Oregon Real Estate Market | July 2022
Prices begin to pull back
In July we had a median listing price of $565k, slightly less than June. With a national median listing price of $449k, Oregon is 25% higher. This makes it difficult for Oregonians to afford a home with high interest rates and a median household income of $76k.
With that being said, I am seeing more affordable properties listed daily, and with less competition it might become easier to negotiate a better deal with sellers.
Inventory seems to be on it’s way back down with 7,320 in the month of July, down from a peak in 2022 of 8,240 in June. This does not mean that we have already reached our peak for the year, however in the past inventory tends to peak in in the summer.
This can be difficult for buyers and while buyers have began to leave the market, it might also be that sellers are soon going to leave as well.
On July 23 interest rates hit 5.81%, the highest since 2008. This played a key role for buyers to leave the market, resulting in houses sitting on the market for longer. With interest rates currently sitting at 5.13% there is no telling where the market is going to go. With prices being held up even with many buyers hesitating to buy, and if interest rates continue to drop, we could see some drastic increase in prices again. However, this is just speculation and prices may not end up rising.