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.
Resilience seems to be the key word when describing both Portlanders and the Portland area real estate market. Despite global pandemic, amid wildfires and the worst air quality in the world, the local market is not only holding steady, but exceeding expectations. When compared to this time last year, new listings are up. Pending sales are up. Closed sales are up. Despite new listings increasing compared to last year, the total number of listings on the market remains stubbornly low, driving fierce competition amongst buyers. Whether it’s a change in lifestyle due to working and schooling at home indefinitely, the increased option for many to work remotely from anywhere, the interest rates that continue to astound with just how low they can go, or a combination of all the above…people are ready to move. The average and median sales prices both increased this last year by nearly 5%, so Portland real estate continues to prove its value. If you have questions about the market in the middle of so much unrest, Scouts are happy to provide help. Put on a mask and get in touch.
Overall Portland Prices:
- Average sale price in the metro area compared to the previous 12 months was $473,800, a 4.2% increase from this time last year.
- The median sale price increased by 5.7% to $425,000 in the same comparison.
- Rates have remained declined to a low 2.75% 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.