Three Things To Know About The Portland 2023 Housing Market
The Portland real estate market has gone through considerable change in 2022. This could continue into 2023. The biggest shift that has taken place is the overall pace of the real estate scene. It takes longer to sell a home now, due at least in part to higher house values and mortgage rates, which has shifted the market in favor of buyers. Here are three predictions for the Portland, Oregon housing market in 2023.
1. Portland house values are likely to balance out in 2023
Portland was one of many “pandemic boomtowns” that experienced a notable increase in home prices. As of October 2022, the median home value for the Portland-Vancouver-Hillsboro was around $571,000. That was 10% percent higher than a year earlier. This is part of a cycle: a surge in demand from buyers pushes prices up, eventually leading to a decline in demand.
2. Less stress when buying
Higher housing costs have reduced the number of buyers in the real estate market. This in turn has reduced the competition among buyers, offering them a chance to “catch their breath.” More houses are coming onto the market, and a significant number of them have had price reductions.
3. Inventory could remain a challenge
Many homeowners in the Portland area have lower interest rates on their mortgages than the current market rates. And that might make some of them reluctant to sell.