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The Q4 Portland Metro housing market showed some signs of slowing down; however, there are still quite a few positives about pricing and excellent news for buyers.
There were many signs of returning stability in Portland’s housing market over the past quarter as we saw the effects of the pandemic nearing their end. Demand for homes is gradually coming back in line with supply, and home prices are stabilizing as well.
Portland’s housing market saw significant growth in the second quarter of 2022 but will it sustain over the year? An onset of new market trends, rising home prices, and rising mortgage rates have led many people to ask that question. The housing market in Portland is slowly inching towards stability which was recently shaken by the Covid pandemic. To understand what this means for sellers and buyers, let’s take a deeper dive into Portland’s housing market.
While this time of the year tends to be somewhat slower when it comes to real estate, the Portland metro area has continued its uptick through the first quarter. Since it’s still a seller’s market, this continues to have a considerable impact on the number of homes available to potential buyers.
Will the housing market in Portland continue to grow in 2022? If so, how much more growth can be sustained before another housing market bubble bursts? How far will interest rates rise over the year and how will we deal with a historic shortage of housing stock?
The numbers for the housing market in Portland showed growth in the fourth quarter as they have throughout the year. Homes are commanding higher sales prices even as both the number of sales dipped and the median days on the market increased. The best news is for sellers who are generating sales prices well over their asking price in many cases.
The housing market in Portland, Oregon remains strong despite the surge of the Delta variant putting many people on edge. If you’re a first-time homebuyer or need more space in a bigger home, it’s still a great time to buy. Likewise, if you’re considering downsizing into a smaller home, then these numbers are encouraging as well.
Whether you’re a first-time buyer, are looking to upgrade to a bigger home, or are downsizing to a smaller one, these three housing stats affect the Portland real estate market right now.
Is the real estate market in Portland going in an upward or downward direction? Are home prices still increasing? How long is it taking to sell homes? We answer all these questions in this blog post.