2021-02-11
Market Update :: February 2021

Portland Real Estate continues its upward ascension.  Portland median list price reached an all-time high this week – topping out at a whopping $695,000!  Inventory eased slightly to 1.0 Months which is still considered a heavy Seller’s market.  Demand is strong across all price ranges, but entry level housing is especially competitive with multiple offers commonplace for sub-500k homes.  Interestingly, as prices continue to soar at levels never recorded, rents have ped within the city.  Portland median rent is currently $1,995/month which is off about 10% from pre-pandemic levels.

Another metric hitting all time highs is recorded at $286 per square foot for closed sales.  This is up over 11% from the same time last year indicating the market is willing to pay a premium for smaller in-fill spaces.  Other trends indicating strength include an 11% rise in closed sales from same time last year – and 6% less listings.  More demand and less supply would lead us to believe pricing will remain strong in the short term.

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BrianSpear
(503) 515-9374
Spear@JMAProperties.com
Licensed Real Estate Brokers in the State of Oregon

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