SE Portland homes are selling at a median speed of 28 days, which is 3% faster than the 29 days of December 2022. This is positive housing market news for SE Portland home sellers. However, it must be noted that the 28 days of December 2023 are 300% slower than the 7 days of December 2020, which was the fastest housing market in December over the last four years.
Here's an excellent tip if you're buying a home or selling a home: Days-on-Market (DOM) is a critically important market trend because it instantly tells you the housing market's speed and the speed of the housing market tells you everything you need to know as a home buyer or home seller. If the location has a consistent DOM under 10 days, it's a fast-moving housing market with bidding wars and rising prices, also known as a seller's market. As the DOM increases above the 10-day mark towards the 20s or 30s, you can expect a slower housing market with less competition and the ability to negotiate prices, also known as a buyer's market.
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