We’re in a seller’s market here in Portland, but both sellers and buyers have a great opportunity right now.
As we make our way through fall, is our Portland market in a buyer’s market or a seller’s market?
At the moment, we’re in a seller’s market. We have 2.8 months’ worth of inventory, meaning that if no new homes were listed, everything that’s on the market now would take 2.8 months to sell. For context, a balanced (or “neutral”) market is considered to have six months’ worth of inventory. The further you get below that mark, the more conditions favor sellers; the further you get above that mark, the more conditions favor buyers.
How has this impacted pricing? At the start of 2019, the median housing price was $400,000, but now it’s increased to $410,000. This is in line with what we normally see in a seller’s market—prices going up. On the buyers’ side of things, interest rates are still under 4%, which is incredibly low.
At the moment, we’re in a seller’s market.
If you’re a seller, you want to sell for the most money possible, and timing your sale near the peak of the market is challenging. Based on what we’re seeing, though, we’re close to the peak of the market, so now would be a great time to sell.
If you’re a buyer, don’t wait for interest rates to increase to make your move. Just a 0.5% increase in rates reduces your purchasing power by 5%.
If you have any more questions about our market or you’re ready to buy or sell now, don’t hesitate to reach out to me. I’d love to help you.