Portland Real Estate Market Report – March 2022
As we move into the spring Portland real estate market, we’re looking at the numbers to see what’s happening. Last month, we reported that experts are predicting a “brutal” spring market, and from what we’re seeing, they’re right.
As always, we look to RMLS and Fidelity National Title for our data, and we’re reporting what we found here mixed in with our own experiences on the ground.
Real Estate Prices Are on the Rise in Portland
We checked the activity in Portland’s four quadrants and found that most of the activity, in terms of closed sales, happened in SE and West Portland. Some of the highest price increases in the past year also occurred in these areas, at 12.0% and 11.4%, respectively.
| Average Sale Prices (past month) | Number of Closed Sales (past month) | Average Sales (year to date) | % Price Increase (past year) | |
| N | $519,500 | 94 | $492,500 | 10.9% |
| NE | $509,800 | 161 | $511,800 | 10.0% |
| SE | $513,900 | 248 | $501,500 | 12.0% |
| W | $711,100 | 208 | $737,200 | 11.4% |
The graph below gives a clear visual of the steady real estate price increases Portland has seen over the past several years. We anticipate that this will continue through 2022.
Lack of inventory continues to be a problem. In fact, as we can see from the graph below, the number of active residential listings at this writing (1,496) are even lower than they were at this time in 2021 (1,993) and far lower than in 2020 (3,580). The 2022 red line below is a dramatic image.
It’s Still a Strong Seller’s Market in Portland
The number of current pending sales sits squarely between where they were in 2020 and 2021. The sudden dip in sales shown in 2020 though can be attributed to the start of the COVID pandemic. Otherwise, we would expect to see sales pick up with spring coming this month. However, with the continuing low inventory issue, this will likely not be the case in Portland this spring.
Average Days on the Real Estate Market in Portland
As of the end of February, RMLS reported the average market time in N, NE, and SE Portland to be slightly over 30 days. West Portland homes took an average of 57 days to sell, which is to be expected for the higher priced real estate found in these neighborhoods.
As of this writing, Fidelity shows a 39 days on market average.
With the still-declining inventory affecting the potential for sales, coupled with more extended times on the market, we will likely see the “brutal” market mentioned above. This also means the strong seller’s market will continue.
Home buyer traffic is increasing in Oregon with the spring season, but buyer traffic is down from 2021 this time of year, but that might be due to the lower inventory we are experiencing in 2022. We’ll also have to keep an eye out for what Realtor.com is calling home buyer fatigue, showing up in some areas due to high prices and exhausting bidding wars.
Condos are still selling at a slower pace than detached homes.
Condo listings and sales have risen a bit since January after the to-be-expected dip over the winter months. Overall we’ve seen a drastic improvement in the Portland condo real estate market from Feb. 2021 to Feb. 2022.
Fidelity shows the 90-day average DOM for condos in Portland to be at 94. However, in the past 7 days, that has decreased to 74. So, while slow, condos may still see an increase of some kind in the spring.
Need Help Selling or Buying a Home in the Portland Real Estate Market?
There’s no doubt that we’re living in unprecedented times. Even so, after having helped people buy and sell their homes in the Portland metro area for 19+ years, we have no doubt we can help you today. Give us a call today at 503-714-1111 or chat with the bot on our site. Our top 1% seller’s team can get the job done and put your mind at ease in the process!
