Scouting Report: Vol. 6, Issue 5 - Scout Realty Co.

Scouting Report: Vol. 6, Issue 5


Scouting Report

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.

As compared to June of last year, the number of new listings is down a whopping 14.6%. It’s fair to say that this is, at least in part, why the Portland house hunt feels so cutthroat right now with average sales prices up in almost every area of town. This time last year, we were starting to adjust to the idea that perhaps real estate was transitioning to a more balanced market, but high competition among house hunters quickly ramped up once again at the start of 2020 and has barely flagged since. Portland continues to be a place people want to live in and move to. And, quite honestly, the global pandemic has only solidified this as more people in larger cities are given additional freedoms to work remotely. With more people working from home and the potential for kids being home during the school year has also altered what homebuyers look for. Larger yards, designated office space, and close proximity to parks are starting to feel less like “wants” and more like “needs”. The entire landscape is shifting in terms of what people want, how they want to live, and where they want to be for the long term. At Scout, we are doing our best to stay on top of the changes to our world and city and how these changes impact each of our clients.

Market Stats

Overall Portland Prices:

  • Average sale price in the metro area compared to the previous 12 months was $464,400, a 2.4% increase from this time last year.
  • The median sale price increased by 4% to $416,000 in the same comparison.

Interest Rates:

  • Rates have decrease slightly to a low 3.0% 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.