Portland Real Estate Listings & Homes for Sale

Portland Housing Market Trends

The Portland real estate market is fairly competitive. On average, homes in Portland attract three offers and typically sell within 25 days. Last month, the median sale price for a home in Portland was $499,000, showing a slight decrease of 0.25% from the previous year. Meanwhile, the median sale price per square foot in Portland is now $323, representing a 6.1% increase from last year.

$498,750

Median Sale Price

$323

Median Sale Price per Sq. Ft.

546

Total Homes Sold

25

Median Days on Market

Market Overview

In March 2024, the Portland housing market experienced a slight decrease in median home prices, dropping 0.25% to $499,000 compared to the previous year. Homes in Portland also took longer to sell, with properties remaining on the market for an average of 25 days, up from 20 days the year before. Sales volume also decreased, with 546 homes sold in March this year, marking a decline from 684 homes sold in the same month last year. This trend indicates a cooling market, where buyers may have more leverage and negotiation power due to increased supply and longer listing durations.
Market Competitiveness

Portland's real estate market is moderately competitive. On average, homes remain on the market for about 30.5 days before selling. While some properties receive multiple offers, the average home generally sells at approximately its listing price and typically goes pending in around 31 days. However, properties considered highly desirable, or "hot homes," often sell for roughly 2% above the list price and can go pending in as few as 6 days, indicating strong buyer interest and a fast-moving segment within the market.
Migration Trends

Nationally, 2% of homebuyers expressed interest in relocating to Portland from other metropolitan areas. The greatest interest in Portland came from Seattle, making it the top source of potential new residents. Following Seattle, homebuyers from San Francisco and Los Angeles also showed significant interest in moving to Portland. This trend highlights Portland's appeal to residents of other major West Coast cities, possibly due to its relative affordability, lifestyle, and cultural attractions.

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