Hot off the press & straight to your inbox, a dispatch from the frontlines of the Portland market. Covering real estate numbers, local news, events, & more.
Instead of reviewing and interpreting the numbers, this month we are reporting directly from the field. Let’s talk about how it feels in Real Estate Land right now. In a word: competitive. Potential buyers, many of them first timers, are showing strong interest in finding homes. It could be because interest rates remain historically low or that people are just tired of waiting to “see what’s going to happen in the market”. Regardless, one issue remains: despite an increase in listings across Portland, there just aren’t enough houses. We are seeing lots of buyers with similar items on their wish lists and comparable price points, and they are all ready to purchase the same handful of houses. This has led to multiple offers (sometimes in the double digits!) and winning offers well over asking price. Should this scare anyone away? No! There’s just never going to be a perfect time to buy. Let’s just say that if you are looking, steel yourself and be prepared to play. Meanwhile, we’ll continue to wait for more inventory. (Pssst. Hey, you want to sell your house?)
Overall Portland Prices:
- Average sale price in the metro area for 2020 – through January was $463,000, a 6.3% increase from this time last year.
- The median sale price increased by 2.5% to $410,000 in the year to date comparison.
- Rates have declined slightly to 3.375% for a 30-year, fixed, conventional with excellent credit.
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Scout deems all information contained within this report reliable but not guaranteed at the time of posting.