What's the Real Estate Market in Portland like?
The Portland Oregon real estate market has seen its share of ups and downs over the last 5 to 7 years. We certainly had our housing bubble burst around 2005 but things are starting to look up and there are fewer foreclosures on the market now been in the last five years. Home prices on average in the Portland area run about $100,000 over the national average. Portland average home price is between $200,000 and $300,000.
Currently we’re getting back to where the market used to be before 2005 where the average home set on the market for about three months. Currently time is less than four months on the market for an average home listing in the Portland area. Just a couple years ago that was 10 months or more.
The Portland market is down in new listings 20% over last year at this time so the demand for inventory is going up. Prices are closing at 20% higher than they were last year. In the amount of inventory is also going down.
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What does this mean for homebuyers? It means that the inventory is low but prices are starting to rise which means the demand will be higher. While I don’t always say now’s the best time to buy, if you’re considering purchasing over the next six months I would suggest doing it quickly.
This fall has seen quite a jump in close to sales over the last few years. Typically May and June are our busiest months but August and October has proved to be really good months with nearly 2200 sales closed in August alone.
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The highest priced homes tend to be in the North Washington County area at around $340,000 while downtown Portland remains at about $250,000 for the average home. Lake Oswego and those on the Lake range around $350,000-$400,000 for an average 2000 to 3000 ft.² home.
What does this mean for home sellers? Now is a great time to south of the inventory is getting lower. You’ll have more buyers through the door and because this fall has proven to be an explosion in homebuyers you’re likely to see more offers on the table. Let me know if you’re interested in either buying or selling homes or property anywhere in the Multnomah and Washington County areas.
Your Source for Where to Live in Portland
As a professional Portland real estate agentI Not only know the area but I know the current markets and trends. I would love to help you find a home in any of the fabulous neighborhoods located around the Portland area. My area of expertise is helping buyers specifically find the right home at the right price. I would love to help you find a home in several of these neighborhoods including but not limited to Southwest Portland, Northeast Portland, Southeast Portland and Northwest Portland and all homes in North Portland and Portland condos. Call me at 503-957-1179 or Contact Us here for more details on personally seeing any of these homes and listings for sale in the entire Portland area.