Homes are selling and money is cheap!
We currently have 6.2 months of inventory which is the beginning of a buyer’s market – there are about 16,000 homes on the market in Portland metro. Rates are at their lowest in 4 years and it’s a great time to borrow money. All this being said the median home price is still going up – about 8% over last year. Well priced homes still sell quickly with about 50% of well priced homes selling in the first 30 days. Average time on market is just under 50 days which tells us that the amount of listings is due more to people cashing in on appreciation rather than people not buying. Homes are selling and money is cheap!