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...