Portland Oregon Metro Area Real Estate Market Update - 30% of Portland homes sold above asking price in August
About 30% of Portland Metro homes sold above asking price in August
BUT - It’s enormously different depending on the area.
In Northeast Portland, nearly 45% sold over asking
In North Portland nearly 43% sold over asking
In West Portland and Raleigh Hills, it was only about 22%
In Lake Oswego and West Linn, less than 20%
What else is going on? Let’s get into it and take a closer look at the Portland Metro Area Real Estate Market.
Let’s go deeper…
The Average 30 year Conventional Mortgage Rate hit a high of 7.24% this week.
It hasn’t been that high since May of 2024 - Today it’s at 7.19%.
So far in September 26.9% of homes have sold over the asking price. This shows that the market is softening from August which was at 30.3%. Fortunately, it’s estimated, that close to 58% of Buyers are getting Seller Concessions.
AND
The List to Sales Price Ratio has dropped by 1% since last month. Any way you slice it Buyers are gaining leverage little by little each day.
That's it for this week's market update.
When it's time to make your next move…I’d love the opportunity to be your real estate broker.
Dean Carver | Oregon Real Estate Broker
Serving Portland area home buyers and sellers
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