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Portland Housing Market Trends: When to Buy or Sell a Home

 Friday, September 4    CCCU
Portland Housing Market Trends: When to Buy or Sell a Home

Portland Housing Market Trends: When to Buy or Sell a Home



Portland, Oregon trails Seattle as the Pacific Northwest’s second-largest city. While median home prices are substantially lower in Portland than Seattle ($588,143 vs. $958,027), the PDX housing market is still very competitive. This has left a lot of first-time buyers and current homeowners wondering when they should buy or sell in the Rose City.
 
Is now a good time to be buying a home in Portland? What about six months or a year from now? Are some seasons better than others for the Portland housing market? Find answers to these questions and more about residential real estate in the Rose City.


Understanding Portland’s current housing market


The best or worst times to buy property in Portland generally depend on the housing market. And the more you know about the housing market, the savvier you’ll be as a buyer or seller. But don’t worry — you don’t need tobe a realtor or a finance whiz to get the gist. Our community credit union recommends familiarizing yourself with the current state of the market and its year-to-year trends.

Portland’s housing market is still hot and there’s a lot of competition, despite economic slowdowns. In fact, compared to 2021, the median sale price of a home in Portland increased over 16%.
 
What are the latest Portland real estate market predictions? Portland is still a “seller’s market.” This means there’s a limited supply of homes and buyers are competing for them, which results in higher sales prices. However, there are ways to break into the competitive market, even in Portland.


How buyers can compete in today’s housing market


Our local community credit union offers winning tips on how to buy a home in a competitive market.

1. Review current mortgage rates. Do your research on mortgage rates and speak with a trusted advisor to find the mortgage product to fit your needs.
2. Get pre-approved before you start house hunting. Pre-approval means a lender has evaluated your financial situation and determined a specified amount you can borrow to purchase a home.
3. Save for more than just the minimum down payment. Whether you’re a first-time homebuyer or a seasoned pro, having more than the minimum downpayment shrinks your loan amount and reduces your monthly mortgage payment.


The best and worst times to buy and sell homes in Portland


When’s the best time to buy in Portland? And when’s the worst time to buy in Portland? And what about selling a property? When it comes to participating in the housing market in the Rose City, each season has its pros and cons. The optimal time to buy depends on whether you prioritize getting the lowest possible price or having as many choices as possible. To make things easier, let’s break it down by seasonality.


The Winter


Although inventory is usually lowest in the winter, December through January is a decent time to buy a house in Portland. If you want a little more choice in terms of inventory and neighborhood, February will probably have more options than December and January. Keep in mind – some homes will still get multiple offers, but winter is much less competitive for buyers compared to the spring and summer periods. Is winter a good time to sell a house in Portland? Oregon’s chilly season isn’t really the best time to sell because fewer buyers are looking for homes. If you can hold off for a while, we recommend selling later.


The Spring


Portland’s housing inventory in the spring is often more mild in terms of numbers. March tends to have relatively low seller movement, but by May, buyers will have a lot more options as more Portland homeowners decide to sell. If you want a fair amount of choice but wish to avoid price wars with other buyers, early spring is a happy medium. For those looking to list their Oregon homes, this season is also a good time to sell, with many properties getting multiple offers from avid buyers.

 

The Summer


Like many cities, summers in Portland tend to be a seller’s market, especially as it heats up in June. A lot of people prefer to move in the summer because the weather is better and they want to settle in before a new school year starts. While Portland’s housing inventory peaks in June, sellers are usually more successful at selling their homes for at least, if not more, than the asking price. July and August are often better for buyers because inventory is still high, but sellers begin to feel the pressure to close before fall.

 

The Fall

In the fall, housing inventory in Portland is typically still somewhat high as the season starts. However, it might be inconvenient for some families to move here from out of state, so September and October are excellent months to buy locally. Often, the fall offers buyers the chance to have more choice around inventory and much less competition. It’s also a time when many sellers may end up lowering their listing prices to make a quicker sale. In November, inventory drops a little, and things start to balance back out for both buyers and sellers.

Home loans and mortgage resources from CCCU


If you’re ready to purchase your first house, move into a new home, invest in real estate, or refinance your current home loan, our Portland community credit union has you covered.
 
CCCU proudly serves members throughout the metropolitan area, including Multnomah, Yamhill, Clackamas, Columbia, Washington, Clark, Skamania, and Hood River counties. We have three physical branches in Portland and one in Hood River, convenient mobile banking, plus access to 5,600+ CO-OP Shared Branches and over 30,000 surcharge-free CO-OP ATMs nationwide!
 
Join our credit union today, or contact us to learn more.


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