October 2022 Portland Market Report
With shifts in the greater Portland market happening with inventory and home prices, if you’re thinking about selling your home, having a good understanding of what’s going on in our local market is vital.
New listings fell 22.2%. Pending sales decreased 42.4% year-to-year, while closed sales were down 37.5%, RMLS reported. Even so, the median sale price of $550,000 represented an 8.6% increase from the prior September. It was down by just $6,700 from this September.
Slowing sales come as little surprise amid a more than doubling of mortgage rates from sub-3% pandemic lows. The most recent weekly average on a 30-year fixed-rate mortgage was 7.33%, according to Freddie Mac. On a 15-year loan, the average was 6.47%.
Being aware of the data such as the average sales price, the number of homes sold, and average days on market will better arm you with the knowledge you need to make an informed decision about listing your home.
Our market report showcases everything you need to know about local real estate trends.