Portland Real Estate Market Fall 2021 Update
The Portland real estate market has been on a tear, following a national estate trend for 2021. Portland proper and all metro suburbs are up in price this year from 10% to 20%. See how each Portland suburb market has fared so far in 2021 here. This is after the Portland real estate market was cooling (from 2017 to early 2020) and looked like it would end up cold by 2022. Instead, due of course to the national COVID19 impact, we are predicting a positive increase in Portland housing prices in 2022, and currently, there are no national real estate industry partners forecasting a drop in the 2022 national real estate market.
The Portland Real Estate Market Cools in the Fall – Every Fall
Each year in Portland there is an overall trend, hot or cold. Then on top of that overall real estate market trend for the year, one must overlay Portland seasonal effects on that market. Our seasonal home buying and selling trends have a massive impact on the local market each year, therefore each year we write a month to month breakdown of those seasonal effects.
Without exception (ignoring 2020), for the last 18 years the season trends have had their predictable impact. During the hottest years, 2006, 2016, and 2021, you can still see the up and down impact. In the coldest years, 2010 – 2012, the seasonal trends till had their month by month heating or cooling effect. It doesn’t matter how drastic the Portland real estate market yearly trend is, the season will still have its say (and its voice is loud).
So it has been no surprise for me to see that June was slower than May, and July was slower than June in 2021. I can also easily predict that August will be slower than July. Late August and early September always have a cooling effect on the local market as many home buyers have already purchased in the spring and summer to ensure they would close before school starts. Also, many home buyers take a break and go on vacation in late August. Then the start of school in early September means most families with school age children will put other plans to the side until their children are settled in.
Your Experience of the Portland Real Estate Market is also dependant on your category of home and local neighborhood / suburb.
For example, right now the hottest part of the greater Portland metro is the Hillsboro real estate market, as explained here. Portland proper, (N, NE, S, SE, SW, NW), is not as hot as the surrounded suburbs. The luxury real estate market is cooling faster than mid-range or low-range priced homes. The condo market (especially downtown Portland) is the coldest segment of the real estate market in the entire metro.
So it is not enough to know the annual Portland real estate market trend, nor the annual plus the seasonal trends, a good real estate agent will know the annual, the seasonal, the current local market trends of your neighborhood, and the particular property type trends within the greater metro picture. My team is over 2,000 local home sales, and in my opinion, you want to see that kind of experience in the agent representing your sale. For example, did you know that single-level homes sell faster and for more than the rest of the market? Or that the residential infill project in Portland is now complete and your lot might be able to be divided or have more than one ADU?
Today’s Portland Real Estate Market Numbers
No surprise here, you can see inventory is steadily increasing, the median list price is steadily dropping and more Portland homes on the market (36%) are experiencing price drops.
Thinking of Selling or Buying a Home in the Next 12 Months?
We hope you’ll reach out to us today. Our top 1% real estate team has its finger on the market. We can assess the particulars of your home and give you confidence in planning your next move.August 27, 2021