A client recently asked me about median home prices in Portland, OR. I thought it worthwhile to share the information here on the blog. Below is a visual representation of what has been happening since January 2019 with Portland’s median home prices:
As you can see, the median home price in Portland, OR was for the most part steady through 2019. Then, we experienced a slight dip during the Stay Home Save Lives executive order. But because interest rates are currently amazing, and we expect that to continue for a while, we see a steady increase across all sectors of the city.
Below shows the percentage increase in median home prices in Portland, OR in each quadrant from July 2019 to July 2020 (Note that RMLS lumps SW and NW data together):
And here are the number values behind the chart:
So for those of you who ask me when the market is going to take a turn, my response is always that I do not have a crystal ball. But pricing in Portland appears to be generally steady for the past 18 months. We seem to be on a slow, steady rise currently, which is in part because of our rapidly shrinking inventory. Portland has had an inventory problem for years now, so this is nothing new. But when interest rates got too sexy to ignore, buyers became interested and jumped into the market. We are experiencing multiple offer scenarios across many market segments currently.
Great news – we have a strong record with successful acceptance of our buyer clients’ offers. And for our seller clients, we provide an evaluation tools for selecting the right offer in a multiple offer scenario. Bottom line: no matter where the median home price in Portland, no matter the state of the current market, we stand ready with experience, compassion, and enthusiasm to get you where you want to go.
Team DanniPDX
Danni Duggan | Oregon Broker | Premiere Property Group, LLC | Licensed in Oregon | 503-719-2279 | danni@dannipdx.com
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