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.
In a year that has all of us not sure which is up and which is down, whether tomorrow will be calm or chaotic, and seeing such important changes to the world around us; looking at housing numbers can seem both trivial and hard to parse from one month to the next. What may be surprising to many is that the Portland real estate market continues to chug along, after a temporary hiatus during the stay at home order. While we do see some signs of that slow period carrying over into the current numbers, it is also true to say numbers from last month have very little to do with what we are seeing live on the ground today. What we do know is the active listings continue the multi year trend of decline. Since 2018 we have been seeing consistently fewer listings and from 2019 to 2020 that trend managed to drop even further. What that means to the average buyer is that fewer houses equals stiff competition and higher prices. While we aren’t seeing the strong price gains (10+%) of years past, increases remain steady with median sales prices increasing 3.8% in the last 12 months. Anecdotally speaking, there seems to be a renewed surge of folks moving from out of state who now have extended work from home permissions as COVID -19 continues to impact workplaces. Couple the low inventory with pent up buyer demand and the lowest interest rates some have ever seen, and the scene is set for a strong competitive market, particularly for houses that shine.
Overall Portland Prices:
- Average sale price in the metro area compared to the previous 12 months was $463,800, a 2.2% increase from this time last year..
- The median sale price increased by 3.8% to $415,000 in the same comparison.
- Rates have remained steady at a low 3.125% 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.