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.
Well, the rumors are true. The current Portland real estate market is extremely difficult to navigate, primarily for buyers. We are still suffering from record low inventory – hovering at just one month’s worth – and competition between buyers is at a fever pitch. We are hearing stories of 20+ offers received and houses going upwards of $75k, maybe even $100k over ask. And we are talking about listings that are priced based on available comps by knowledgeable real estate agents. It would not be an exaggeration to say that the market is changing day-to-day and that values are nearly impossible to guess. The median sales price for the first two months of 2021 is $470,000. That is an impressive 15% jump from the first two months of last year, just before the pandemic started. So, we remain in a place where buyers are not guaranteed a win. This, of course, also puts many sellers at a disadvantage if their plan is to purchase a new home in Portland. But you know what? The sun is shining, blossoms all over the city are about to POP, vaccines are being administered, Multnomah County was just downgraded to Moderate Risk, and someone is winning offers, so why not you? We can’t help but lean into that feeling of optimism that is creeping back in. C’mon. Lean with us.
Overall Portland Prices:
- Average sale price in the metro area for 2021 through February was $528,500 a 14.8% increase from this time last year.
- The median sale price increased by 15.3% to $470,000 in the same comparison.
- Rates have increased to 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.