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Portland housing market starts to cool

Photo by Zack Spear on Unsplash

Elliot Njus | The Oregonian/OregonLive

Doug Wicks put his Northeast Portland house on the market on Sunday and had a couple of offers by Tuesday.

There was no bidding war. No all-cash offers from developers. No plates of cookies, like a neighbor had received from a desperate buyer hoping to gain an edge.

A year ago, the same house probably would’ve attracted a pile of offers, most of them over asking price. But Wicks isn’t sweating it.

“Two offers certainly meets my needs,” said Wicks. “We’re going to get asking price or better. We’re thrilled. I don’t need cookies.”

Summer has brought a dramatic shift in the Portland-area housing market. Sales have slowed. The inventory of homes is growing. Prices continue to climb, but not nearly as fast as in recent years.

Longtime real estate brokers and market-watchers recognize this new normal as something approaching — well, normal. And that, they say, would be a welcome return to something Portland hasn’t seen since before the housing bubble started to form back in the mid-2000s.

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