The vibe from the Portland housing market is that it’s slowly settling down, which is a welcome reprieve for buyers. Between skyrocketing prices and low inventory, it’s been tough for them for the past few years. So, let’s break down the most important things we see from the third quarter of 2018.
Homes are continuing to move pretty quickly, and they’re on the market for a median 17 days. This is longer than the median 8 days during last quarter and the median 11 days during the third quarter of 2017. But if you find an affordable house you love, it’s still wise to make a move on it before someone else beats you to it.
Quick sales, combined with high prices and rising interest rates (we’re at about 5% now), are still making it tough for some to buy the homes they want.
310 homes were sold in North Portland last quarter, which is down slightly from last quarter and is also down from the third quarter of 2017.
The median sold price for homes in North Portland was $395,000 during the third quarter, which is actually down from the $415,000 we saw during the second quarter (part of this is a normal seasonal price decline).
Overall, home prices are up over last year (the media sold price was $377,000 during the third quarter of last year), but we’re not keeping pace with previous years’ price increases. We’ll take what we can get.
Speaking of price changes, curious about how prices have changed in Portland over the past few years? This heat map shows you exactly what’s changed for the entire city.
You can see that there have been increases for some parts of the city, but there have also been decreases in a few. By the way, these one- and five-year numbers are all down from last year.
Here’s a closer look at North Portland’s neighborhoods. The first number is the one-year median price change, and the second number is the five-year median price change.
If you want to see quick housing market stats for every zip code in our area, check this out! Pretty cool.
It’s been slow, but the market is starting to favor buyers again. Homes under $500,000 are still especially competitive. You’ll have to jump on those.
Interest rates have risen quite a bit this year, and that’s only going to continue. So, the market will probably slow down again until buyers acclimate to higher interest rates. Price appreciation will also likely continue to slow down.
Now’s a great time for buyers to get moving. There’s increased inventory, so buyers have a little leverage. And of course, the sooner you act, the better the interest rate you’re likely to get.
If you need any help buying or selling a home, give us a call! We’d love to help you navigate Portland’s market.
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