Things are really moving and shaking in the Portland Metro, and the Real Estate market this past month was another one for the record books! The average sale price has increased over $80,000 in the past year and the total time on the market has fallen by 40%. Competition is still fierce, due to a lack of enough inventory to satisfy the number of buyers currently looking to buy.
To put that in perspective, let’s compare some numbers from this year to what was happening a year ago. In April of 2020, about 2,800 new listings hit the market. Last month, over 4,000 homes hit the market, but we still have a third of the inventory supply compared to last year because of the amount of buyers currently actively looking to buy.
So what does all that mean? It means that homes are getting gobbled up quick, and most are getting top dollar, often for well over the asking price! It is a great time to be a seller in the Portland metro. Being a buyer is much tougher, but because of those low interest rates, it’s still a good time buy if you can stomach the challenge. But it is critically important that you work a Realtor that knows what they’re doing to help you get an offer accepted.
If you’re even thinking about buying or selling at any point this year, contact Erica Parsons with Ambiance Realty Group at Keller Williams Realty to get started! She’ll give you no pressure or sales tactics, just the help and guidance you need! She can be reached at (503)706-8638 or firstname.lastname@example.org.
Find the most localized report for your specific city in the list below.
Portland Metro Real Estate Market Update by City
- Boring OR
- Canby OR
- Clackamas OR
- Damascus OR
- Gladstone OR
- Happy Valley OR
- Lake Oswego OR
- Milwaukie OR
- Oregon City OR
- Sandy OR
- West Linn OR
- Wilsonville OR