McMinnville, Oregon Real Estate Market Update and 2023 Forecast
Each month we provide updates on the real estate market in a particular Portland suburb. This month, we’re focusing on McMinnville.
Sitting at the confluence of the North and South forks of the Yamhill River with a population of 34,666, McMinnville, Oregon serves as the county seat for Yamhill County. Brimming with wineries and vineyards, in the heart of the Willamette Valley, this livable little burb is home to Linfield University.
Read on to learn more, then take a look at our interactive home search map to see all the homes for sale in McMinnville.
Real Estate Prices in McMinnville are Dropping
According to Fidelity National Title, the current average sales price in McMinnville is $580K.
The Realtor.com graph for McMinnville below shows the consistency between listing price and sales price, which represents 99.5% sale-to-list ratio. Homes are still selling for close to asking price, but not going over in wild bidding wars. So, the real estate market in McMinnville is becoming more balanced. This stands to reason, given that the housing market here is, like most other metros, slowing and moving toward a buyer’s market.
For a more recent chart, the shift in the real estate market for McMinnville, Oregon is shown in the graph below in terms of number of homes with price drops. 39.47% of active homes for sale in McMinnville have seen a price drop.
Days on the Market in McMinnville
Realtor.com also reports that McMinnville’s days on the market have been steadily increasing since spring of 2022 and is closing on two months to sell a home on average.
McMinnville, Oregon 2023 Real Estate Market Forecast
We recently wrote our full 2023 real estate forecast for the entire region here. As has been true since 2020, we expect the rural and suburban areas around Portland, Oregon to perform better in 2023 than the city proper. For example, while Portland lost population in 2021, Yamhill Country grew. Also the entire nation is experiencing a positive move toward the suburbs and rural areas from city centers. High interest rates will affect the McMinnville market, like anywhere else, but the impact won’t be as strong for a growing population with a more desirable area. Yamhill County as a whole saw 32.4% less transactions in Sept. 22 vs. Sept. 21, a direct impact from the higher interest rates. As mentioned above, price drops have begun in earnest as well in McMinnville. However, the real estate market is always better for buyers in the fall, and better for sellers in the spring. This means the massive slump we are in now should improve to a certain degree with the normally seller positive spring market effect. Bottom line, we expect housing prices to still increase in McMinnville, Oregon in 2023, but barely. We predict a 2% housing price increase for the area by the end of year 23.
Work With a Top McMinnville Real Estate Agent
It is a good time to buy. Home buyers can negotiate down on prices today and then refinance in the future when rates drop. Our top 1% buyer’s agents can help you get primed for your next home purchase. Likewise, if you’re thinking of selling in the next twelve months, our top 1% seller’s agents are ready to give timely advice. Give us a call today or chat with the bot on our site. We look forward to connecting!October 19, 2022