November Market Update — Portland Metro Area
The latest market stats are out, and in the Portland Metro Area, prices are on the rise again. When comparing this year to last year, the average price is up 2%. The total number of sales is still down compared to last year, as many sellers are reluctant to sell due to high interest rates they face when buying a new home. But as rates drop, we’re hopeful this will enable people who want to move to be able to do so, freeing up more homes for the buyers who are desperate to buy a home.
What's it mean for buyers?
Right now feels like the calm before the storm for buyers. Interest rates are on the decline, and experts think rates will continue falling into next year, bringing more buyers into the market. As rates drop, we will likely see a return to the bidding wars of last year, making higher prices eat up any savings buyers might expect from lower rates.
What's it mean for sellers?
Prices have started to tick up slowly in some areas. If interest rates continue to decline, we could see more buyers enter the market, shifting the balance back toward a sellers’ market. Now is a great time to reach out to your realtor and start the conversation about selling so that you can be ready to go next year.
