The Heat index below shows how real estate professionals in various U.S. markets are classifying their areas. These can be low heat, medium heat or high heat. Portland, like much of the country, is a “high heat” area with high levels of activity. I wholeheartedly agree with this.
The second page shows more information specific to Portland. It shows it’s a high heat area, prices are climbing, buyer traffic is increasing – yet that pace is declining, and it’s very strongly a seller’s market. Again, these are all things I am seeing in my own business.
Housing inventory is low across the country, and in Portland, it was at 1.2 months in July. That’s extremely low, the lowest it’s been in years. Buyers are out in full force, but the amount of listings is still down from its more normal levels creating an imbalance of supply and demand and driving up prices.
It’ll be fascinating to see what happens moving forward. Please drop me a line if you’d like to chat more about the Portland real estate market and how it might impact you and your plans.