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, and much more. Enjoy!

Portland Real Estate Market Podcast

urban growth boundary

Is the Urban Growth Boundary Good for Portland Home Values?

July 20, 2015

What’s the best thing about living in Portland? Some say it’s getting out of Portland! Not only do we have incredible wilderness areas and parks within a day’s drive, out-of-towners are always amazed at how quickly the city vanishes in your rearview mirror. Where’s the sprawl? Thanks to Oregon’s unique land use system, it pretty much doesn’t exist in rural areas surrounding Portland and other cities. This system traces back to 1974, when Oregon established 19 Statewide Planning Goals to protect farmland, forests and open space, encourage efficient development, and eliminate the costs of poorly planned development. And it’s worked! One of the most powerful tools land use planners have is the Urban Grown Boundary, or UGB. The UGB looks and...

real estate market

Marketing Matters for Portland Real Estate

July 15, 2015

Junior has a bet with his uncle Bill. He’s downsizing and selling his home in SE Portland, with the asking price of $249,000. Uncle Bill has a second home in Beaverton he’s selling so that he can buy a yacht. His real estate agent has it priced at three-quarters of a million. Which one will sell faster? There’s a lot at stake here — dinner at Portland City Grill. Junior is pretty sure he has the upper hand, though. He’s been reading the Portland real estate market reports on his smartphone and he knows that according to the RMLS’ 2014 data, homes in his price category make up the largest chunk of the Portland real estate market, representing 34% of...

housing affordability index

Affordability – 2015 Portland Housing Market

June 30, 2015

Is Portland an affordable place to buy a home? It’s a complicated question and how you answer it depends on what’s important to you. Luckily, we can count on the RMLS to break it down for us in simple numbers. It’s called the Affordability Index, calculated by our friends at the National Association of REALTORS®. Their formula combines current mortgage rates, the average home price, and the median income and spits out a number that tells us how much mortgage the average home buyer can afford. Let’s look at this number a little more closely. The RMLS (the primary listing service for all real estate in the Portland Metro area) just calculates the Affordability Index for residential listings in the...

portland real estate market

New Portland Real Estate Market Data

June 18, 2015

The RMLS — the official property database for the Portland real estate market — has just released some exciting new reports! Now, I know that the words “report” and “exciting” don’t usually go together, but numbers are my secret weapon — and yours, too. The more we know, the better we can market your home or the better offer we can write on the home you want to buy. I’ll introduce you to some of these new reports here in my real estate blog, and the first one I want to talk about is titled “RMLS Average and Median Sale Price Appreciation by Area”. It takes a look back all the way to the early 1990’s to give us a...

real estate marketing portland

Is Your Portland Home Selling?

June 1, 2015

How many showings should your home be getting once it goes on the market? As a Portland real estate agent, I’ve learned that every seller has their own expectation – some are fine with one potential buyer looking around every week are so, some are calling in indignation if their home gets less than ten showings in the first three days on the market. RMLS, the Regional Multiple Listing service for the Portland Metro and beyond (most of Oregon and southern Washington), suggests the average per listing in their system is roughly 1 showing per week on average. This information is gathered by comparing lockbox openings with the number of active listings in their system. The most important factor to...

new beaverton zip codes

New Beaverton, Aloha Zip Codes 97078 and 97003 – July 1st, 2015

May 27, 2015

Due to population growth the U.S. Postal service is adding zip codes 97003 and 97078, breaking up the current (and rather massive) 97006 and 97007 zip codes. There are nearly 42,000 zip codes in America. Why is this important to the Portland real estate market? According to a spokesman for the U.S. postal service, “It’s not just the fact that there’s current growth, it’s an anticipation of future growth.” For the new 97078 and 97003 boundaries, visit this postal service webpage. Zillow has already added the two zip codes in their search options. Use their search program for an easy map overlay of the new zip codes. For Beaverton and Aloha real estate agents these two new zip codes will...

Portland real estate market 2015

April RMLS Market Report Shows Tight Inventory in Portland

May 25, 2015

The latest Portland Real Estate Market report from RMLS shows the market coming out of a hot spring and into an even hotter summer. With real estate inventory dropping down to 1.8 months, a low not seen since 2005, Portland home buyers and real estate agents are having to work extra hard to get their offers through. The median home price rose 7.6% from last year to $301,300, and the average number of days on market is down to 61. That’s two weeks less than in April 2014. Median home price and days on market tell us what the market is doing now, but inventory gives us a picture of what might be happening in the Portland real estate market...

us bank downtown portland

Google Moving into Portland Real Estate Downtown

April 27, 2015

When Google opens up its new office in Portland, Roman columns and carved bronze will suddenly become high-tech. The U.S. National Bank Building, an architectural landmark downtown, has been leased to the search engine giant. While certain subsidiaries of Google have been in the city for the past five years, this Google outpost will be the first in the heart of the Silicon Forest. In making the announcement, the company issued a written statement saying “We know the new space… on Sixth Ave. will provide a great work environment for our expanding team and are looking forward to getting to know our neighbors even better.” While there isn’t an official count of how many employees will be moving into the building,...

Portland ADU Home

ADUs Relieve Pressure on Portland Housing Market

April 20, 2015

Accessory Dwelling Units, or ADUs, are really taking off in Portland. It’s not just Portland real estate agents who are taking notice. In some high-density Portland neighborhoods, these tiny houses make up 10-15% of dwelling units, according to BikePortland.org. Over 200 new ADU permits were issued in 2014 alone. Part of the explosion is due to the fact that the city is waiving building permit fees for these structures through July of 2016. Still, why would a homeowner pay up to $100,000 to build a structure of less than 800 square feet in their backyard? There are several reasons: 
 – Increase your property value and attract buyers with an extra space they could use as a studio, spare bedroom,...

retire in portland

Portland Housing Market: Best Place to Retire?

April 8, 2015

The popular TV show Portlandia once quipped that Portland is where young people go to retire. It turns out it’s where those who are young at heart go to retire, too. Portland’s residents already include over 64,000 who are 65 or older. Portland State University’s Institute of Aging, expects this number to grow 106% in the next two decades. What makes Portland such a popular place for seniors to live? A recent Wall Street Journal article, which called Portland one of the country’s Best Places to Retire, named a number of factors: Great restaurants, access to the great outdoors, walkability, inter-generational events and entertainment, volunteer opportunities, and free classes at Portland State University, to name a few. What about housing?...