Portland Real Estate Market

The 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.

Bookmark this page for monthly Portland real estate market updates, annual forecasts, Portland condo market updates, HOA reports, Portland population rates, local short sale and foreclosure updates, and more.

If you’re thinking of selling your home in the next twelve months, Stephen would love to tour your home. Call today to set an appointment.

Stephen FitzMaurice, Realtor
4% Max. to Sell a Home
Cancel Anytime Policy
Licensed Since 2003
503-714-1111

If you’re considering buying a home in the next twelve months, Kami Price, buyers specialist would love to hear what you’re looking for. Call today to set an appointment.

Kami Price, Realtor
Represented Hundreds of Buyers
Licensed since 2004
503-773-0000

Year in Review. Top 10 Real Estate News Stories in 2022

January 27, 2023

As we move further from the unforeseen ways the world was reshaped in 2020, notably the real estate market, there have been lasting impacts, such as in the way we list and sell homes, and other ripple effects as the market adjusts. 2022 was yet another historic year in the real estate market, with record breaking highs and record breaking drops. We will recap the top 10 news stories. 1. Mortgage Rates are at a (Recent) All-Time High The biggest story affecting the real estate market in Portland last year was the sharp increase in interest rates due to federal hikes, which likely won’t be lowering anytime soon. As inflation continued to impact the cost of groceries, gas, airfare and...

Portland Real Estate Market, February 2023

January 20, 2023

As we head into February 2023, we’re seeing the stabilization of a falling real estate market in Portland, Oregon. Fall 2022 was brutal for home sellers as inventory far exceeded the number of available buyers (due to so many dropping out with the higher rates). As we moved to the end of 2022, there were less sellers than normal listing their home on the market, and while some homes sold others cancelled entirely. The holidays have a wonderful effect on the Portland real estate market every year. The season wipes out excess inventory and sets up the market for a good spring. The reason why spring is typically always the best time of the year to sell a home is...

Portland Real Estate Market, January 2023

December 26, 2022

As we enter the new year, the most significant trend we’re seeing in the Portland real estate market is a marked slowdown in both home buying and new listings for sale. This is expected at this time of year when potential buyers and sellers are channeling their energy into holiday preparations and moving plans are typically put on hold. Check out the statistics that are shaping our current real estate market. Inventory is Dropping as Expected The number of homes on the market has continued to decline sharply since October, following its usual trend of tapering off as we approach the holidays. At the same time, inventory remains higher than it has been over the past two years. Lower inventory...

Portland, Oregon Property Taxes Among Highest in U.S. – Rising Again in 2023

December 12, 2022

In November 2022, Portland voters chose to renew a handful of property tax-supported measures that will benefit schools, protect natural areas and enhance emergency fire services. Voters also approved two new bonds that will be financed by property taxes. These recently passed measures, in addition to Portland’s tax structure for properties, will lead to higher taxes for home and business owners in 2023. Portland, Oregon Property Tax Rates Among the Highest in the Country and are Still Rising It is hard to get effective statistics on property taxes across the country as they are modified by so many different bonds and levies, in addition to set formulas. Typically, only research firms compiling reports can make accurate comparisons. According to a...

Portland Real Estate Bubble – Housing Crash 2023

December 9, 2022

I’ve been selling in the Portland real estate market since 2003, and writing about it since 2008. Each year I write an article like this one, to gauge the level of likelihood of an upcoming Portland real estate market crash. The Portland real estate market, did bubble up in the past, and crashed in 2008-2011 or so. Will it crash again in 2023? In order to answer this question we will look at some economic fundamentals. Although, I must say to start, from 2012 to early 2020, there were almost no signs of a slowing market or a bubble, until we hit 2020 and prices went haywire. There are two fundamental questions we have to ask to determine if the...

Portland Real Estate Market, December 2022

November 9, 2022

The big story for the Portland real estate market as we approach December 2022 is the lack of sales due to home buyers pulling back. While that is the headline, we will get into all the statistics behind the drop in sales here. Inventory is High, But Finally Dropping Now inventory isn’t falling as fast as it did in 2020 or 2021, but inventory is finally starting to drop after rising since Feb. Inventory should continue to drop as we approach the holidays, but will likely stay higher than in recent years. Lower inventory is important. Right now buyers are pulling back and there are simply more homes for sale than there are buyers. Buyer Traffic is Colder than Usual,...

Portland Foreclosure Market and 2023 Forecast

November 4, 2022

I started selling homes in 2003 when the Portland real estate market was starting to get hot. I sold foreclosures and short sales after the 2008 crash until they statistically disappeared by 2016. The amount of available foreclosure and short sale homes for sale dropped to less than 1% in Portland, Oregon in 2019 and stayed that way through 2021 (despite the pandemic). So far in 2022, around one tenth of 1% of detached homes in Portland sold as foreclosures. However, with the recent dramatic increase in mortgage rates and current economic turmoil many are expecting foreclosures to rise in 2023 or 24. Keep in mind that foreclosures do not happen quickly. Notice number of 2008 foreclosures in the below...

Portland Real Estate Market Update, November 2022

October 17, 2022

In recent updates, we’ve reported that Portland’s real estate market has shifted from the hot seller’s market we’ve been navigating for the past two+ years into buyer’s market territory. Inventory has climbed and prices are starting to drop. While it is normal for fall to be a better season for home buyers and spring to be a better season for home sellers, the drop this year has been drastic due to rising interest rates and has dampened everyone’s forecasts for 2023. Read our full 2023 Portland real estate forecast here. Portland Real Estate Activity Continues to Decrease To get more specific about the across-the-board decreases we’re seeing, the most recent RMLS report shows that at the end of September 2022, new...

Portland Real Estate Condo Market 2023 Forecast

September 30, 2022

Buying a condo in Portland means prioritizing a special list of considerations. Delving into the condo lifestyle also means more affordability and more freedom to spend your time the way you want—for example, no yard upkeep or high-cost maintenance and repairs. HOA Costs for Portland Condos are Up in a Big Way It is not possible to simply look at Portland condo prices and compare them to detached single family homes. HOA fees have increased 20% since 2020 in Portland, Oregon (we’ve been keeping track). Check out the current average monthly HOA fee you can expect to pay when owning a condo in Portland in 2022. We provide a regular annual report. We also provide a way to search for...

Portland Real Estate Market, October 2022

September 19, 2022

The national real estate market has seen unprecedented times over the past two years, and the Portland real estate market is no exception. From monthly market reports for Portland proper to updates for the city’s surrounding suburbs, we’ve consistently tracked how the real estate market has unfolded to give you a clear idea of the trajectory of the industry. Check out our full 2023 Portland real estate forecast here. Portland Real Estate Activity is Decreasing Across the Board According the the most recent RMLS report, new listings saw a 13.2% decrease in August 2022 ( to 3,209) from the same time in 2021. With buyers taking a pause, in light of rising interest rates and a predicted recession, pending sales...