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.