Is Portland, OR a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Portland is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Portland has remained a Seller's Market.

Key Takeaway

Portland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Portland, OR

How much do homes in Portland, OR cost?

Median Sold Price

$538,623

$315/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$6,506(+1.2%)

Key Takeaway

Homes in Portland have sold for 1.2% more than they did a year ago.

Summary: The median home sold price in Portland was $538,623 in May 2024, up 1.2% from last year, and the median price per square foot was $315.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $311.9K$290.3K
-6.9%
2 $414.9K$410K
-1.2%
3 $525K$529.8K
+0.9%
4 $699.4K$706.3K
+1.0%
5+ $849.9K$885K
+4.1%

Summary: Portland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.9%, 2 bedroom homes decreased by 1.2%, 3 bedroom homes increased by 0.9%, 4 bedroom homes increased by 1%, and 5+ bedroom homes increased by 4.1%.

Median Sold Price Compared To Nearby Cities

Milwaukie
+1.6%
Portland West
+1.3%
Portland
+1.2%
Beaverton
0%
Portland East
-2.0%

Housing Supply in Portland, OR

How many homes are available in Portland, OR?

Number of Homes For Sale

Apr 2024May 2024CHANGE
3,8504,495+16.8%

Summary: The Portland real estate market had 4,495 homes for sale in May 2024, a 16.8% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 316370
+17.1%
2 1,0111,102
+9.0%
3 1,2461,482
+18.9%
4 8661,057
+22.1%
5+ 411484
+17.8%

Summary: The Portland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 17.1%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 18.9%, 4 bedroom homes increased by 22.1%, and 5+ bedroom homes increased by 17.8%.

Number of Homes Sold

Apr 2024May 2024CHANGE
803834+3.9%

Asking Price vs. Sold Price

253 Homes Were Sold
Under Asking

185 Homes Were Sold
At Asking

396 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Portland, you could pay more than the asking price. 47.5% of homes here sold above asking price last month.

Summary: A total of 834 homes were sold or pending in Portland in May 2024, up by 3.9% month-over-month. Of the 834 sold homes, 30% were sold under asking, 22% were sold at asking, and 47% were sold over asking.

Days on Market for Portland, OR

How long does it take to sell a home in Portland, OR?

Average Sale Time

May 2023May 2024CHANGE
27 Days28 Days+6.8%

Summary: Homes in Portland had an average of 28 days on market in May 2024, up by 6.8% compared to last year.

Breakdown of Home Sale Times

622 Homes Were Sold
Under 30 Days

134 Homes Were Sold
In 30 - 90 Days

78 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Portland are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 834 homes were sold in Portland; 75% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Portland, OR

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