Portland Real Estate Market Update, July 2022
As we move into summer, we’re looking at how the real estate market is shaping up in Portland. Rising interest rates have cooled off a red hot sellers market, and comparing May 21 with May 22, 16% less homes went pending and closed sales dropped 8.4%.
However, inventory remains low along with average market time, and despite a higher number of active price drops, home prices continue to climb (for now).
We looked at the entire Portland metro area and Portland proper, then focused in on each quadrant. Here’s what we found.
Overall Home Prices Continue to Climb
For the entire Portland Metro area, the market this past month saw 3,853 new listings, 2,916 closed sales with an average sale price of $649,600, and an average total market time of 18 days.
Compare these numbers to the same time in 2021, and we see relatively similar numbers with regard to new listings (3,971), but with more closed sales (3,183), a noticeable price increase from $582,200, and an average total market time decrease from 33 days.
|New Listings||Closed Sales||Average Sale Price||Total Market Time|
The biggest potential indicator of a potential turn in the market though is the 16% drop in pending sales when looking at this May 22 from May 21. This is due to a drop in home buyer traffic from 2021 to 2022.
Inventory will soon exceed buyer traffic.
Don’t bother looking at the 2020 blue line (an unusual year of course), look at the 2021 green line and 2022 red line. We started Q1 2022 at historically low inventory (incredibly low), but it has risen quickly and finally surpassed 21’s in May.
Take a look at the graph below and note that closed sales for this year, and even for May—the most recent month reported—is hovering right around or surpassing the highest numbers for closings in the past four years. Closings statistics are of course delayed market information (the homes went pending 30 to 45 days before). We’ll see how 2022 stacks up in coming months.
We took a closer look at Portland’s quadrants and found that west Portland had the most new listings, with southeast close behind. West Portland also had the most active listings—513, compared to north Portland with the least (128)—likely due to the fact that the homes in west Portland have higher asking and final sales prices, so they’re on the market for longer. All quadrants of the city saw a decrease in pending sales. See details for each below.
- Active listings – 128
- New listings – 174
- Pending sales – 141 (15.6% decrease from 2021)
- Closed sales – 138
- Total Market Time – 20 days
- Average Sale Price – $563,000
- Active listings – 263
- New listings – 378
- Pending sales – 297 (18.2% decrease from 2021)
- Closed sales – 321
- Total Market Time – 19
- Average Sale Price – $641,500
- Active listings – 352
- New listings – 444
- Pending sales – 391 (12.5% decrease from 2021)
- Closed sales – 356
- Total Market Time – 17
- Average Sale Price – $624,200
- Active listings – 513
- New listings – 475
- Pending sales – 326 (16.0% decrease from 2021)
- Closed sales – 294
- Total Market Time – 30
- Average Sale Price – $779,300
Portland Condo Real Estate Market
We recently completed our Portland condo market report for 2022, explaining the condo market’s recent history in Portland from a near crash in 2020 to a slow but sure recovery that peaked in early 2022. Now with an upcoming marketing slowdown, we’ll have to wait and see how the local condo market responds.
The graph below shows the fluctuating but steady decline in inventory since 2019, with the current number of condos on the market hovering right around 400.
Portland Real Estate Experts
Understanding the real estate market can be challenging, especially during this highly unusual time. Let us help you make sense of it all so you can make an informed decision. Selling or buying a home is a huge investment of your time, energy, emotion, and money. In our 19 years in the Portland metro area real estate market, we’ve seen a lot. Call our top 1% seller’s agents today at 503-714-1111 or chat with the bot on our site. Whether you’re buying or selling, we’ll put our experience to work for you.June 20, 2022