June Market Update — Portland Metro Area
The latest real estate stats are out for the Portland Metro Area, and they show a market that is desperate for homes to sell. Prices continue inching upward, as homes sell quickly, but the number of homes for sale has slowed significantly.
What's it mean for buyers?
Buyers continue to face a difficult market. Prices keep inching up, and with interest rates holding steady, it’s more expensive to buy a home than a year ago. New listings have really slowed, meaning fewer choices and more competition. As prices show no signs of retreating, buyers are smart to try hard to get into a home before it becomes more challenging.
What's it mean for sellers?
New listings have significantly slowed, and homes are selling quickly due to this lack of inventory. Multiple offer situations are common again, making it a great time for sellers to get a great result. Early September is typically a popular time to sell, so anyone thinking of selling should start the process soon so they can maximize their return.
