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!

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...

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...

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...

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...

Portland Real Estate Market Report: Interest Rates Steady, Demand High 5/2021

May 12, 2021

Last week, the Bureau of Labor Statistics released the jobs report for April, and it was a huge blow. According to the report, the U.S. added 266,000 jobs last month. In any normal era, that would look pretty positive. But in the time of Covid-19, it’s a different story. Experts had predicted that we’d add about 1 million jobs, based on the expectation that vaccine roll out would have more people comfortable enough to reenter the workforce. Instead, we saw the slowest growth since January. So how does the jobs report affect the Portland real estate market, you might be wondering? The answer has to do with the Federal Reserve and its plans as we reopen – theoretically – the...

first time homebuyer downpayment

Explained: New Legislation Promises Aid (Downpayment Money) for First Time Homebuyers

May 10, 2021

It’s here, as promised during President Biden’s campaign. Congress is on the cusp of considering two new pieces of legislation to promote equity in housing and first-time home ownership. Both drafts target lower income households. And with good reason: as we recently covered, home prices are up a jaw-dropping 12%. With home prices skyrocketing, legislators are looking into new ways to incentivize and enable socially and economically disadvantaged groups to make the leap into home ownership. If they come to fruition, these proposals would go beyond existing downpayment assistance programs. But how far beyond? And who qualifies? Let’s take a look and compare these two pieces of legislation. The First-time Homebuyer Act The First-time Homebuyer Act secures a $15,000 tax...

Home Prices Soaring in the Portland Real Estate Market

April 30, 2021

The trend of home prices has only proved itself stronger this week. On Tuesday, Case-Shiller reported the biggest home price increase in 15 years. Their home price index found a 12% annual gain for the month of February, the highest recorded since 2006. That’s up from 11.2% in January. The S&P CoreLogic Case-Shiller Home Price Index measures the price of home sales across the United States using the “repeat sales method.” This means that they calculate percent increase and decrease based on homes that have sold at least two times. Their methodology excludes new construction, condos, apartments, etc. Basically, they are looking at how single-family homes appreciate in order to gauge how much home prices in a particular month. The...

How Big Should Your Next Home Be?

April 26, 2021

How big? It’s one of the first things that might come to mind when buying a new home. You likely already know that home sizes in the U.S. increased considerably since the middle of the 20th century. We can bemoan “McMansions” until the cows come home (the term generally connotates poor taste). But the fact is even the most tasteful of homes are built much larger today than they were in previous decades. That doesn’t mean that bigger is always better. The most important thing is to find a home that suits your needs and your style. But knowing what’s trending in the real estate market will give you an idea of what’s out there for you to explore. How...

zillow zestimate accurate

Is the Zillow Zestimate Accurate? 2021 Update

April 19, 2021

We’ve all been there: you get that email from Zillow telling you how much more your home is worth than what you paid for it even a few short years ago. It’s an enticing idea, to think your house has gained so much equity, and that you could profit off of that. And Zillow’s Zestimate tool, which gives you a quick estimate of your home’s value has been around for years. On top of that, the site gets a ton of traffic, and it’s generally a good idea to have your home listed there. So that must mean the Zestimate is pretty reliable, right? Think again. While the Zestimate is undoubtedly tempting, it doesn’t tell the whole story. And Zillow...

how to sell home with tenant

How to Sell a Home with a Tenant Inside in 2021

April 14, 2021

Selling a tenant occupied home has never been trickier. A landlord must be aware of constantly changing local regulations, whether it be state, county, or city and at the same time keep an eye on federal emergency regulations. All of the above governmental agencies can override any existing lease between the homeowner and tenant. Selling a Home with a National Eviction Mandatorium in Place Right now we are still in a Federal national eviction mandatory that lasts until June 30th, 2021, and could be extended further. In effect, no homeowner in all 50 states can simply let their contract with the tenant expire or remove a tenant for issues like non-payment. If a homeowner evicts a tenant under Federal protections...