January Market Update — Portland Metro Area
The latest market stats are out, and the market continues to give mixed messages. Prices are up by quite a bit compared to last year, but fewer homes went under contract than this time last year, meaning that there are more homes on the market than we had last month.
What's it mean for buyers?
You have options! Prices were up compared to last year, but far fewer homes went under contract which means we have more homes for sale than we did this time last year. The higher inventory makes it a friendlier market for buyers. It would be smart to be looking right now, since lower rates later this year will likely bring more buyers to the market.
What's it mean for sellers?
Inventory has ticked up a bit and sales have slowed slightly, which could indicate the market is tilting more toward being a buyer’s market. If you’re thinking about selling this year, now would be a good time to explore the process and potentially list before the Spring rush, since an influx of listings will mean more options for buyers and lower prices.
