The Portland housing market is seeing a bit of cooling, though that probably doesn’t mean much if you’re trying to buy right now. Here’s a look at what the Portland market has been like for the past quarter.
Average Days on Market
Many homes are sticking around on the market just a bit longer than they have been, but that won’t be much comfort to buyers. More than 60% of listings still sell within the first 30 days on the market, so buyers have to be quick to have a shot at homes they’re interested in. (However, for homes that don’t have multiple offers, buyers still might be able to do some negotiating.)
St. Johns homes sold really fast, as did homes in the Beaverton area.
Two North Portland areas made the list of the top 25 fastest-moving neighborhoods this past quarter.
Most Homes Sold
A total of 8,000 homes sold in the Portland area during the second quarter of 2017. This is actually down almost 10% from the second quarter of last year. Low inventory obviously has an impact on the number of sales.
And then we come to the most homes sold in Portland neighborhoods. The west side of Portland (the Forest Heights/Bethany/Cedar Mill area) has continued to be particularly desirable lately.
Here’s a look at the North Portland neighborhoods with the most homes sold.
The sales price rose 9 percent between quarters to about $440,000. It just continues to get more and more expensive to buy a house in Portland.
In fact, just five neighborhoods actually saw prices drop over the second quarter of last year. Lake Oswego and Nob Hill are currently the most expensive areas in Portland where you can buy a home. (Though Lake Oswego actually saw the biggest reduction in prices this quarter.)
Here were the top average sales prices in North Portland.
Curious about how prices have changed in Portland over the past few years? This heat map shows you exactly what’s changed for the entire city.
You can see that there have been drastic price changes in many parts of the city, even in the past year.
Here’s a closer look at North Portland’s neighborhoods. The first number is the one-year median price change, and the second number is the five-year median price change.
Arbor Lodge (9%, 60%)
Bridgeton (7%, 43%)
East Columbia (17%, 97%)
Hayden Island (8%, 93%)
Kenton (18%, 82%)
Overlook (20%, 79%)
Piedmont (10%, 71%)
Portsmouth (16%, 92%)
St. Johns (15%, 85%)
University (14%, 58%)
What the Future Holds
If you need any help buying or selling a home, give us a call! We’d love to help you out in this crazy market.