Is Portland, TN 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.
Key Takeaway
Portland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Portland, TN
How much do homes in Portland, TN cost?
Median Sold Price
$328,300
$226/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Portland have sold for 6.1% more than they did a year ago.
Summary: The median home sold price in Portland was $328,300 in May 2024, up 6.1% from last year, and the median price per square foot was $226.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $154K | $133K | -13.6% |
| 2 Bedrooms | $216K | $217.9K | +0.9% |
| 3 Bedrooms | $308.7K | $320K | +3.6% |
| 4 Bedrooms | $376K | $469.9K | +25.0% |
| 5+ Bedrooms | $505K | - | N/A |
Summary: Portland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13.6%, 2 bedroom homes increased by 0.9%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 25%, and 5+ bedroom homes did not change.
Housing Supply in Portland, TN
How many homes are available in Portland, TN?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 127 | 137 | +7.9% |
Summary: The Portland real estate market had 137 homes for sale in May 2024, a 7.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 9 | 13 | +44.4% |
| 3 Bedrooms | 94 | 94 | 0.0% |
| 4 Bedrooms | 22 | 26 | +18.2% |
| 5+ Bedrooms | 1 | 3 | +200.0% |
Summary: The Portland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 44.4%, 3 bedroom homes remained the same, 4 bedroom homes increased by 18.2%, and 5+ bedroom homes increased by 200%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 35 | +6.1% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Portland, you may be able to get a good deal. 48.6% of homes here sold below asking price last month.
Summary: A total of 35 homes were sold or pending in Portland in May 2024, up by 6.1% month-over-month. Of the 35 sold homes, 49% were sold under asking, 26% were sold at asking, and 26% were sold over asking.
Days on Market for Portland, TN
How long does it take to sell a home in Portland, TN?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 34 Days | 26 Days | -24.8% |
Summary: Homes in Portland had an average of 26 days on market in May 2024, down by 24.8% compared to last year.
Breakdown of Home Sale Times
25 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Portland are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 35 homes were sold in Portland; 71% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
Listings courtesy of RealTracs Middle Tennessee Regional MLS as distributed by MLS GRID.
© 2024 of the REALTRACS MLS. All rights Reserved.