Blog Market Update Portland Real Estate Market Update December 2023

Portland Real Estate Market Update December 2023

By Lily Ray Wyss, December 7, 2023

Find out what’s happening in the Portland real estate market for Early-November 2023.

I’m Lily Wyss, licensed realtor with Living Room Realty, here to tell you what you need to know about the market for early December 2023.

Holiday Slump

We have officially hit our yearly holiday market slump in which people are busy getting their egg nog on, stringing up lights and attending copious holiday parties.

But if you are an active buyer in the market don’t fret. Homes are still being listed and you can find some really great opportunities.

Are you a home seller with your home still actively on the market? Don’t let this slow down scare you either. There are active buyers out in the market right now and they are the most serious and intentional people to work with who will take you from offer to the closing table.


What To Expect

What should we expect from the 2024 real estate market? While no one can predict economic conditions with much certainty in today’s world, most experts predict that we should see a robust Spring 2024 market with interest rates starting to drop as early as the beginning of the new year.

However, if you are hoping for the 2-4% interest rates of the 2021 peak market, I would not get that excited.

At a recent meeting here at Living Room, local economist Noah Blanton confirmed that we should see rates fall in the beginning half of the year to somewhere around the 6% range.

This is great news for both home buyers and home sellers as it should provide the boost to the Portland real estate market that we have all been hoping for.

 

Increased Competition

If this happens, as a future home seller you can likely expect home prices to rise again. At this very moment, the Median List Price for a home in Portland is around $687,000, which is still roughly $4,000 dollars more than the median list price at the peak of 2021.

If you are a home buyer we predict that you will see your home affordability rise with lowering rates but just know competition will grow again and you will be competing with other buyers to get into a home. It was recently reported that 66% of home buyers are holding off until interest rates fall (US News Reports). So when you enter the market, so will a lot of others.

Whether you are buying, selling or both preparation and education will be key to your success.


Make A Move

Living Room Realty is committed to connecting you with as much information to help you make an informed decision. If you’re ready to make a move, give us a call today. We’d love to help you find your next Living Room.

Lily Ray Wyss

Broker | OR

She/Her

I love Portland. This city, and its surrounding areas, in my opinion, are the perfect place to call home. We have the amazing ability to put our toes in the ocean, snowboard, and visit some of the world's best breweries all in one day. Our food scene is extremely diverse and prolific. Want to see a show? Comedy, music, theater, etc all have growing, well-supported scenes here. I love selling homes in Portland and more importantly educating my clients and community on how amazing this city is and how you can own a piece of this beautiful state and call it home. Follow me on Instagram to see my new finds and spotlights on the best places to eat, play, and be entertained in the area. And for information on buying/selling and current home market data. Follow at: @lilyrayresidential
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  • T: 971-361-6114
  • lily@lilyrayres.com

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