Published December 8, 2022
Market Report - November 2022
The Portland real estate market is changing, and the market stats for last month really illustrate this.
Sales and new listings are lower than normal.
In November of this year, sales were down 34% in comparison to Nov 2015 - Nov 2021, and the number of new listings coming on the market in November was down 30% in comparison to that same time period.
Basically, those people who already have a house and do not need to make a move aren't selling, partially due to increased interest rates in 2022, but also, the frantic scramble to find that perfect house appears to be over. The November average days on market was 46, which is back in the normal range of 50 DOM after being considerably below average from 2015 - 2017.
The average single family house price was $628,000 in December, 2021. In November of this year, the average single family house price was... wait for it... $628,000! BUT that's after prices went on a roller coaster ride, increasing $114,000 from December of 2021 to May, then decreasing $114,000 from May to November, arriving right back at the same price as last December.
Normalized DOM, dramatically decreased new listings and sales... If interest rates were to fall, what might happen to prices?
Looking for insight into Portland's changing real estate market? Call us anytime to talk about your real-estate related plans or Portland's real estate market. Whether buying or selling, we're happy to help you develop a strategy to achieve your real estate related goals.
Watch the full Portland market report video for November 2022 here:
