Portland Real Estate Market News

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!

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Portland Home Affordability Rate: 2021 Report

March 5, 2021

Housing affordability is a universal and complex topic. So is the global pandemic we’re all navigating. Portland’s shortage of inventory hasn’t helped housing affordability over the past year, nor has it shown any signs so far of slowing. When it comes to buying a home in Portland, how should prospective buyers wade these troubled waters? First and foremost, let’s educate ourselves. How is affordability calculated, and how does it affect the average buyer? What are the primary forces influencing the market right now? The more you understand about the Portland real estate market, the more you’ll be able to cash in on the most affordable home for you. How Affordable Is Portland Real Estate? According to the latest RMLS data,...

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Top 5 Real Estate News Stories of 2021 So Far

March 3, 2021

As much as we may be sick of hearing about it, the long and the short of it remains that Covid-19 continues to dominate the biggest real estate news stories. While some aspects of the market are undeterred by the pandemic – buyer demand, notably – others remain markedly affected. As 2021 unfolds, the virus still complicates real estate trends. Today we’re rounding up the top five real estate news stories. But we’re also parsing how national trends intersect with local ones. From the Federal Reserve’s interest rates to the government vaccine roll out, let’s take a dive into how the Portland real estate market has been affected by national forces, local idiosyncrasies, and a global pandemic. 1. Record Low...

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Portland Real Estate Market Update February 2021

February 16, 2021

Portland home prices have been on the rise for the past several years. But we’re not alone. Home prices across the nation were up an average of 10% in 2020, according to the Washington Post and Attom Data Solutions. So how is Portland shaping up? Keep reading to learn how much it costs to buy a home in Portland today and how that’s changed in recent months. Median Sale Prices for Homes in Portland Our most recent RMLS monthly data reveals that the average sale price for a home in the Portland metro area in January 2021 was $514,700. This number is an increase of only $700 over the average price in December 2020. Before we start thinking of it...

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Portland Vs. California: What’s Driving Migration in 2021?

February 8, 2021

It’s old news that Californians love Portland, and a lot of them have been moving here! It’s a trend that’s been going strong for many years now, sometimes to the chagrin of native Portlanders. According to the Oregon Employment Department, Oregon saw an average net in-migration of 21,784 Californians every year from 2014-2018. While there’s no denying that’s a huge number, it doesn’t mean they all came to Portland. As we found last year, Portland isn’t receiving a disproportionate number of California migrants. Rather, Oregon saw population growth statewide. But as we all know, 2020 was an unusual year. Covid-19 has affected so many aspects of our lives, but what about moving? It’s impossible to understand migration to Portland from...

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Portland Real Estate Condo Market 2021

February 3, 2021

Portland Condo Market 2021 Condos finished better in 2020. As in all Portland market sectors, it was a rough spring, with buyer activity tanking in March. But things picked up again in summer, and the peak month for 2020 condo sales was September, when nearly 900 were sold. Numbers stayed strong through the remainder of the year, and the number of condos sold in the second half of 2020 was overall a pretty close match to the activity in 2019. 2. Condos span the price gradient. As you can see from the chart above, there are condos available across the Portland metro area in a range of prices. To generate your own graph showing change in condo prices over time...

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Portland Real Estate Market Update: Inventory Crisis

January 29, 2021

For many weeks now we’ve been tracking the trend of high demand for houses for sale in Portland, with inventory struggling to meet buyer’s needs. While the condo market has been weaker, houses are sought-after and fought-after, as bidding wars make for fast sales and happy sellers. In December 2020, we hit another record low for inventory in the Portland real estate market, as monthly RMLS data reports the lowest ratio of sales to listings in its history (RMLS as we know it began in 1991). Inventory for December comes in at a staggering 0.8. This means more homes were sold than there are active residential listings at the end of the month. Compare this to a ratio of 2.2...

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Rent vs. Buy a Portland Home in 2021

January 25, 2021

Potential first-time home buyers in 2021 have some tough decisions to make. Buying is always seen as more financially advantageous than renting, because the value of your investment will go up over time. After accumulating some funds for a down payment (and some roommate horror stories), most renters will attempt to buy a home in an area where they plan to stay for 6-10 years.  But is 2021 the year to do it? Initially you might think “no” when you consider that prices for Portland homes have climbed 7% over the past year, and a median-priced home is selling for close to half a million dollars as of January 2021 (according to the RMLS and Zillow). You’re better off buying...

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Are People Moving Out of Portland? 2021 Population Update

January 11, 2021

It’s fair game to say that we’ve had quite a dramatic year here in Portland. Between the pandemic and the protests, many may be wondering if folks are moving out of Portland in search of safer cities or quieter suburbs. When it comes to this hot button topic, some trends you may have seen in the news may include: Condo Sales Are Down. Are slowing condo sales across the city an indication of people avoiding making the move to Portland? Crime May Be Up. While national media covers the downtown protests, is crime in Portland rising? An Uncertain Economy. It’s no secret that it’s been a tough year nationally and globally. How does Portland’s economy match up? Rest assured, we...

2021 portland real estate market forecast

Portland Real Estate Market Forecast 2021 – A Boom Year

January 9, 2021

Each year we research and put out two Portland real estate market forecasts, one in the fall prior and one in January of the new year. Every year until now those two forecasts have lined up fairly closely. In 2021 we have a different story to tell. First off, it is important to realize that when you have an ever-changing powerful force (like a worldwide pandemic) normal factors that make for an accurate real estate forecast can be easily blown off track. Now that we have had enough real estate market time dealing with COVID19 and we have a clear path to a vaccine, it has become much easier to forecast than it was this fall. Quick summary to catch...

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Portland Real Estate Market – Final Update 2020

December 21, 2020

2020 was a record-setting year in the Portland real estate market. Every month, the Regional Multiple Listing Service, or RMLS, publishes detailed statistics on the local real estate market, including how many homes sold in the Portland metro area and for how much (average and median price). The most recent update shows that inventory hit a record low, 1.0 months in November. Mortgage rates also hit a record low in mid-November, bringing more buyers to the market. Ever-rising home prices may inspire more home owners to become sellers in the coming weeks, loosening the tight inventory situation we currently find ourselves in. Between November 2019 and November 2020, the average sale price for a Portland-area home rose 7.1%. The current...