October Market Update — Portland Metro Area
The latest real estate stats are out for the Portland Metro Area, and October was a mixed bag. We had a lot of homes sell, but homes are staying on the market longer and the number of homes for sale continues to rise. We are seeing modest price growth, especially in the suburbs.
What's it mean for buyers?
We’re still seeing an increase in the number of homes on the market, and homes are taking longer to sell, which is good news for buyers. But prices keep ticking up, making homeownership less affordable by the day. Buyers are smart to be looking hard right now, before expected interest rate drops bring more buyers to the market.
What's it mean for sellers?
The number of homes for sale is still growing, making it tougher on sellers. The end of the year is generally slow for sales, but the first of the year typically brings out a fresh set of buyers. Anyone thinking of selling in the new year should reach out to their agent soon to start working on getting their home ready to list.
