Scouting Report: Vol. 7, Issue 9 - Scout Realty Co.

Scouting Report: Vol. 7, Issue 9

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Scouting Report

Hot off the press & straight to your inbox, a dispatch from the frontlines of the Portland market. Covering real estate numbers, local news, events, & more.

Inventory continues to inch up and that’s good news for buyers. The number of available homes on the market is not only up from last month, but more substantially from last year. While competition for completely dialed houses in the most desirable neighborhoods remains pretty fierce, it is starting to feel like a more welcome market for first-time homebuyers, those willing to leverage sweat equity, or looking to downsize. And, if concessions can be made (think kitchen remodel, slightly more than cosmetic fixers, or near a busier street), it just might be possible to get yourself a deal. Average sales price does continue to increase, and that doesn’t appear to be slowing any time soon. But the flip side is that Portland real estate continues to hold her own in these crazy times. With the winter holidays steadily approaching, we expect to experience the usual seasonal slowdowns in the market. So that either means that it’s a good time to take a break and regroup or keep one eye open for something interesting that just might make an off-season appearance. Either way, Scouts are here to help.

Overall Portland Prices:

  • The average sale price in the metro area for 2021 through September was $570,200, a 17.5% increase from this time last year.
  • The median sale price increased by 16.5% to $505,000 in the same comparison.

Interest Rates:

  • Rates increased to 3.125% for a 30-year, fixed, conventional with excellent credit. 

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Scout Realty Co. deems all information contained within this report reliable but not guaranteed at the time of posting.