Is Multnomah County, OR a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Multnomah County is a seller's market

Buyer's
Market

Difference Since October 2023

Since last year, Multnomah County has remained a Seller's Market.

Key Takeaway

Multnomah County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Multnomah County, OR

How much do homes in Multnomah County, OR cost?

Median Sold Price

$503,647

$308/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$3,694(+0.7%)

Key Takeaway

Homes in Multnomah County have sold for 0.7% more than they did a year ago.

Summary: The median home sold price in Multnomah County was $503,647 in October 2024, up 0.7% from last year, and the median price per square foot was $308.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $305K$300K
-1.6%
2 $405.1K$399.9K
-1.3%
3 $490.2K$501.2K
+2.3%
4 $635.8K$634.8K
-0.1%
5+ $789K$798.6K
+1.2%

Summary: Multnomah County housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes decreased by 1.3%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 1.2%.

Median Sold Price Compared To Nearby Counties

Hood River County
+6.7%
Clark County
+4.1%
Washington County
+3.0%
Clackamas County
+2.5%
Multnomah County
+0.7%

Housing Supply in Multnomah County, OR

How many homes are available in Multnomah County, OR?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
3,4963,603+3.1%

Summary: The Multnomah County real estate market had 3,603 homes for sale in October 2024, a 3.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 304337
+10.9%
2 911928
+1.9%
3 1,3311,351
+1.5%
4 671696
+3.7%
5+ 279291
+4.3%

Summary: The Multnomah County housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.9%, 2 bedroom homes increased by 1.9%, 3 bedroom homes increased by 1.5%, 4 bedroom homes increased by 3.7%, and 5+ bedroom homes increased by 4.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
595697+17.1%

Asking Price vs. Sold Price

264 Homes Were Sold
Under Asking

168 Homes Were Sold
At Asking

265 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Multnomah County, you could pay more than the asking price. 38% of homes here sold above asking price last month.

Summary: A total of 697 homes were sold or pending in Multnomah County in October 2024, up by 17.1% month-over-month. Of the 697 sold homes, 38% were sold under asking, 24% were sold at asking, and 38% were sold over asking.

Days on Market for Multnomah County, OR

How long does it take to sell a home in Multnomah County, OR?

Average Sale Time

Oct 2023Oct 2024CHANGE
35 Days46 Days+31.8%

Summary: Homes in Multnomah County had an average of 46 days on market in Oct 2024, up by 31.8% compared to last year.

Breakdown of Home Sale Times

384 Homes Were Sold
Under 30 Days

197 Homes Were Sold
In 30 - 90 Days

116 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Multnomah County are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 697 homes were sold in Multnomah County; 55% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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