By Jessica Ward, November 9, 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 OR & WA | ADU Specialist
She/Her
My life is fueled by a profound passion for serving others and making a positive impact on my community.
https://vimeo.com/774007877/6bec19ff9f?share=copy A proud Pacific NW native, I am intimately acquainted with the fabric of local life – its people, its treasures, and its countless opportunities. My sociable nature thrives on connection, and I embrace the roles of an active listener and clear communicator, values that underpin the ability to forge authentic bonds. Aptly dubbed the “queen of resources and connections” by my clients, I bring an extensive bag of “hats” I wear to the world of real estate. I seamlessly meld a vast reservoir of industry knowledge with a deeply personalized touch, ensuring that every individual need is met. My specializations encompass an array of real estate experience and knowledge. From guiding first-time home buyers, strategizing with investors, building with developers, to facilitating seamless relocations for those venturing from afar. I'm also known to expertly navigate the intricate terrain of down payment assistance programs, grants, and investment opportunities.Follow me: @Jessica_TheHomeGirl
Affiliations and Accolades:
- ADU Specialist
- Licensed Broker in Oregon & Washington
- National Association of Real Estate Brokers (Board Member)
- Youth Rights and Justice (Board Member & Sponsor)
- Lents Neighborhood Association (President)
- Portland Metropolitan Association of Realtors (Member)
- Diversity Chair Award Winner (LRR- 2022 & 2024)
- The first African American to close a transaction with a Black owned title & escrow company in Oregon state history (Vanport title & escrow)
- T: 971-230-8164
- jessicaw@livingroomre.com
