Portland Real Estate Market Home Prices – 2022 Report

As we enter spring 2022, we thought we’d take stock of Portland real estate market prices to see where things stand and maybe get a clue about what they might mean for the market moving forward.

We took a look at each quadrant of the city and checked the last monthly average sales prices, year-to-date average sales prices, recent closed sales, year-to-date closed sales, average days on the market, and price increases.

Before we get to those numbers, though, here’s a look at Portland’s overall real-time market profile as of the writing of this article. From this chart, we can see the continued decrease in inventory and the continued increase in prices, along with other telling information.

Chart from Fidelity National Title

Normal seasonal trends mean that everything slows down in the fall and winter, then picks back up in the spring and summer. While there have definitely been other outside influences impacting real estate for the past two years, the market in Portland has remained active, even if less than we might typically see. For more information about seasonal fluctuations in the real estate market, check out our article Best Time to Buy or Sell a Home.

Now, let’s take a look at Portland real estate prices.

Average Real Estate Prices in Portland

Average monthly sales in Portland were relatively the same across the city, except for the west side, which is not surprising, as this is where most of the city’s higher prices homes are located.

Data from RMLS
North PortlandNortheast PortlandSoutheast PortlandWest Portland
Average Monthly Sales Prices –
End of Year 2021
$508,500$531,300$535,700$710,200

Closed Real Estate Sales in Portland

In terms of closed sales in Portland, southeast saw the greatest number over the past year (4,286).

Data from RMLS
North PortlandNortheast PortlandSoutheast PortlandWest Portland
Closed Sales – Year-to-Date1,6363,3684,2863,688

Average Prices Change in Portland Real Estate

Less than a year ago, we wrote about the soaring real estate prices in Portland, noting a 12%+ annual gain. This trend continued to play out for the rest of 2021 and then some, indicated by the chart below for each of Portland’s quadrants.

Our research found that North Portland saw the greatest year-to-date price increase at 13.6%.

Data from RMLS
North PortlandNortheast PortlandSoutheast PortlandWest Portland
Average Price Change – End of Year 202113.6%12.1%12.9%12.9%

Total Market Time in Portland

Homes in west Portland were on the market for longer than all other areas of the city. This is to be expected, of course, because higher priced homes generally take longer to sell.

North PortlandNortheast PortlandSoutheast PortlandWest Portland
Total Market Time – December 202142363555

Will Real Estate Prices Keep Increasing in Portland?

Yes, which is great for home owners and difficult for new home buyers.

Read our 2022 Portland real estate market forecast for expected housing price increases by the end of the year. The report includes all major national real estate industry players and our own forecasts.

Whichever side of the real estate coin you’re on, our top 1% buyer’s team and top 1% seller’s team have almost two decades of experience. They can walk you through your options and show how it’s all possible.

February 11, 2022
AUTHOR

Stephen FitzMaurice

Stephen FitzMaurice, Realtor is a top 5% real estate agent in the U.S. A Principal Broker in Oregon, Managing Broker in Washington, he has been licensed since 2003 for residential real estate sales. Call his team in Oregon at 503-714-1111 or in Washington at 360-345-3833.

4% max to sell a home in Portland and SW Washington.
4.25% max to sell a home in Salem and Bend.
Over 2,000 homes sold.