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.
The Numbers At-a-Glance: Compared to July, August reported a 7.1% increase in inventory (3.0 months), a 9.1% increase in total market time (48 days), and a 0.9% increase in median sale price ($555,000).
August continued the trend of a lukewarm summer selling season. We saw another slight increase in inventory, but once again there were decreases across new listings, pending sales, and closed sales.
Similar to What We Reported Last Month, the Are Two Major Factors Still at Play:
- Pricing. Major pricing implications are affecting these trends - the listings that were priced correctly sold quickly, but the remainder of available properties continued to sit on the market.
- Interest Rates. In August there was continued talk of a near-future rate drop (the Federal Reserve holds its next meeting on September 17th).
Notes for Buyers: In preparation for a rate drop, find a lender you like and trust and get the pre-approval process started. You’ll want to be ready to jump on a rate decrease and snag your dream home! You may also want to consider taking a look at listings that have higher days on the market (60+). If any homes meet most of your search criteria but are slightly over budget, go take a look, and if it's a match consider submitting a below-asking offer.
Notes for Sellers: Pricing is the most important factor in marketability. The longer your home sits on the market, the more you risk devaluing your property. Buyers are remaining cautious as affordability (their monthly payment) remains the main focus. And in today’s market, first impressions are everything. We need to attract buyers virtually before getting them in your door. That’s where a professional, comprehensive digital marketing plan needs to come into play.
Inventory Levels
Inventory levels are a leading indicator of market strength. Inventory levels for August were reported at 3.0, meaning if no new homes came on the market, it would take 3 months until inventory sold out completely (at the current rate of sales). While 3 is higher than inventory in August 2022 and 2023 (1.8 and 2.2 respectively) it’s still historically low.
Median Home Selling Price
The median sale price for June was reported at $555,000. It’s a 0.9% increase from last month and a 3.5% increase compared to August 2023. Lake Oswego/West Linn continued to report the highest median sale price area at $942,000.
Here’s what median home sale prices looked like across Portland proper:
- West Portland: $677,500
- North Portland: $443,000
- NE Portland: $523,800
- SE Portland: $450,000
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
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