May 2021 Market Update: Portland

people riding bicycle on bridge during daytime

Key takeaways for the month

With peak season upon us, the Portland market continues to see record-breaking competitiveness as single family homes spend a median of only four to five days on the market and buyers pay above list price. 

  • Portland sale prices continued to increase. Median sale prices in Portland saw multi-year highs in May. Both single family homes and condos experienced increases that continued month-over-month record breaking. Single family homes are not only up 24% over last year, when the pandemic momentarily dropped prices, but are 20% above the $480,000 median in 2019. List prices for single family homes stayed flat, indicating that the higher sale prices were due to increased competition. 
  • Beaverton and Hillsboro also saw record-breaking median sale prices. Single family homes and condos experienced median increases of 2% and 3%, respectively. 
  • Homes sold as fast as possible. Median days on market for single family homes stayed flat at five days in Portland, and 4 days in Beaverton and Hillsboro. This speed represents a significant drop from pre-pandemic May 2019 numbers of 10 in Portland, and 8 in Beaverton and Hillsboro. 
  • Homes sold well above list price. Single family homes continued to sell above list price, with a ratio of 106% across the region. Condos in Portland stayed flat at 99%.

Competition snapshot

Our Research Team looked into sales in a select area for a snapshot of competitiveness in the local market.

Sale Price

List Price

Sale Price Compared to List Price

Days on Market

Number of Properties Listed

Number of Properties Pending Sale

Portland data includes the city of Portland.

Hillsboro & Beaverton data includes the cities of Hillsboro and Beaverton.

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