Portland’s Real Estate Market Has Been Healthy in Early 2022

Published:
November 8, 2017
Last updated:
May 6, 2022
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The Portland housing market continues to be healthy into early 2022

Listings tend to pop up quickly and in droves as homeowners often wait until the winter season is over. The year 2021 ended off very well for the Portland housing market. And the trend continues in 2022. 

Thanks to rapidly rising property values, homeowners have had the luxury of gaining equity in their homes relatively quickly over the recent past. Given this, homeowners may want to consider refinancing their mortgages if they are able to lock in at a lower rate today compared to what they initially took their mortgage out at. 

But mortgage rates are rising. Will that affect refinancing activity?

Related: Cost of buying a home in Portland, OR

Portland, Oregon a Healthy Market in Early 2022 

With the COVID-19 pandemic behind us, sellers in Portland, Oregon are in a better position to list their homes for sale.

In fact, the Portland housing market is very healthy right now, as well as throughout the state of Oregon. Sellers are fetching high prices for their homes, and buyers are facing stiff competition amongst each other.

Is Today a Good Time For Buyers and Homeowners to Refinance?

Given the fact that mortgage rates are rising and are higher than they were last year, is now still a good time to buy or refinance? As far as refinancing is concerned, it’s all about the difference in today’s rate versus the initial frate homeowners locked in at. Homeowners who locked in at a rate that’s much higher than what rates are at today can save a ton of money in interest.

For buyers, it’s important to understand that rates are on the rise. It may be best to get into the market earlier in 2022 rather than waiting, as the rate they lock in at in a few months may be higher than what they’re at today.

Related: Why 2022 Could Be a Great Time to Buy a Home in Portland, Oregon

Live Portland Mortgage Rates

Tight Housing Inventory Continues

The local supply-and-demand situation in Portland can be summed up with a single word: shortage. There just aren’t enough homes for sale in the local real estate market to satisfy the level of demand from buyers. This is putting upward pressure on home prices and making things very competitive for buyers seeking a house to purchase.

Right now, the Portland area has about a 1-month supply of homes available for sale, which is much lower than what is considered to be a balanced market at 5- 6-months supply.

Meanwhile, the city and the broader metro area continue to attract new residents from elsewhere in the state, and from across the country. A strong local economy, natural beauty, and other factors are boosting the city’s population and bringing more home buyers into the local real estate market. And all of this at a time when inventory is constrained.

What Will Mortgage Rates Do the Remainder of 2022?

According to the weekly mortgage industry survey conducted by Freddie Mac, the average rate for a 30-year fixed home loan is 5.1% and has been on a steady climb over the past year and a half. 

As mentioned, Portland home buyers may want to buy a home sooner and secure a home loan before rates continue to get even higher.

Disclaimer: This article includes data and commentary provided by third parties not associated with our company. We have compiled them here as an educational service to our readers.

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Need a Mortgage Loan in Portland, OR?

If you are looking to buy a home in Portland, OR, you’ll want to work with a seasoned mortgage specialist to help. Sammamish Mortgage has been helping borrowers across the Pacific Northwest since 1992, including Washington, Oregon, Colorado, and Idaho. We offer competitive rates on a variety of mortgage programs, including our Diamond Homebuyer Program, Cash Buyer Program, and Bridge Loans. Please contact us if you have financing-related questions or would like to receive a rate quote.

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