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 we move into Summer, Portland real estate continues to be difficult to navigate, particularly for buyers. Inventory has hit a new record low of .7 months and the number of new listings decreased from the month prior. Meanwhile, accepted offers and closed sales increased from this past April to May. So, basically, everything that is available is getting snapped up. Quickly. The average sales price popped to $553,500, 18.9% higher than this time last year, which can be seen as evidence that healthy competition among buyers continues to drive prices up. However, sometimes the numbers don’t quite match up to what we are feeling out in the field. A number of Scout agents have reported a noticeable decline in showings at recent listings. Whether this is due to the end of the school year, potential homebuyers frustrated with the market, or greater freedom to get away post-vaccination, it could be an opportunity for those who haven’t yet had a winning offer but are determined to find a new home. Keep at it! You’ll get your house. And we are, of course, ready to help.
Overall Portland Prices:
- The average sale price in the metro area for 2021 through May was $553,500, a 18.9% increase from this time last year.
- The median sale price increased by 17.0% to $490,200 in the same comparison.
- Rates have stayed relatively steady at 3.125% for a 30-year, fixed, conventional with excellent credit.
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Scout Realty Co. deems all information contained within this report reliable but not guaranteed at the time of posting.