By Robin Hakeman, December 28, 2023
In 2023, the Portland Metro area real estate market has undergone significant shifts, as revealed by the data when compared to the previous year. The most noteworthy trend is the localized nature of the average sale price changes, with only Lake Oswego/West Linn (RMLS area 147) and Tigard/Tualatin/Sherwood/Wilsonville (RMLS area 151) experiencing increases over the course of the year. This divergence indicates a more nuanced and dynamic market, where factors such as neighborhood-specific demand and amenities play a crucial role in property value fluctuations. The rest of the Portland Metro area, however, faced declines in average sale prices compared to 2022.
Perhaps the most striking aspect of the 2023 real estate landscape is the overall reduction in home sales across all property types, including detached homes, attached homes and condos. Every area within the Portland Metro region witnessed a decrease in the number of homes sold, ranging from 13% to a significant 35%. This decline may be attributed to various factors, such as interest rates, economic uncertainties, changes in buyer preferences, or broader market conditions. The decrease in transaction volume suggests a more cautious approach among both buyers and sellers in the face of evolving market dynamics.
Another key indicator of the 2023 real estate market’s transformation is the substantial increase in the number of days properties spent on the market before being sold. Days on market (DOM) saw a notable surge in all metro areas with increases ranging from 46% to 95% longer than in the previous year. This extended period underscores a shift in the balance of power from a seller’s to a buyer’s market, indicating that potential buyers are taking more time to consider their options or negotiate favorable terms. This trend may also signify increased competition among sellers, prompting a more deliberate approach to property transactions in the Portland Metro area.
Robin Hakeman
Broker | Earth Advantage | OR
She/Her
LOVE WHERE YOU LIVE ♥
One of the things I love most about my work in real estate is that it never feels like "work" to me. I love it. I love guiding my clients through the process & celebrating all of the wins along the way...
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One of the things I love most about my work in real estate is that it never feels like "work" to me. I love it. I love guiding my clients through the process & celebrating all of the wins along the way...
- T: 503-680-0404
- robin@livingroomre.com
