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 buyer's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Multnomah County was a Seller's Market.

Key Takeaway

Multnomah County is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Multnomah County, OR

How much do homes in Multnomah County, OR cost?

Median Sold Price

$499,969

$305/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

-$16,779(-3.2%)

Key Takeaway

Homes in Multnomah County have sold for 3.2% less than they did a year ago.

Summary: The median home sold price in Multnomah County was $499,969 in March 2024, down 3.2% from last year, and the median price per square foot was $305.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $315K$298.7K
-5.1%
2 $419.9K$406.5K
-3.2%
3 $505.8K$495.7K
-2.0%
4 $641.6K$639.7K
-0.3%
5+ $800.6K$799.9K
-0.1%

Summary: Multnomah County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.1%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes decreased by 2%, 4 bedroom homes decreased by 0.3%, and 5+ bedroom homes decreased by 0.1%.

Median Sold Price Compared To Nearby Counties

Clark County
+2.0%
Hood River County
0.4%
Clackamas County
0.2%
Washington County
0.0%
Multnomah County
-3.2%

Housing Supply in Multnomah County, OR

How many homes are available in Multnomah County, OR?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
4,2844,618+7.8%

Summary: The Multnomah County real estate market had 4,618 homes for sale in March 2024, a 7.8% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 460498
+8.3%
2 1,1481,235
+7.6%
3 1,4161,520
+7.3%
4 853923
+8.2%
5+ 407442
+8.6%

Summary: The Multnomah County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 7.3%, 4 bedroom homes increased by 8.2%, and 5+ bedroom homes increased by 8.6%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
431527+22.3%

Asking Price vs. Sold Price

190 Homes Were Sold
Under Asking

128 Homes Were Sold
At Asking

209 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. 39.7% of homes here sold above asking price last month.

Summary: A total of 527 homes were sold or pending in Multnomah County in March 2024, up by 22.3% month-over-month. Of the 527 sold homes, 36% were sold under asking, 24% were sold at asking, and 40% 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

Mar 2023Mar 2024CHANGE
43 Days44 Days+3.2%

Summary: Homes in Multnomah County had an average of 44 days on market in Mar 2024, up by 3.2% compared to last year.

Breakdown of Home Sale Times

322 Homes Were Sold
Under 30 Days

112 Homes Were Sold
In 30 - 90 Days

93 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 March 2024, 527 homes were sold in Multnomah County; 61% of homes were sold within 30 days, 21% of homes were sold within 30 to 90 days, and 18% 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 27 Days Ago

Newest Listings in Multnomah County, OR

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