Portland, OR Real Estate Market Update - May, 2023

In this video I share with you the latest market data for the residential real estate market in the Portland, Oregon metro area. The data is from May 2023, and it shows that interest rates are up a little bit from earlier in the year. However, there has been some solid news on the inflation front, which is a good sign that rates might drop again in the near future.

In terms of activity, new listings, pending sales, and closed sales are all down, and median home pricing is down a little bit too. This is all favoring buyers right now. However, there’s still not a lot of housing inventory out there, so it’s still a seller’s market from that perspective. If you’re looking to sell, now would be a good time to get your home on the market in the next few months. If you’re looking to buy, we’re heading into the second half of the year, and pricing should come down a little bit. Overall, it’s looking to be a pretty strong time to buy.

If there’s anything I can do to help, please let me know!

-Andy Harris
Broker/Owner – Foris Real Estate
503-504-2369
andy@forisre.com