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 April, May reported a 4.2% decrease in inventory (to 2.3 months), a 3.2% increase in Days on Market (86 days), and a 2.9% increase in median sale price ($558,500).
Similar to April, May is typically when we start seeing the market heat up ahead of the hot summer selling season in the Portland Metro area. However, over the past month not all numbers supported the historic trend. We actually saw a decrease in inventory and listings spent more days on the market. One way to interpret this is that the listings that were priced correctly sold quickly (lowering inventory) but the remainder of available properties continued to sit (increasing days on market). Typically we tend to see an increase in inventory this time of year as sellers anticipate higher demand from buyers. Not as many sellers are putting their homes on the market, but when they do and they are priced right, they go quickly.
Notes for Buyers: One strategy we’re offering to potential buyers is to look at listings that have high days on market (60+). If you see any homes that meet most of your search criteria, but are slightly over your budget or seem to be listed too high, 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.
Notes for Sellers: Although we’re seeing a rise in consumer confidence, buyers are still proceeding with caution as affordability (monthly payment) remains their main focus. A strategic pricing strategy paired with great market presentation of your property have never been more important. Regardless of marketing, if not priced correctly, expect significantly longer days on market. 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 marketing plan comes into play.
Inventory Levels
Inventory levels are a leading indicator of market strength. Inventory levels for May were reported at 2.3, meaning if no new homes came on the market, it would take 2.3 months until inventory sold out completely (at the current rate of sales). While 2.3 is significantly higher than inventory in May 2022 and 2023 (1.0 and 1.9 respectively) it’s still historically low.
Median Home Selling Price
The median sale price for May was reported at $558,500. It’s a 2.9% increase from last month and a 1.5% increase compared to May 2023. This month, Camas/Washougal dethroned Lake Oswego/West Linn with the highest median sale price of $815,000.
Here’s what median home sale prices looked like across Portland proper:
- West Portland: $675,000
- North Portland: $450,000
- NE Portland: $545,000
- SE Portland: $507,500
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
Instagram!
