The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents post home listings for the region.
The Numbers At-a-Glance: Compared to November, December reported a 10% decrease in inventory (2.7 months), a 14.8% increase in total market time (74 days), and a 1.9% decrease in median sale price ($525,000).
December historically brings a lull to the real estate market as many of us are busy enjoying the holidays. Our team saw an uptick in Zillow and RMLS view activity as virtual house hunting can quickly become a new favorite hobby during this time. But across the board we saw signs of a chilled winter market - most notably a significant increase in days on market and decrease in new listings. Expect to see these trends continue - although not as drastically - through the winter months especially since we do not expect to see mortgage rates decrease in the near term.
Notes for Buyers: As the winter market unfolds, we typically see a slowdown in new inventory and an increase in price adjustments on homes that have been on the market for an extended period. For savvy buyers, this creates a unique opportunity. We encourage you to explore listings with 60+ days on market. If a property aligns with most of your search criteria but is slightly above your budget, it may still be worth a closer look. If it’s the right fit, a thoughtfully crafted offer below the asking price could open the door to a great deal.
Notes for Sellers: Pricing remains the cornerstone of successfully marketing your home. A property that's priced too high can linger on the market, potentially leading to diminished buyer interest over time. It's crucial to launch with a strategically set price paired with a comprehensive marketing plan designed to attract the best and widest pool of qualified buyers. If your home could benefit from updates or repairs, the slower season is an ideal time to tackle those projects. Let's discuss the best options to enhance your home's value and ensure you're market-ready at the optimal time.
Inventory levels are a leading indicator of market strength. Inventory levels for December were reported at 2.7, meaning if no new homes came on the market, it would take 2.7 months until inventory sold out completely (at the current rate of sales).
The median sale price for December was reported at $525,000. It’s a 1.9% decrease from last month and a 1.8% increase compared to December 2023. Camas/Washougal dethroned Lake Oswego/West Linn as the most expensive area with a $735,000 median sale price.
Here’s what median home sale prices looked like across Portland proper:
West Portland: $588,800
North Portland: $500,000
NE Portland: $446,500
SE Portland: $424,000
Reach out if you’re interested in learning more about the Portland Metro real estate market. I can be reached anytime via email ([email protected]) or call/text (503-545-5094). You can also stay in touch by following us on Instagram!
Address 5530 S Kelly Ave Portland OR 97239
Address 5530 S Kelly Ave Portland OR 97239
