Real estate data for your area
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%.
The market in Portland, Beaverton, and Hillsboro continues to be extremely competitive for buyers.
- Homes are selling with lightning speed. The median days on market for single family homes in Portland is 5 days, down -44.4% from 9 days in pre-pandemic April 2019. In Beaverton and Hillsboro, days on market drops to 4, where it’s holding for the fourth consecutive month, down -42.8% from 7 days in pre-pandemic April 2019.
- Prices continue to rise. Single family homes in Portland are seeing sale prices up 17.7% from last year (and April 2020 sale prices were affected by the pandemic minimally or not at all). Likewise, Beaverton and Hillsboro median sale price is up 16.6% year over year. List prices also rose.
- Buyers are paying above list price. In Portland, single family homes see a sale-to-list price ratio of 104.8%, a multi-year high. In Beaverton and Hillsboro, the ratio is 104.6%, holding about steady with March’s 104.7%.
The Portland market continues to be incredibly active, with homes selling about as quickly as it’s possible to sell. See our local Client Advisor’s tips for buying a home in this crazy market.
- More Portland homes are selling. The number of single family homes listed in Portland is relatively flat year-over-year, decreasing by 2%. However, the number pending is up 62% year-over-year.
- Homes are selling over list price. Sale-to-list price ratio for single family homes across the region have risen to their highest levels in years, landing at 104% for single family homes in Portland, and 105% for single family homes in Beaverton and Hillsboro.
- Homes can’t sell much faster than they currently are in Portland, as well as Beaverton and Hillsboro. Median days on market are holding steady at 5 days for Portland single family homes, and 4 days for both single family homes and condos in Beaverton and Hillsboro. It’s not possible for homes to enter and exit the market much more quickly!
The Portland-area market was hot throughout 2020 and shows no signs of slowing.
- Sale prices are sky high for the region. Median sale price is up year over year in Portland as well as in Beaverton and Hillsboro, for both single family homes and condos, continuing the trajectory of 2020. Portland single family homes are up 22% over last year and Beaverton/Hillsboro single family homes are up 13%.
- List prices are rising, too. Median list prices for single family homes are up year over year, by 7% in Portland and 11% in Beaverton and Hillsboro.
- Homes are selling above list price. Sale-to-list price ratio across the region has seen continuous increase since May 2020. For the past two years, it was under 100% in January and February; this February, it came in at 102% for single family homes in Portland as well as in Beaverton and Hillsboro. The trend of selling above list price is a new one for the region.
- Homes are selling very quickly. Median days on market are significantly down year over year—and have fallen about as low as they can go, landing at 5 days in Portland (a 38% year over year drop) and 4 days in Beaverton/Hillsboro (-33% year over year). These quick home sales show clearly how active this market is and how much it has changed during the course of the pandemic.
Portland had a big year in 2020 and January showed no signs of slowing.
- Prices are up across the region. January’s median sale price for single-family homes in Portland was up 14.61% over January 2020. In Beaverton and Hillsboro, the jump is a similar 12.21%.
- Homes are selling quickly. Month-over-month days on market in Portland are down 40.00% to 30 days for condos and 54.55% to only 5 days for single-family homes. In Beaverton and Hillsboro, condos are down 64.29% to 5 days and single family homes follow by falling 50.00% to 4 days.
- February will be interesting. Generally, this region sees flatness or slightly increased activity from January to February. With January continuing the 2020 trend of hotness in the area, it’s likely that we’ll see even more activity in February.