The Portland Metro Residential Market Action report is a monthly review provided by the RMLS, a database where real estate agents are required to post home listings for the region.
The Numbers At-a-Glance: Compared to May, June reported a 13% increase in inventory (to 2.6 months), a 5.1% decrease in total market time (46), and a 1.2% increase in median sale price ($565,000).
A quick note on “total market time” - the RMLS appears to be using a new calculation to determine this stat which greatly lessens the outcome. They also corrected May’s total market time to 46 days as opposed to the originally reported 86 days. We have an inquiry out to RMLS and will update once we’ve heard back!
We finally started feeling some of the summer selling season heat this June. While it’s not as hot as previous years, we’re still seeing an increase in activity from sellers (more inventory) and buyers (shorter days on market). We’re continuing to see major pricing implications affecting these trends - the listings that were priced correctly sold quickly, but the remainder of available properties continued to sit.
Notes for Buyers: If you’ve been house hunting for a while now, you may want to consider taking a look at listings that have high days on market (60+). If any homes meet most of your search criteria but are slightly over budget, you and your agent should still view, then consider submitting a below-asking offer. As always, we encourage potential buyers to first meet with a lender and get pre-approved so that when your dream home hits the market you’re ready to submit a competitive offer. Continue to be on the lookout for more inventory to hit the market 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. With the season’s rise in inventory, a strategic pricing strategy paired with great market presentation have never been more important. If not priced correctly, expect significantly longer days on market and risk devaluing your property in the long run. 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 June were reported at 2.6, meaning if no new homes came on the market, it would take 2.6 months until inventory sold out completely (at the current rate of sales). While 2.6 is significantly higher than inventory in June 2022 and 2023 (1.4 and 2.0 respectively) it’s still historically low.
Median Home Selling Price
The median sale price for June was reported at $565,000. It’s a 1.2% increase from last month and a 0.9% increase compared to June 2023. This month, Lake Oswego/West Linn returned as the highest median sale price area with $890,200.
Here’s what median home sale prices looked like across Portland proper:
- West Portland: $708,000
- North Portland: $439,500
- NE Portland: $549,500
- SE Portland: $499,500
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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