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Today, we’ll talk about the dynamics of the Portland real estate market. We’ll also examine why our inventory levels are causing relative appreciation in our area.
Portland continues to experience a brisk, fast-paced real estate market. Part of that is due to healthy job growth, and Portland has also been ranked as one of the best places to live in several publications. There aren’t many homes for sale, but demand is skyrocketing.
If a real estate market has less than 6 months of inventory, it’s considered a seller’s market. In a seller’s market, home prices go up. A neutral market has 6 to 7 months of inventory, and home prices will only appreciate due to inflation. A buyer’s market has more than 7 months of inventory, and prices will depreciate.
Portland is in a firm seller’s market. Beaverton has less than a month of inventory. Northwest Portland has a month-and-a-half of inventory. Northeast Portland has about a month’s worth of inventory, and North Portland has 6/10ths of a month of inventory. This is what we’re seeing across Portland, especially in entry level price ranges.
Since homes are in such high demand, if you’re a buyer, you will probably face multiple offer situations. We recently helped a client make an offer on a property. He’s in escrow right now, but he had made 7 other offers on different properties before this one was accepted. It’s very competitive right now.
If you have any questions, give us a call or send us an email. We would be happy to help you!
