In 2023 so far, 19.92% of homes sold for cash.
Local Real Estate Market Research
Licensed since 2003, I’ve had to handle a lot of my client’s questions along the way. My small team is approaching 3,000 local home sales. So you can multiply that number by say a dozen and get a rough idea of the number of questions coming my way. One of my favorite ways to answer starts with, “I wrote a greater Portland real estate market research report on that and the answer is _.”
The Impact of Cash Offers
Home buyers and home sellers want to know how much cash is getting thrown around in the greater Portland metro real estate market. Home buyers want to know because they’re concerned their financed or even contingent (on their home selling) offer, won’t be able to compete in a real estate market chalk full of cash buyers. Home sellers want to know because they tend to prefer cash buyers (no finance contingency that runs all the way to the day of closing) and aren’t there tons of buyers still coming up from California with cash to buy my Portland area home? (See how I like to answer these questions with research reports?)
Properly Dividing the Market Data
Even within a single metro, there are markets within markets. The condo market can be cold while the detached single family market is hot. Downtown can be cold while suburbs are hot. Luxury properties can be hot while median priced homes sales are cold. Markets within real estate markets.
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The Percentage of Real Estate Cash Offers in 2023
We are going to properly divide the data and give a few different markets within markets for your consideration.
|First Quarter 2023 Closed Sales (01/01/2023 – 04/30/2023)||All Closed Sales||Cash Offers||Detached Homes Under 1 Million||Cash Offers|
|Entire Portland Metro (Multnomah, Washington, and Clackamas Counties)||5,600||1,116 or 19.92%||3,919||646 or 16.48%|
|Condos / Townhomes Under 1 Million||Cash Offers||Luxury Detached (1 Million and Over)||Cash Offers|
|1,153||255 or 22.11%||355||111 or 31.26%|
|Luxury Condo / Townhomes (1 Million and Over)||Cash Offers|
|18||14 or 77.77%|
Year over Year Reporting Gives Even Great Insights
Stay tuned. This is the first year I’m running the cash offers report for our metro, but like so many of my other reports, once I get started I keep them coming annually. This gives great insight into trends and where we are at during an exact moment in time in the market. For example, I’m curious if there are more cash offers in 2023 due to high interest rates. What will happen when interest rates drop? We’ll find out.
Work with an Experienced, Local Realtor
If you’re thinking of buying or selling a home in the next twelve months, we’d love to connect with you today. We can help you understand where the real estate market is at, and where it is going. See our top ranked seller agent services, or home buyer services. Visit our home page for a long list of categorized real estate market reports. Give us a call today at 503-714-1111 or chat with the bot on this site. We’d love to connect!May 12, 2023