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Home prices in Portland, Oregon rose very quickly from 2012 to 2017, then slowed down until mid-2019, then started picking up quickly by late 2019. However, over the past 12 months, home prices in Portland have been rising at a modest yet steady rate.
This article will outline where prices are today and where they are expected to go throughout the remainder of the year.
From June 2023 to June 2024, prices in Portland have risen steadily. While there have been some ups and downs in home prices in the city, they have inched up over the past year.
Today, the average price for a home in Portland sits at $547,575. According to Zillow, prices have only increased 0.8% over the past year. That said, they continue on an upward trajectory, which is a good thing for the market and for current homeowners looking to grow equity in their homes.
The number of properties for sale in Portland has been tight for a while, and it is expected that such will be the case going forward throughout 2024. New listings are dwindling in Portland, according to the local listing service RMLS.
Inventory in Portland currently sits at less than a 1-month supply, which is very low when it comes to meeting demand. To illustrate how low this number is, a balanced market is considered anything with 5- or 6-months worth of inventory. As you can see, a 1-month supply is nowhere near that level.
So what’s going on here? Why are home prices in Portland rising in 2024 (albeit slowly), and possibly next year? It’s a supply and demand story, as always. There is a high level of housing demand in Portland right now. Population growth, economic stability, and low mortgage rates have created a “perfect storm” for home-buying activity.
Inventory, however, is falling short. There simply aren’t enough homes for sale in the Portland metro area to satisfy buyer demand. This imbalance is putting upward pressure on house values.
The question is, when will Portland’s real estate market slow down? Will the cyclical “laws” of real estate bring a cooling period anytime soon? According to Tim Duy, an economics professor at the University of Oregon, the market won’t slow until inventory catches up to demand.
“There’s no fundamental law that says [the hot real estate market] has to end anytime soon,” Duy told The Oregonian. “And it won’t end until we have more balance between supply and demand in the housing market.”
If you have questions about home loans in Portland, Sammamish Mortgage can help. We are a local mortgage company based out of Bellevue, Washington that has been serving the entire state since 1992, as well as Oregon, Idaho, and Colorado. Our mortgage financing experts can work with you to help you determine which one of our mortgage programs is best suited for you. Contact us today with any questions you have about mortgages in Portland, ID.
Whether you’re buying a home or ready to refinance, our professionals can help.
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No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.