Should I buy a house in Portland?
Should I buy a house in Portland?
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Understanding Portland's Real Estate Cycle: Best Times to Buy
March 1, 2024
Photo by Lance Reis on Unsplash
The housing market in Portland, Oregon is as vibrant and dynamic as the folks who call it home. Despite increasing housing prices, Portland is still one of the last larger West Coast cities that remains semi-affordable for first time home buyers. People who love the West Coast, but can't afford to buy in cities like Los Angeles, Seattle, San Diego, or San Francisco are flocking to Portland in the hopes of beginning their home buying journey. As a result, there is always some level of buyer competition in Portland. This is especially true for homes that are nicely staged, professionally photographed, and heavily marketed.
While Portland's desirability provides a level of consistency in terms of buyer competition, there is still a noticeable real estate cycle that's worth tracking if you're looking to dive into the market. The Portland housing market is heavily influenced by weather and season.
Data provided by RMLS
January through February tend to be on the slower side with less available inventory and generally less buyer competition. Let's be honest, homes just don't look as cute in the snow and rain. Sellers who work with experienced listing agents are encouraged to hold off on selling until the flowers start popping, which begins to happen in March. Both buyer and seller activity continues to increase through June where it tends to peak. Activity slows down during Summer when the weather is nicest and families are out of town enjoying time off. Once school is back in session and people are re-entering reality in September, there's generally a small uptick in new listings followed by a market slow down as we approach the holiday season. The above graph is a great representation of new listing activity broken down by month for the last 2 years.
Photo by Anne Haugen on Unsplash
No matter what the data says, it's important to remember that there is no perfect time to buy a house. There will always be a trade off to consider. Buying in the Winter may mean less buyer competition, but it also means less options to choose from. Buying in the Spring means more selection, but you'll also be dealing with multiple offer scenarios and increased housing prices as a result. Ultimately, the best time to buy is when you feel ready. Don't let the ever-changing real estate market dictate how and when you achieve your goals. Let your heart be your guide and work with a Real Estate Broker that's experienced in all markets (like me!).
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