Portland Real Estate Market

Our local Portland real estate market is always changing. It takes a very busy real estate agent, top 1% in Portland, to keep a finger on its pulse. We write Portland housing market forecasts twice a year, an annual best month of the year to sell or buy a home article, population growth articles, Portland development articles, articles on real estate market trends, housing affordability, articles on Realtors themselves, and much more. Enjoy!

how many days to sell a home

How Many Days to Sell a Home in 2021?

July 19, 2021

In case you haven’t already heard, 2021 is a great year to sell a home in the Portland real estate market! But just in case you’ve been living under a real estate rock, here’s a quick catch up. Inventory has been hovering at a notorious low, because homes are selling faster than new listings come up. Now, typically the real estate market starts slowing by late summer and continues to cool off into the fall and winter months. So what we’re looking at below (RMLS report), covering through the end of June 2021, should represent the fastest time of year to sell a home: As you can see, the ratio of active listings to sold properties dipped below 1 to...

As Portland Home Prices Soar, Home Affordability Takes a Hit

July 12, 2021

Low inventory and rising home prices have made themselves felt here in Portland, as they have across the country. According to the latest numbers from Fannie Mae’s Home Purchase Sentiment Index® (HPSI), 64% of respondents feel that right now is a bad time to buy a home, while 77% feel it’s a good time to sell. Buyers, especially first time buyers, are feeling the sting of lack of affordability pushing them out of the market. So how does Portland shape up in comparison to the rest of the country? We’ll take a look at ATTOM’s recently released affordability data for the second quarter of 2021 to find out. Portland Home Prices Grew Faster Than Wages To consider affordability, you can’t...

ranch style home

Single Level Homes Sell Faster and for More in Portland – 2021 Report

July 7, 2021

Portland is a city famed for its beautiful – and diverse – single family homes. You can find it all here, from gorgeously ornate Victorians to smooth and sleek modern builds. It might surprise you, then, to learn that once again, recent sales data shows that buyers seem to prefer the unassuming single level home. Let’s take a look at the numbers as well as why the appeal of the single level, or ranch style, home proves so enduring. All Home Styles Are Selling Quickly in 2021 – But Especially Single Level Homes First, we should note that homes of all shapes and sizes are flying off the market like hotcakes. In our latest data set, we looked at detached...

portland housing supply forecast

Portland Housing Supply: Here’s What the Future Looks Like

July 5, 2021

All year we’ve been covering the big real estate story of the pandemic: the lack of single family homes. With inventory at an all time low, and demand through the roof, it’s only a matter of time before buyers begin considering other options – not to mention developers. Now, the current situation in Portland’s housing supply can be at least partly explained by the pandemic. But with no sign of demand abating, we can also assume that the need for more homes won’t go anywhere anytime soon. Given these conditions, then, what does the future of Portland’s housing supply look like? In the long term, how will single family homes fare versus multiple unit dwellings? What about owners versus renters?...

average hoa fees and costs

Average HOA Fees in Portland 2021. Are your HOA fees too high?

June 28, 2021

Some HOA fees are too high due to past mismanagement There are some condo complexes in Portland right now that have higher monthly HOA fees than the cost of the monthly mortgage if you were to buy one of their condos for sale. This happens for two main reasons. First, sometimes HOA management collected too little in fees for too many years, giving themselves a financial break at the time by not saving up properly for future costs to cover whatever the HOA made itself responsible for. This is why it is crucial for a condo buyer to analyze the HOAs financials and reserve study before purchasing, to make sure the HOA won’t suddenly have a special assessment (huge hike...

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The National Housing Shortage Continues: How Does Portland Shape Up?

June 25, 2021

We’ve been talking about it for months now. With demand for housing, particularly for single family homes, through the roof, Portland has been struggling on the supply side. And we aren’t alone. All year and across the country, real estate markets struggled with a lack of existing home sales, all while demand for more space remained unabated. The latest national numbers don’t show much change. This week, the National Association of Realtors released new information for May, and it shows the persistence of the current inventory problem. Existing home sales dropped 0.9% from April. It’s not a huge dip, but it does mark the fourth straight month existing home sales have dipped. That’s bad news for a market that desperately...

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Portland Condo Market: the Affordable Choice for 2021

June 21, 2021

If you’ve been looking for a new home and are on a budget, you might be laughing at our headline right now. Affordable? Does affordability even exist in Portland these days? Trust us, then, that not only do plenty of affordable homes exist in Portland but that many are condos. Stay with me. The word condo can conjure up images of high-end penthouses in glass-lined skyscrapers. But the truth is, Portland’s condo market is actually a haven for housing affordability. Right now the demand for single family homes keep holding at record highs. And that means more competition and higher prices. So with those prices still soaring, anyone budget-conscious should consider checking out Portland’s condo market. You might be surprised...

Area of Portland (Oregon) on a map

Where in Portland are Home Prices Rising the Fastest?

June 11, 2021

Rising home prices: possibly the real estate story of the year across the U.S. Naturally, then, we’ve been covering Portland’s historically low inventory, which is driving home prices up, for months now. And it’s unlikely prices will fall anytime soon, if at all. But if you just watch the local news, what you’re likely to hear about is the most outrageous instances of bidding wars. Those sensational, mind-blowing stories certainly drum up interest. However, while they may be indicative of the low inventory problem, these instances aren’t necessarily typical. In order to update you most accurately on the state of the Portland real estate market, then, we wanted to dive as deeply as possible into the local numbers on housing...

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SW Portland Alpenrose Dairy could turn into 193 Home Subdivision

June 7, 2021

In what could be good news for Portland’s housing shortage, the former Alpenrose Dairy property in Southwest Portland might soon be the site of a new, 193 house subdivision. In August of 2019, Alpenrose sold to Smith Brothers Farms of Washington State. Since then, the fate of the 56 acre property on Shattuck Road has been uncertain. In late May, however, the Florida-based Lennar Corporation submitted documents to Portland’s Bureau of Development Services, proposing the new development. Both the 2019 sale and the prospect of new housing elicited a mixed reception from the community. Most notably, many feel saddened by the loss of this Southwest Portland fixture. While the future of this huge property lies in doubt still, its past...

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How Long will Home Prices Rise Across the U.S.?

May 26, 2021

Home prices on the rise – the topic that has flooded the news, including here. The fallout from the pandemic has undoubtedly made its mark on all aspects of the economy. But the housing market differs from other industries in that it’s stronger than ever… for the seller. High demand and low interest rates keep pushing home prices up, igniting bidding wars across the nation. According to Realtor.com, median sale prices went up 17.2% year over year in April. Now, that number is so large partly because at this time last year we were hitting the worst of the pandemic for the real estate market. But the median home price – $375,000 – still marked a record high. But for...