By Living Room Realty, June 8, 2023
Find out what’s happening in the Portland real estate market for Early-June 2023.
Hi! I’m Atika Hagen, Broker with Living Room Realty here to tell you what you need to know about the market for early June 2023.
You may remember me from the last market update where Jenelle started singing, “It takes two to make a thing go right.” Well I’m here to tell you that that’s still true. Entering into the summer months, the market has been known to slow down, but we in Portland are actually seeing the opposite.
Pricing
The median price for a home in Portland right now is $699,000, this is the highest we’ve seen since the peak during the nutso market in the throes of the pandemic. At its peak – it’s peak!- in February of 2021, the median house price was only $950 more than right now, clocking in at $699,950.
Market Action
In our office, which holds the number one market share in Portland, we’ve seen fifty deals close in just the last two weeks alone. As well, inventory has increased by 42% from April to now. We’ve also seen the number of days on market for homes steadily decrease since March, from 102 days to currently sitting at 75 days. This tells me that unlike my children, the housing market in Portland will not be taking a summer vacation.
But what does all this mean in terms of real world examples for someone currently buying or selling?
Get Creative
Well as the market has begun to warm, I’ve had a few clients forgo sought after neighborhoods for other homes that are clean, landscaped, staged well and have creative touches. What this is showing me is that if you do those extra things to make your property stand out, it can go a really long way.
In another instance a client had an offer accepted under list price, but to pull that off we had to get creative with terms. As a buyer it’s important to know that it’s not always about the dollar amount. Having a knowledgeable realtor by your side that can think outside the box is crucial.
Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give me a call today. I’d love to help you find your next Living Room.
