2022 Portland Real Estate Monthly Reports

Stephen FitzMaurice, Realtor licensed since 2003 writes monthly reports on the greater Portland real estate market, including forecasts and major events. This is the collection of the 2022 monthly Portland real estate market reports.

If you’re thinking of selling your home in the next twelve months, Stephen would love to tour your home. Call today to set an appointment.

Stephen FitzMaurice, Realtor
4% Max. to Sell a Home
Cancel Anytime Policy
Licensed Since 2003
503-714-1111

If you’re considering buying a home in the next twelve months, Kami Price, buyers specialist would love to hear what you’re looking for. Call today to set an appointment.

Kami Price, Realtor
Represented Hundreds of Buyers
Licensed since 2004
503-773-0000

Portland Real Estate Market, December 2022

November 9, 2022

The big story for the Portland real estate market as we approach December 2022 is the lack of sales due to home buyers pulling back. While that is the headline, we will get into all the statistics behind the drop in sales here. Inventory is High, But Finally Dropping Now inventory isn’t falling as fast as it did in 2020 or 2021, but inventory is finally starting to drop after rising since Feb. Inventory should continue to drop as we approach the holidays, but will likely stay higher than in recent years. Lower inventory is important. Right now buyers are pulling back and there are simply more homes for sale than there are buyers. Buyer Traffic is Colder than Usual,...

Portland Real Estate Market Update, November 2022

October 17, 2022

In recent updates, we’ve reported that Portland’s real estate market has shifted from the hot seller’s market we’ve been navigating for the past two+ years into buyer’s market territory. Inventory has climbed and prices are starting to drop. While it is normal for fall to be a better season for home buyers and spring to be a better season for home sellers, the drop this year has been drastic due to rising interest rates and has dampened everyone’s forecasts for 2023. Read our full 2023 Portland real estate forecast here. Portland Real Estate Activity Continues to Decrease To get more specific about the across-the-board decreases we’re seeing, the most recent RMLS report shows that at the end of September 2022, new...

Portland Real Estate Market, October 2022

September 19, 2022

The national real estate market has seen unprecedented times over the past two years, and the Portland real estate market is no exception. From monthly market reports for Portland proper to updates for the city’s surrounding suburbs, we’ve consistently tracked how the real estate market has unfolded to give you a clear idea of the trajectory of the industry. Check out our full 2023 Portland real estate forecast here. Portland Real Estate Activity is Decreasing Across the Board According the the most recent RMLS report, new listings saw a 13.2% decrease in August 2022 ( to 3,209) from the same time in 2021. With buyers taking a pause, in light of rising interest rates and a predicted recession, pending sales...

Portland Real Estate Market Update September, 2022

August 19, 2022

Continuing its turn away from the hot seller’s market we’ve been in for the past two years, the Portland real estate market is still experiencing decreases pretty much across the board, except for home prices (not yet anyway), based on numbers from the most recent RMLS report. You can track how the Portland real estate market has looked so far this year by checking our past monthly reports and see how this month compares. Across the Portland metro area, new listings in July 2022 decreased 11.8% to 3,763 from the 4,267 listed in July 2021, and pending sales decreased 27.1% to 2,445 from the 3,354 offers accepted in July 2021. Closed sales also saw a decrease (31.1%) to 2,369 from...

Portland Real Estate Market Update August, 2022

July 22, 2022

Now that we’re into summer, a time when real estate sales typically increase, the biggest news is that we’re starting to see the slow turn toward inventory exceeding buyer traffic that we wrote about in July, 2022. With significant decreases in both pending sales (-27.5%) and closed sales (-16.8%) across the city, and inventory increasing 11.5% in the past month, this is the long-awaited shift from a scorching hot sellers market. All said, though, we would typically expect to see an inventory increase this time of year. The notable difference is the decrease in sales across the board. Portland Metro Home Prices Continue to Increase While Sales Decrease The general consensus in the real estate world is that prices will...

Portland Real Estate Market Update, July 2022

June 20, 2022

As we move into summer, we’re looking at how the real estate market is shaping up in Portland. Rising interest rates have cooled off a red hot sellers market, and comparing May 21 with May 22, 16% less homes went pending and closed sales dropped 8.4%. However, inventory remains low along with average market time, and despite a higher number of active price drops, home prices continue to climb (for now). We looked at the entire Portland metro area and Portland proper, then focused in on each quadrant. Here’s what we found. Overall Home Prices Continue to Climb For the entire Portland Metro area, the market this past month saw 3,853 new listings, 2,916 closed sales with an average sale...

How Long Will Housing Prices Rise Nationally?

May 30, 2022

Big questions still loom large in the world of real estate, one of which is: “How long will housing prices rise?” While none of us has a crystal ball, we can look to recent past trends and what experts are saying to arrive at a well-informed answer. Here’s what we know. Will the Current Seller’s Market Still Hold in 2022? The hot, record-setting competitive year we saw in real estate in 2021 has maintained a strong seller’s market. The primary reason for this was the number of potential buyers outpacing inventory, which led to rapid price increases and even bidding wars in some areas. While this dynamic is expected to stay throughout 2022, higher mortgage rates will slow down the...

Portland Real Estate Market Update, June 2022

May 13, 2022

We’ve all been waiting and wondering what it will take to shift the real estate market in Portland after two years of an unprecedented sellers market. Prices have continued to rise at record rates with inventory remaining low. While it is obvious this state of affairs isn’t sustainable, when the shift would happen and what would cause it have been big question marks for everyone. Interest Rate Hikes are Now, and Will Continue to Slow the Market How do I know that the interest rate hikes are causing a slowdown? We look at weekly buyer traffic reports. Typically from March to May home buyer traffic (visiting homes for sale to purchase them) increases and peaks in May. In 2022, home...

Portland Real Estate Market, May 2022 Report – A Wild Ride

April 20, 2022

We live in interesting times. The Portland real estate market was scorching hot in the first quart of 2022 with no end in sight for skyrocketing home prices and crazy bidding wars. But mortgage interest rates are rising incredibly fast and in April we started to see the first slowdowns in the market. (Typically April is always hotter than March in Portland real estate, but probably not this year.) Buyer Traffic is Dropping in Response to Rising Interest Rates The above is for all Oregon homes listed in our local MLS, RMLS that is centered in Portland, Oregon. Buyer traffic typically never drops in April. Inventory will Remain Low through Spring and Summer There simply has been almost no inventory...

Top 5 Real Estate Market News Stories of 2022 so Far

April 8, 2022

We keep track of what’s going on in the world of real estate, both near and far. We wanted to see how it all looks now that we’re about to move into the second quarter of the year. We get that times are strange in real estate right now, but it’s a great time to buy, considering what’s likely coming down the pike. While price increases and low inventory are not news, there’s plenty more going on that’s worth your attention. Especially if you’re thinking of selling or buying in 2022. 1. The Fed’s Rate Hikes Will Affect Real Estate The Federal Reserve just approved a 0.25 percentage point interest rate hike, the first since December 2018, with six more...