Portland Housing Market Update: Inventory, Prices, Rates

By Nick Krautter

Nick Krautter is a Portland-based real estate professional, market analyst, and author of The Golden Handoff: How to Buy and Sell a Real Estate Agent’s Business, which debuted number one on Amazon for mergers and acquisitions.

I’m glad to be bringing Sell PDX back with the latest market stats for the Portland metro area, and there’s a lot worth unpacking right now. As of April, we’re sitting at three months of inventory. A balanced market is generally considered to be 6 months, so we’re still technically in a seller’s market, even though a few interesting things are happening beneath that number.

Prices are essentially flat year over year. Our median sales price is identical to a year ago, so on that measure, the market is completely flat. The average sales price is down only about $1,500. To put numbers on it, the average sits around $615,000, and the median is right at $550,000. If prices holding steady surprises you, given everything you hear in the headlines, that’s exactly why a local read matters more than national noise.

The market is tracking right alongside recent years. When you look at the charts for active listings, new listings, and pending sales, we’re following almost the same path as the last couple of years. We’re seeing a little more activity across the board so far this year, a few more actives, a few more pendings, and a few more closed sales. It’s steady, not dramatic, and that consistency is its own kind of good news.

Rates are high, but market times are holding. Interest rates are still elevated, sitting in the mid-6% range, and even so, our market time is holding right about where it was last year. We’re at roughly 60 days on market, or about two months. That said, averages only tell you so much. Some homes are selling much faster than that, and some take longer, depending on price point, location, condition, and how they’re presented.

If you’re curious what your home is worth in today’s market, or you’d like an update on any of your properties, I’m happy to put real numbers to your specific situation.

Call or text me at 503-901-8100, email me at nkrautter@gmail.com, or visit sellpdx.com. I’d be glad to give you a clear, honest read on where you stand.