Portland Market Stats & Neighborhood Report ~ Sept 2023

Overview/Fluctuations ~ Sept 2023 Market Data:                                                                                                               

Activity is down as you’d expect in Fall (New, Pending & Closed categories dropped), Inventory is up & prices are down. If you’re a Buyer this is your season!  If you’re a Seller, pricing right will draw out the activity & potential multiple Offers putting you in a good position. Most of the sales are narrowed between the $400,000 – $700,000 price range.

Rates: “Geopolitical events are tempering the pressure on rates. Currently rates are in your mid 7% range.”       Gary Boyer, Regional VP, Directors Mortgage

According to the RMLS Market Action Report  for the Portland Metro Area-Sept 2023:

  • There were 2,713 New Listings in Sept which is down 13.9% from 3,151 in Sept 2022 and down 7.2% from the 2,923 in the previous month/August.
  • At 1,717 Sep­t 2023’s Closed Sales (Solds) are down 23.2% from Sept 2022’s 2,237, and decreased 20.3% from the previous month’s total of 2,155.
  • At 1,809 Sept 2023’s Pending Sales (Accepted Offers) are down 9.7% from Sept 2022’s 2,003, and also down 11.9% from the previous month/August’s total of 2,053.
  • The Average Sale Price for Sept 2023 of, $595,900 is down  $2,800. from last year/Sep 2022’s $598,700, and down $12,400 from the previous month/August’s $608,300. 
  • The “Median Sale Price (the price smack dab in the middle of all sales) in Sept 2023 of $537,400 dropped $10,600 from Sept 2022’s $548,000, & up just $500 from August’s $536,900.