Portland Monthly Market Report Highlights

Real estate data for your area

Current month’s highlights and full data

March 2022 highlights

Competition in the Portland area picked up in March. Most homes received more than 2 offers, with the average house receiving 6 offers. List prices rose 5% over last month’s median list price while homes continued to sell as much as 11% above list price. Sale prices were up, too, at $580,000 on average—the highest of the year so far.

  • Listed and sold homes both reached a yearly high Over 1,200 homes were listed in Portland in March with nearly 1,100 homes sold in the same time period.
  • Homes sold in less than a week in both Portland and Beaverton The average amount of time it took for a home to sell in Portland was 5 days. In Beaverton, that average was as low as 4 days.
  • Condo values in both Beaverton and Portland were stable In Beaverton, the sale price of condos were 104% of their list prices at an average of $350,000—the same as last month. In Portland, condo values climbed by 5% to $385,000.
  • Homes received more offers on average than last month Last month, the average home in Portland received 5 offers. In March, the average house received 6.3 offers and sold in under a week.

February 2022 highlights

An early spike in the average sale-to-list-price ratio means Portland is likely entering a period of tougher competition closer to the beginning of the year than in previous years. Many of the other measurements of a competitive market rose in February, too, including list price, sale price, and the number of homes sold. Portland is in for a more expensive and more competitive springtime than in the previous year.

  • Sale-to-list-price ratio spiked in both Portland and Beaverton Compared to February 2021, the sale-to-list-price ratio in both Beaverton and Portland experienced an uncharacteristically large increase for this time of year. Homes in both areas sold for an average of 103% of their list price, a ratio that surpasses the previous month of this year and the same month last year by at least 1%.
  • Competition for condos in Portland continues to increase At the close of 2021, it took condos an average of nearly a month to sell but, by February, buyers were offering at the list price and closing on condos in an average of 10 days in Portland.
  • The gap in home prices in Portland and Beaverton increased At over $566,000, Beaverton homes sold for an average of $11,000 more than their counterparts in Portland. That gap increased by $8,000 from the previous month when homes in Portland and Beaverton were selling for nearly the same amount.
  • Condo prices in Portland dipped slightly Condominium prices in Portland hit a peak in January but seem to be leveling off in February at $371,000, which still represents a higher price than any month in the final quarter of 2021.

January 2022 highlights

The Portland area’s housing market is adjusting in the new year to year-end lows in most metrics like list prices, sale prices, and days on market. While sale prices continued to decrease through the end of the year and into 2022, the fact that homes spent less time on the market gave sellers optimism and list prices increased.

  • Time on market fell sharply in both Portland and Beaverton Portland days on market fell from 12 days in December to just 5 in January, suggesting an increase in competition. Beaverton’s days on market average also dropped to 5 from 7, suggesting it remains as competitive as ever.
  • List prices were higher than in the previous two months Sellers adjusted their list prices in January up from December prices after homes that month sold for about $20,000 above asking on average. They over-adjusted though, and buyers were paying about $10,000 less this than the list price this month.
  • The market is ramping back up in the entire Portland area following a year-end slow-down In both Portland and Beaverton, there were more homes listed than in December and November. Sales kept up pace with listings, though, as the number of homes that went to pending status increased as well, keeping inventory low.

November 2021 highlights

The Portland market cooled off significantly in November, with both the number of listed and sold properties dipping below 1,000 for the first time since the spring. Competition eased up, too, as the number of days on market for single-family homes crept up to 11—the longest average for the year.

  • Portland single family homes sold slower than they have all year. Median days on market rose for the second month in a row. In November, homes sold 37% slower, from 9 to 11 days, the highest since December. The winter will continue to slow down if current trends continue until the market begins to heat up again in the spring.
  • The sale price for single-family homes was closer to their list price. Homes sold for a median price of only .3% higher than their list price in Portland. Due to a slow-down of competition, bidding was less competitive and homes were selling for asking price throughout the city. 
  • The number of homes listed in Beaverton was the lowest of the year. Home sellers in Beaverton responded to the slow down by listing only 260 homes, the lowest number all year.

October 2021 highlights

With most measures seeing little month-over-month change in Portland, Beaverton, and Hillsboro, the slower fall season seems to have set in. 

  • Portland single family homes sold slower than they have all year. Median days on market rose 29% month over month to 9 days, the highest since December. Judging from previous years, this trend will continue as the number of properties listed and pending tends to drop sharply in November and December. 
  • Beaverton and Hillsboro saw a drop in listings. The number of single family homes listed dropped 12% month over month and 10% year over year, while condos fell 31% month over month and 25% year over year. October saw increased condo listings for the prior two years followed by falls in November, so this year’s decrease may have happened a month early. 

September 2021

While the region was still very active in September compared to previous years, the month brought an expected seasonal slowdown in Portland, with competition for single family homes decreasing, all home types taking a little longer to sell, and more homes being listed. 

  • Competition among Portland buyers slowed. Sale-to-list price ratio dropped for the third month in a row after unprecedented highs in the spring. Coming in at 101%, this measure is on par with last September and keeps Portland in its new territory of homes selling above list price. Median days on market rose 17% to 7 days, the slowest pace since December. 
  • Condos in Beaverton and Hillsboro sold steadily. Median sale price for condos increased 5% after falling in August and condos continued to sell in a median of 5 days for the fourth consecutive month. Meanwhile, single family home sales slowed for the season, with median days on market rising and sale-to-list price ratio falling.
Real estate competition report for Portland East Side

August 2021

While competition for homes in the region dropped slightly in August, demand for homes stayed high and the local market continues to be hotter than in previous years. As we enter an expected seasonal slowdown, changes will be gradual rather than dramatic. 

  • Fewer homes were listed. In Portland, 17% fewer single family homes and 14% fewer condos were listed in August than in July. Likewise Hillsboro and Beaverton saw 16% fewer single family home listings and 13% fewer condos. 
  • Sale prices rose slightly. The median single family home price in Portland, and Beaverton and Hillsboro, rose 2% month over month. In Portland, condos rose 7% while dropping 5% in Hillsboro and Beaverton.
  • Homes continued to sell quickly. The median number of days on market for single family homes in Portland fell 14% to 6 days, while staying steady at 5 days in Hillsboro and Beaverton. 
Real estate competition report for East Side Portland

July 2021

While the gap between median sale price and list price in 2021 and recent years remains very significant, we saw the first signs of a seasonal slowdown in the market in July. 

  • Days on market are up. Portland single family homes have been holding steady at a median of 5 days on the market since January with a dip to 4 days in March. July saw a 40% increase to 7 days. In Hillsboro and Beaverton, a similar streak with a 4 day median since January was broken with a rise to 5 days. 
  • Sale price for Portland single family homes dipped. The median sale price for single family homes in Portland dipped 1.5%, a small change for the second month in a row. Previously, we hadn’t seen a dip in this metric since November 2020. 
  • More homes are being listed in Beaverton and Hillsboro. The number of new homes listed rose 9% for single family homes and 28% for condos month over month. Single family homes saw the number of pending homes rise only 2%, showing that the increase in inventory may have been the cause of the increase in days on market. Condos saw a 23% jump in the number of pending homes, indicating that the market supported the additional inventory.

Competition snapshot

Portland real estate competition report for July 2021

June 2021

With small changes month over month, the Portland region continues to see competition at unprecedented levels as the peak season moves forward. 

  • Portland continued to be a very hot market. While single family home median sale price and list price saw only small fluctuations from May to June, they both remain significantly above previous years’ peak numbers. Homes continue to sell in a median of 5 days, the trend for the past six months, except for a dip to only 4 days in March. Sale-to-list price ratio held steady at 106%, indicating that buyers continue to compete for homes in the area. 
  • Hillsboro and Beaverton saw slightly higher prices. Similarly to Portland, the main story in Hillsboro and Beaverton is that competition continues to be high, with days on market for single family homes holding at a median of 4 for the sixth month, and 5 for condos (which have been hovering between 4 and 5 since January). Sale-to-list price ratio held at 106% for both single family homes and condos. Median list price and sale price saw small lifts month over month that indicate bigger changes over recent history, with median sale price for single family homes rising 22% above last June’s number, and 25% above June 2019. 

Competition snapshot

Real estate market competition report for Portland's East Side

May 2021

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

April 2021

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%.

March 2021

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!

Competition snapshot

February 2021

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.

Competition snapshot

January 2021

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. 

Competition snapshot