Home prices have been on the rise in Portland since early 2012. From 2012 to 2018 prices have come close to doubling and that is a pace that is not sustainable. The median home price in Portland is now $392,500 according to RMLS.
The latest Case/Shiller report shows Portland and the rest of the US starting to cool off a bit. Currently prices are up 5.1% which is still above the long term average of 3% appreciation per year. This slow down coincides with interest rates rising to just under 5% which, along with rising prices, is keeping some buyers on the sidelines.
Here’s a great article on the report and the Portland real estate market: Oregonian Article
Another new factor that has some buyers waiting is the Portland rental market which is seeing lower rents and higher vacancy.
Nick Krautter is the author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business which debuted number one on Amazon for mergers and acquisitions. His goal is to teach real estate agents how to grow their business and to help them later retire and benefit from their years of hard work. For the last decade Nick has been a Realtor in Portland, Oregon, where he leads a team and frequently serves as a real estate expert for the media.