Portland Real Estate Market Analysis for July 2021
Things are heating up in the Portland real estate market and we’re not just referring to the untenable heat that has swept much of the nation in July. The real estate market is scorching courtesy of 4,267 new listings and all-around numbers keep getting better.
In July, we handled 3,354 pending and 3,439 closed sales as total time on the market time dropped to 20 from 21 days. You don’t have to stay abreast of real estate trends to know that it is a seller’s market, say analysts at Forbes.com, but buyers are still enjoying plenty of options.
Further, median prices within the Portland real estate market have also shown growth. The average sale price for homes in the Portland Metro area climbed to $522,000 for a year-to-date uptick that started at $500,000 and offers sellers plenty to celebrate.
What a difference a year makes
A year ago, as Covid raged, it took 14 days on the market to snag a buyer. As of July 2021, that time has shrunk to around 6 days, which is why home shoppers looking to settle down in Portland are quickly learning this valuable lesson: Love it? Don’t think too long before making an offer.
At the moment, Portland homeowners are sitting in catbird seats, which means they can list their properties without necessarily having to undertake major repairs because the market is so tight, buyers are frequently happy to purchase a home that needs a little work just to get into a good neighborhood.
Factor in interest rates
Further, interest rates remain favorable both nationally and within the Portland real estate market. In early 2021, mortgage rates were at all-time lows, say the folks at Freddie Mac, reflected in the dramatic fixed-rate 30-year mortgage average of 2.74-percent. Low interest rates add fuel to the already hot market.
What’s selling in Portland? Single-level homes sold faster than 38-percent of other housing types in July, a sure sign that accessibility remains a key factor in the real estate market as aging in place appeals to seniors still able to manage on their own. After all, millennials consider stair climbing to be a convenient fitness routine.
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Not only will we help you with your quest to buy or sell, but we remain your Portland-area market resource, bringing you the latest updates by the month, so you always know where you stand, whether you want a new home or you’re ready to move on.
Our loyal clients insist that when it comes to real estate companies in Portland, there’s Peak Realty and there are all others. Join our growing family of delighted clients by contacting us when you decide to buy or sell at (503) 902-4777 or [email protected] You’ve got questions. We’ve got more than 6,000 listings at the moment! One of them is absolutely perfect for you and your family.