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May 2023 - Portland Market Update

Brian Getman

Brian Getman is a seasoned Realtor and principal broker at (w)here real estate with nearly two decades of experience in real estate...

Brian Getman is a seasoned Realtor and principal broker at (w)here real estate with nearly two decades of experience in real estate...

Jun 9 2 minutes read

If you’re thinking about selling your home, it's important to have a good understanding of what’s going on in the Portland market. Last month saw a continuation of low inventory levels in what is traditionally a time when more homes begin to come to market.  There are many factors contributing to this downward trend.  Many of the sellers who would historically be looking to downsize or trade up are not seeing any viable replacements.  It's likely that these folks are locked into a sub 3% mortgage product and are not eager to take on additional debt at nearly double the mortgage rate they currently have.   This may explain inventory level remaining at 1.9 months of supply a repeat of April. This means most home are being absorbed quickly despite  New listings, pending sales, & closed sales were all up significantly month over month.   Days on market has decreased to 22 down 7 days from April.  

Knowing the most important data such as the average sales price, the number of homes sold, and days on market will better prepare you to sell your home.

My May market report showcases everything you need to know about Portland area real estate trends.

 

[3,240]

New Listings

[3,884]

Active Listings

[2,379]

Under Contract

[2,008]

Closed Sales

 

[$588,200]

Average Sales Price

[22]

Average Days on Market

$[525,000]

Median Sales Price

[1.9]

Months of Supply


Homes Sold

[100.34]%

Sale-to-Original-List Price


Curious about what
your home is worth now?

We're able to explain what these numbers mean for you and your home's current market value. 

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