Portland Real Estate Market Analysis for October 2021
Are you buying or selling a house in Portland? Here at Peak Realty, we are here to help you. We want to provide you with the latest update on the market to make an informed decision. Portland real estate market has been experiencing changes in the past years. We have seen steady growth in the number of people moving to Portland and a spike in prices. We have written this article to understand the current market trends and help you decide on when to buy or sell your property.
House prices have been rising steadily for the past few years, and Portland might soon rank as one of the most expensive cities to live in, but of course not as high as San Francisco and New York. The average price for a house in 2020 was $489,000. There has been a 16.7% increase in the average sales price of these properties, with many homes available now around $570,600.
We have seen the average time a home stays on the market go down as well. The average time a home stays on the Portland real estate market was around 2.8 months in 2019 and has now dropped to 26 days. The inventory has also gone down to 0.9 months in October 2021, compared to the 1.1 months it was in September.
Some of these changes may seem small when you are just looking at the number, but overall you can see that the market has changed drastically in the last year, mainly due to the COVID-19 pandemic. We are starting to see things slow down and possibly start to shift into a buyers market, but any and everything can happen so we have to be prepared.
Peak Realty is among the real estate companies in Portland with the most agents, and we are committed to providing you with the best service. We focus on marketing your property so potential buyers can see it.
If you currently own a home in Portland or plan to sell your property, Peak Realty is here to help you. We are one of the best real estate companies in Portland and have the knowledge and expertise required to provide you with excellent service. We can help guide you through selling your house fast for top dollar by streamlining the process and using our extensive network to market your property to potential buyers.
For those looking to buy a house in Portland, we have an excellent selection of homes available for sale at any budget. Whether you are interested in purchasing a $300,000 condo or a $1 million mansion, we can help you find the right home. If you want to know more about buying or selling a property, please contact us.
We are here to help. For any questions, queries, or guidance for buying or selling your home in Portland, feel free to call at (503) 902-4777 or email us at [email protected] We look forward to helping you find the right house in Portland.