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What’s Going on with Portland Home Prices?

whats going on with home prices ask a professional KCM

If you’re considering buying or selling a home in 2023, you likely have questions about what’s happening with home prices here in the Portland metro market. In spite of what you see on some websites, at a national level experts (see chart below) don’t expect prices to come crashing down.

home price forecasts for 2023 MEM

That said, the rate of home price appreciation has and will continue to return to normal. Exactly what “normal” will look like depends on the supply and demand levels in each local market. Moving forward, home price appreciation will continue to vary by location, with more significant changes happening in overheated areas. Here’s a quick snapshot of what the experts are saying:

Danielle Hale, Chief Economist at realtor.comsays:

“The major question on the minds of homeowners and aspiring buyers alike is what will happen to home prices. . . Soaring prices were propelled by all-time low mortgage rates which are a thing of the past. As a result, home price growth is expected to continue slowing, dipping below its pre-pandemic average to 5.4% for 2023, as a whole.

Mark Fleming, Chief Economist at First Americansays:

“House price appreciation has slowed in all 50 markets we track, but the deceleration is generally more dramatic in areas that experienced the strongest peak appreciation rates.”

Taylor Marr, Deputy Chief Economist at Redfin, says:

“For those bearish folks eagerly awaiting the home price crash, you’ll have to keep waiting. As much as demand is pulling back supply is as well reducing downward pressure on prices in the short run.”

John Paulson, Founder of Paulson & Co., says:

“It’s true – housing may be a little frothy. So housing prices may come down or they may plateau . . .”

 

What Does This Mean for You?

The best way to get the answers you need is to connect with a local real estate advisor on the SkyBlue Portland Team. We’ll be able to explain the latest trends in your market so you can make a confident and informed decision on your next step toward buying or selling a home. Click the image below for a live update on current market conditions. 

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Bottom Line

If you have questions about what’s happening with home prices today, let’s connect so you have the latest on our local market.

To learn more online see our Buyers Guide or Sellers Guide for in-depth information.

Meet the SkyBlue Team

James Bradley - Principal Broker   
Licensed in OR and WA
James Bradley - Principal Broker
Licensed in OR and WA
Rachel Bradley - Principal Broker - Licensed in OR
Rachel Bradley - Principal Broker
Licensed in OR
Susan Bradley - Marketing Director - Licensed in OR
Susan Bradley
Marketing Director

How's the Market?

After two years of double-digit appreciation the Portland real estate market has shifted. The dramatic increase in interest rates has slowed sales. The chart below provides a snapshot of the Portland market as of this week.

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If you'd like to keep tabs on market conditions in your neighborhood,
click this link to register and we'll send you a weekly update on current market conditions.

Free Seller Guide

It’s difficult to know when is the best time to sell, or how to get the most money for your house, but you don’t need to go through the process alone.

SellerGuideCover
Click image to download

You may be wondering if prices are projected to rise or fall…or how much competition you may be facing in your market. The free eGuide above will answer many of your questions and likely bring up a few things you haven’t even thought about yet.

Sell-Buy Program

Uncertain about selling? Many people are hesitant to sell because they are concerned about the selling and buying timeline. They want to be sure their home sells in time to cover expenses for the new home they want to buy and at the same time they want to be sure they don’t sell before they have found their next home. This is a valid concern.

Click image to learn more about the SkyBlue Sell-Buy Program

The good news is, it is possible to sell your current home and buy your next home, even in this competitive market. Click the image above to learn more about the SkyBlue Sell-Buy Program.

Find Your New Home

If you're thinking of making a move or are just curious, click the image below to find all the homes for sale currently on the market.

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Rachel Bradley - Principal Broker - Licensed in OR

Rachel Bradley

Principal Broker

Licensed in OR

503-936-3373

Let's Talk