Congratulations on deciding to become a homeowner. The Tammi Lindley Team at Mortgage Express understands that this is a great commitment and might possibly be the biggest purchase you ever make. Therefore, it is important to always be up to date on the recent residential market trends so you know when the best time to buy is. As your Portland mortgage lender, we will always inform you on the current market and will give credible advice throughout the home loan process.
Median listing price
According to Realtor.com, the median listing price has fluctuated over the past three years. In March 2015, the median price was listed as $350,000 and rose 14% to $400,000 the following year. By March 2017, the listing price was $440,000, and the current listing price has not changed. The current price of $440,000 is a 25.7% increase from March 2015 and is a 10% increase from 2016. This consistency in price from 2017 to 2018 states that the market is currently stagnant. If you are looking for a new home and need aPortland mortgage, now would be a great time before the market rises back up.
Median price per square foot
The median price per square foot in March 2015 was $194 and rose over 12% to $218 the following year. By March 2017 the median square footage price was $238 and the current price is $250 per square foot. This suggests that the real estate in Portland is becoming more valuable
Median days on the market
Homes are selling at a slower rate now compared to the past three years. In March 2015, the median days on the market was 49, and the current amount of time homes are listed for is 63 days. This suggests that buyers are taking their time throughout the purchasing process to figure out exactly what they want, instead of making a quick buy.
Knowing what the price of homes over the past three years are can help predict where the market will head in the future. As your mortgage broker in Portland, we can help inform you on the market and find you the best rates out there. For any questions on the market update or to get started on your loan application today, please call our office at 503-517-8641.