Portland Real Estate Market Update Early-November 2023

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

Hi, I’m Jessica Ward, licensed real estate agent with Living Room Realty. Here to tell you what you need to know about the market for Early November 2023.

The Holiday season is among us and if you’re serious about buying, selling, or investing in real estate, right now is the coziest time of year for finding your new Living Room. As your expert home girl, I’m here to break down what’s happening in Portland right now.

Market Action Index

As real estate agents, we use The Market Action Index to help showcase the balance between supply and demand. Currently, the Market Action Index for single family homes is 41 and 33 for condos.

Compared to previous months, November marks a decrease in the Market Action Index for single family homes. However we’re still leaning towards a Seller’s market. This is great news for anyone considering listing their home in Portland, which currently has 1,322 available homes with a median list price of about $679,000.

Good News For Buyers

Now, let’s talk about some good news for all you buyers out there. As the hot market continues to cool down, mainly due to changing interest rates, the average number of days a house sits on the market has increased to just under 90 days. What does this all mean for you?

Well, more inventory means you have more choices, and this extended time on market provides you with more room to have your expert realtor negotiate on your behalf and find a deal that suits both your budget, and your preferences.

We’re currently seeing an influx of price reductions, closing cost and repair credits, as well as seller paid interest rate buy-downs. So, remember that the holiday season brings the gift of unique opportunities.

Sellers, you’re in a good position with the overall market in your favor. And buyers, it’s an EXCELLENT time to explore more favorable terms and less competition than previous years.

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.

Jessica Ward

Broker | ADU Specialist | OR & WA

She/Her

My life is fueled by a profound passion for serving others and making a positive impact on my community.
  A proud Pacific NW native, I am intimately acquainted with the fabric of local life – its people, its treasures, and its countless opportunities...

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• T: 971-230-8164
• jessicaw@livingroomre.com