Is Portland, OR a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Portland is a buyer's market

Buyer's
Market

Difference Since January 2023

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

Key Takeaway

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

Housing Prices in Portland, OR

How much do homes in Portland, OR cost?

Median Sold Price

$535,078

$312/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

-$4,658(-0.9%)

Key Takeaway

Homes in Portland have sold for 0.9% less than they did a year ago.

Summary: The median home sold price in Portland was $535,078 in January 2024, down 0.9% from last year, and the median price per square foot was $312.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $320K$295K
-7.8%
2 $434K$410K
-5.5%
3 $540.4K$524.9K
-2.9%
4 $710.8K$699.9K
-1.5%
5+ $850.9K$890K
+4.6%

Summary: Portland housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 7.8%, 2 bedroom homes decreased by 5.5%, 3 bedroom homes decreased by 2.9%, 4 bedroom homes decreased by 1.5%, and 5+ bedroom homes increased by 4.6%.

Median Sold Price Compared To Nearby Cities

Milwaukie
+1.4%
Portland West
-0.3%
Portland
-0.9%
Beaverton
-3.2%
Portland East
-4.8%

Housing Supply in Portland, OR

How many homes are available in Portland, OR?

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
4,4894,623+3.0%

Summary: The Portland real estate market had 4,623 homes for sale in January 2024, a 3.0% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 398441
+10.8%
2 1,1261,202
+6.7%
3 1,4171,436
+1.3%
4 999997
-0.2%
5+ 549547
-0.4%

Summary: The Portland housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 6.7%, 3 bedroom homes increased by 1.3%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes decreased by 0.4%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
586441-24.7%

Asking Price vs. Sold Price

235 Homes Were Sold
Under Asking

96 Homes Were Sold
At Asking

110 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Portland, you may be able to get a good deal. 53.3% of homes here sold below asking price last month.

Summary: A total of 441 homes were sold or pending in Portland in January 2024, down by 24.7% month-over-month. Of the 441 sold homes, 53% were sold under asking, 22% were sold at asking, and 25% were sold over asking.

Days on Market for Portland, OR

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

Average Sale Time

Jan 2023Jan 2024CHANGE
56 Days53 Days-5.3%

Summary: Homes in Portland had an average of 53 days on market in Jan 2024, down by 5.3% compared to last year.

Breakdown of Home Sale Times

199 Homes Were Sold
Under 30 Days

151 Homes Were Sold
In 30 - 90 Days

91 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During January 2024, 441 homes were sold in Portland; 45% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 21% 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 23 Days Ago

Newest Listings in Portland, OR

Nearby Markets to Portland, OR

What housing markets are near Portland, OR?