just a year ago when the average price was $481,000. So as a homeowner/seller you should expect to see similar growth this year.

What does this mean if you are looking to buy a house? While you should expect to see more home options as the market stabilizes, you should also expect prices to rise.

Additionally, the fed intends to raise interest rates again here soon. Both of those factors will affect your buying power greatly. Knowing your numbers, your timeline and the market you are buying in will be key to your success, and we are here to help with that.

If you’d like to chat with us about your home buying or selling needs we are here to help. Text/call 971.361.6114 to set something up.

Or reach us here Contact Us.