Portland Real Estate Condo Market 2023 Forecast
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 condos for sale that includes HOA fees. We let you search with HOA fee caps and property tax caps. We also provide a comprehensive condo search filter we called, Best Priced Condo, that adds in 5 years or property taxes and 5 years of HOA fees into the price so you can truly sort by the best deal.
Portland’s condo market has lagged behind the single-family market for a few years now and with the recent downtown this will likely equate into a shift toward more affordability, a great incentive for those wanting to buy real estate for the first time or to downsize and simplify.
Condo Prices in Portland are More Affordable
The most recent RMLS report shows that condo sale prices have increased over the past two years. Not a surprise, as this has been true for any and all real estate across the country. However, condos have always represented a segment that is generally more affordable than single-family homes. Where the average price of a condo in Portland has hovered around $350,000 this year, it has hovered over $550,000 for a detached property in town.
With the current state of the market undergoing a readjustment after the hot seller’s market from the past two years—current rising interest rates and rising inflation, more buyers are reluctant to move forward with purchases.
Fidelity National Title provides an excellent price per sq. ft. report on Portland condos that is even more up-to-date and we can see that condo prices have begun to drop.
Significant Recent Drop in Sold Condos in Fall 2022
Notice the increasing gap between active condos list for sale and closed condo sales, a gap that started widening in May and hasn’t stopped growing. As this gap grows bigger or even simply stays that wide, we can expect Portland condo prices to drop through the winter of 2022.
Portland Condo Market Forecast for 2023
We recently completed our full Portland real estate forecast for 2023, with a breakdown by suburb or city center and by basic property price points. Condos, naturally lagging behind the regular detached housing market for years now in Portland, will likely fare worse in 2023 than our forecast for detached properties. We expect high to middle end condo prices in Portland to drop 7-12% in 2023 and low end condo prices in Portland to drop 2-7%, each depending on the area.
Work With an Portland Condo Real Estate Expert
Curious about the condo market in Portland? Let us put our almost 20 years of experience in the Portland metro area to work for you. We can help you buy your next home, whether it’s a condo or a single-family home. We can also help you sell your condo for a reasonable commission rate. Our top 1% buyer’s agents and our top 1% seller’s agents are ready to work with you. Call us as 503-773-0000 (buyers) or 503-714-1111 (sellers) or chat with the bot on our site. We’d love to connect!September 30, 2022