Boom. Bust. Boom.
It’s been perhaps two decades since the Portland area’s seen a housing market where prices weren’t either spiraling into the depths of the housing crash or shooting skyward.
So 2018 came as a surprise for homebuyers and sellers. Neither boom nor bust; just slow and steady.
The median home price, at $391,400 in November, according to the Regional Multiple Listing Service, is still climbing but at half the rate of a year ago. Sales have slumped, and houses that might once have sold in a couple of days instead took a couple of weeks.
“I’m trying to tell people that this hasn’t been a normal market” in recent years, said Leslie Jones, a managing broker at Re/Max Equity Group in Portland.
The slowdown is expected to continue into 2019, according to real estate brokers and economists. Here’s what homebuyers and sellers should expect.