Single Level Homes Sell for 18% More in Portland, Oregon, 2023 Report
It should be no secret that single level detached homes sell for more per sq. ft. and sell faster on the real estate market. As single level homes become increasingly rare, I imagine the degree to which this is true will only increase (on a macro scale). This is now the fourth year we are running the numbers in Portland, Oregon, comparing all single level detached homes to multi-level homes, using the available data provided by our local MLS, RMLS.
Why do single level homes sell for so much more each year?
For a lengthy and detailed explanation as to why single level homes sell faster and for more, we recommend visiting our 2022 article where we list more than six solid reasons.
We’re looking at all detached single level homes that have sold in Portland, Oregon (city proper) from Jan. 1st, 2023 to April 30th, 2023 to calculate our report. In that timeframe 1,962 detached homes sold and of those 572 were single level and the rest, 1,390, were two levels or more.
Single Level Home Selling Performance
|Median Days on Market||Average Price Per Sq. Ft.||Number Sold||Percent of Market|
Multi-Level Home Selling Performance
|Median days on Market||Average Price Per Sq. Ft.||Number Sold||Percent of Market|
Single Level vs. Multi-Level Home Report 2023
|Single Level vs. Multi-level Homes||Faster Sales in Days||Sold for More per Sq. ft.|
Explaining the Results
Single level homes sold for 18% more per sq. ft. which falls inline with our previous years reports and comes as no surprise. The interesting data for the first quarter of 2023 is the rare fact that single level homes took a bit longer to sell. What will be most interesting is if this trend continues (I doubt it will) or if it is a one-off random collection of data (which I assume it is). There is always a great deal of variation of homes that hit the market each year, the number of available fixers vs. remodels that hit can vary against their respective demographics of being single level or multiple. There are a great many of potential factors, such as the number of single level homes vs. multiple that went for sale in more or less desirable parts of Portland, Oregon. This is why conducting the report year or year is most helpful and can provide macro-level guidance. Again, if you’re wondering why single level homes sell for so much more, we recommend our 2022 report which goes over those reasons in detail.
Real Estate Market Advice
Right now the Portland real estate market is volatile, and is likely to remain so for a while. If you’re considering selling a single level home, it can be reassuring to know they are in demand and will likely remain so for the future of this local market. If you’re looking to buy a home, it might be worth paying a little extra for a hot commodity that can prove its worth over time and will only become more rare as the years pass by.
We’re here to advise.
As always, if you’re considering buying or selling a home in the next twelve months in the greater Portland metro area, we’d love to connect with you today. Knowing the seasons and trends of our local real estate market, we can help you plan your next strategic move. Give our office a call at 503-714-1111 or chat with the bot on this site. We’d love to connect today!
P.S. The featured image in this article is a stunning single level 50’s home my team sold (went pending on) this last weekend.June 12, 2023