Portland Real Estate Market Update - December 2020

Sooo bad news for buyers, inventory of homes took another hit this month, with the RMLS reporting just 1 month of inventory. Meaning if we were to have no new homes come on the market, to meet current buyer demand, we would be out of homes in just one month.

If you are someone who is considering selling your home, now is definitely a great time. The market could really use it.

New homes did still see a slight increase of 5.7%, but sold homes and pending sales saw a marginally larger increase as well keeping us in this predicament.

Sold homes saw an increase of 25.3%, 2,745, and an increase of 12.4% for pending sales with 2,557 going under contract.

Median Home prices in the Portland Metro area continue to trend upwards with an increase of 6.8% from $410,000 to $438,000.

If you happen to be looking for homes in a competitive price range or location there are still great opportunities and strategies to be used to find you that dream home that will also appreciate in value. If you would like to have a conversation about how to win in this market I would be happy to talk further on that.

Watch the above video for more details along with info on how positive covid news could affect the market.

Have questions and or planning to buy/sell a home in 2021, contact me at 971.361.6114 or lilywyss@kw.com.