The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents post home listings for the region.
Compared to March, April reported 3.33% increase in inventory (3.1 months), 13.4% decrease in total market time (62 days), and a 1.5% increase in median sale price ($550,000). Historically, April kicks off the spring warm up for the Portland Metro real estate market. Warming trends were in full effect with the increase in median sale price paired with the decrease in days on market.
The spring’s increase in inventory will also be bringing an increase in buyers eagerly searching for their dream home. To beat out the competition, make sure you’ve met with a lender and have a pre-approval letter in-hand and are paired with an agent who can craft a competitive and enticing offer. We should also expect to see more price adjustments on homes that have been sitting on the market throughout the winter months - An opportune time for savvy buyers!
Perceived economic uncertainty paired with unmoving interest rates means buyers are more cost-conscious than ever. Pricing your home correctly remains at the core of a successful go-to market strategy. A strategically set price supported by a comprehensive marketing plan will attract the best and widest pool of qualified buyers. As we enter the spring and summer selling season, you’ll find an increase in potential home buyers but will face the most competition as inventory climbs to its yearly peak.
Inventory levels are a leading indicator of market strength. The inventory level for April was reported at 3.1, meaning if no new homes came on the market, it would take 3.1 months for inventory to sell out completely (at the current rate of sales).
The median sale price for February was reported at $550,000. It’s a 1.5% increase from last month and a 1.3% increase compared to April 2024. Lake Oswego / West Linn continued their reign of top median sale price at $892,500.
Here’s what median home sale prices looked like across Portland proper:
West Portland: $691,500
North Portland: $488,000
NE Portland: $511,800
SE Portland: $454,000
Reach out if you’re interested in learning more about the Portland Metro real estate market. I can be reached anytime via email ([email protected]) or call/text (503-545-5094). You can also stay in touch by following us on Instagram!
Address 5530 S Kelly Ave Portland OR 97239
Address 5530 S Kelly Ave Portland OR 97239
