Portland Oregon Real Estate Market Update - January 2024

Is the Spring Real Estate Market already here?

It seems like it. 

While the data in the graphic above shows low numbers for last month, things have shifted in the last week or two. 

Interest rates have already started to go down and it seems like everyone is ready to go back to business as usual now that we all are pretty much recovered from the holiday madness. 

With rates making their way down to the mid 6% range (most predict that they should stay in the 6% range and will not go much lower than 5.5% in 2024) many buyers have decided to re-enter or enter the market. 

And we are starting to see potential sellers take notice and many are putting their homes on the market now versus waiting for the Spring. 

While not everyone is waiting till Spring to make a move, if the activity over the last few weeks is any indicator, we should see a robust real estate market over the next year and certainly in the first half of the year. (We are a bit cautious about predicting high activity in the second half of the year due to the election coming up). 

What does this mean if you are thinking of selling? In most cases, you can expect to have motivated buyers ready to buy your home. 

However, it is important to note that with our current economy, many buyers are still hesitant when it comes to their spending, so making sure we prep your home well, market it correctly, and price it strategically will be critical. 

A good deal of homes are already starting to get multiple offers in today's market so we will do everything we can to make sure your house is one of those shiny listings everyone wants. 

What does this shift in the market mean if you are a home buyer? We will want to be highly strategic in the offers we write and the type of homes we even look at. 

If we toured homes in 2023 together the market will be noticeably different. Homes that sat on the market for weeks will now potentially sell in a weekend meaning you will have to make quicker decisions and likely compete with other buyers. 

Don’t let this stress you out though. I helped a bunch of buyers (many were first-timers without a lot of cash to throw around) buy homes successfully in the height of the 2021-2022 market and we can do the same for you. 

If you want to talk more about your 2024 home buying or selling plans I am here for you. While this market is seeing higher activity overall, different areas/price points/style of homes have their own unique sub-markets, so it's important that we talk one-on-one about what you can expect based on your own needs. 

You can contact me HERE.