Is Portland, OR a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Portland has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $311.9K | $290.3K | -6.9% |
2 Bedrooms | $414.9K | $410K | -1.2% |
3 Bedrooms | $525K | $529.8K | +0.9% |
4 Bedrooms | $699.4K | $706.3K | +1.0% |
5+ Bedrooms | $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 | $489K | $497K | +1.6% |
Portland West | $621.9K | $630K | +1.3% |
Portland | $532.1K | $538.6K | +1.2% |
Beaverton | $534.9K | $534.8K | 0% |
Portland East | $503K | $493K | -2.0% |
Housing Supply in Portland, OR
How many homes are available in Portland, OR?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
3,850 | 4,495 | +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
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 316 | 370 | +17.1% |
2 Bedrooms | 1,011 | 1,102 | +9.0% |
3 Bedrooms | 1,246 | 1,482 | +18.9% |
4 Bedrooms | 866 | 1,057 | +22.1% |
5+ Bedrooms | 411 | 484 | +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 2024 | May 2024 | CHANGE |
---|---|---|
803 | 834 | +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
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 2023 | May 2024 | CHANGE |
---|---|---|
27 Days | 28 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
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.