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 June, July reported a 7.7% increase in inventory (2.8 months), a 4.2% decrease in total market time (44 days), and a 2.7% decrease in median sale price ($550,000).
July is historically the hottest month in the summer selling season. Based on the reported stats, July was lukewarm at best. We only saw very slight increases in inventory and decreases in days on market and there were decreases across new listings, pending sales, closed sales, and median sale price.
There’s Two Major Factors at Play:
- Pricing. We’re still seeing major pricing implications affecting these trends - the listings that were priced correctly sold quickly, but the remainder of available properties continued to sit.
- Interest Rates. In July we had inklings that rates may be dropping in the weeks ahead (the Federal Reserve holds their next meeting on September 17th).
Notes for Buyers: Consider taking a look at listings that have higher days on 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. As always, we encourage potential buyers to first meet with a lender and get pre-approved so you’re ready to submit a competitive offer. Continue to be on the lookout for more inventory and likely more price adjustments on homes that have been sitting on the market for 30+ days.
Notes for Sellers: Buyers are remaining cautious as affordability (their monthly payment) remains the main focus. Pricing is the most important factor in marketability. The longer your home sits on the market, the more you risk devaluing your property. First impressions are everything, and in real estate 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 July were reported at 2.8, meaning if no new homes came on the market, it would take 2.8 months until inventory sold out completely (at the current rate of sales). While 2.8 is higher than inventory in July 2022 and 2023 (2.0 and 2.4 respectively) it’s still historically low.
Median Home Selling Price
The median sale price for June was reported at $550,000. It’s a 2.7% decrease from last month and no change compared to July 2023. Lake Oswego/West Linn reported the highest median sale price area with $890,000.
Here’s what median home sale prices looked like across Portland proper:
- West Portland: $630,000
- North Portland: $475,000
- NE Portland: $521,400
- SE Portland: $494,400
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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