Portland Real Estate Update 2023: How the Market is Shifting in Favor of Buyers
The Portland real estate market saw a small uptick in buyer demand in December 2022.
Housing inventory decreased from 2.6 months to 2.3 months. This suggests that properties are being snapped up at a faster pace than the previous month.
However, it is noteworthy that the average days on market has increased from 44 days in November to 55 days in December, indicating that some homes may be taking longer to find buyers. This can be attributed to the fact that not all homes are being properly prepared for the market, resulting in them being overlooked in favor of the competition.
The median sales price has also decreased from $525,900 to $507,500 for December, which could be a result of increased competition among sellers and the ongoing uncertainty surrounding interest rates. To attract buyers in this market, sellers in Portland may be offering more concessions such as price reductions, closing cost assistance or home warranty plans.
Overall, the Portland real estate market is currently favoring buyers. Prices are decreasing, more homes are becoming available, and sellers are offering more concessions, making it a good time for buyers to enter the market. However, as the market conditions are uncertain and the economy is still recovering from the pandemic, buyers and sellers should work closely with their real estate agent to navigate the market and make informed decisions.
If you are looking for personalized advice, don't hesitate to reach out today. My name is Alex Paiz, I'm a highly skilled and experienced local agent who can help you navigate the complex process of buying a home.