By some key metrics, the Portland housing market has changed a bit since its super-hot days last year. Here’s a look at what the Portland market has been like for the past quarter (and some insight for you if you’re thinking of buying or selling in Portland in the near future).
Average Days on the Market
6,084 homes were sold during the first quarter of the year in the Portland area. These homes were on the market for an average of 59 days. This is 7 percent longer than homes were on the market during the same time period last year.
Of course, in the top 25 neighborhoods in the Portland area, the average number of days on the market is lower—just 40 days.
Just one area in North Portland made the top 25 list.
Most Homes Sold
And then we come to the most homes sold in Portland neighborhoods. This number has also decreased compared to the first quarter of last year. The west side of Portland (the Forest Heights/Bethany/Cedar Mill area) has been particularly desirable lately, as have the east side neighborhoods.
Here’s a look at the North Portland neighborhoods with the most homes sold.
Price
Sales Price
Last, we know you want the details about where homes were fetching the highest prices in the Portland area. The bad news that unlike days on the market and number of homes sold (which show a slightly cooling market), prices haven’t gone down at all. In fact, they’ve continued to climb.
The average price of homes sold in the Portland area jumped from about $369,000 last year to about $416,00 this year.
Amongst the top 25 neighborhoods, only one saw a decline in price (which was just -0.4 percent) and 10 neighborhoods had double digit gains over last year at the same time.
Here were the top average sales prices in North Portland.
Price Changes
Curious about how prices have changed in Portland over the past few years? This newly updated 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
We can expect the market to heat up a bit as spring comes in full force. There will be competition and high prices for buyers to contend with. If you need any help buying or selling a home, give us a call! We’d love to help you out.