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Portland Real Estate Market May 2024

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Navigating Portland’s Dynamic Market in 2024

It’s May which means it is time to look back on the previous month and analyze the real estate trends and market conditions. As we venture deeper into 2024, the Portland real estate market is showing signs of holding steady. While rates had started coming down, beacause of the positive jobs report and increased inflation, they went back up into the 7s again. This has again led to some uncertainty in the market. There are still buyers in the market, but the buyer pool is smaller than it typically is this time of year. We are still seeing appreciation month over month, up 2.3% from the previous month. Inventory still continues to be the main driving factor driving home prices upwards. If we do see rates stay down continuously, expect to see appreciation jump into the 5-6% range.

The Most and Least Expensive Homes Sold Last Month

The Portland real estate market is diverse, ranging from luxury to affordability. Last month’s sales highlight this range vividly.

An exemplar of luxury, the most expensive home sold last month in Portland was located in King Heights. This beautiful property has 6 bedrooms, 7 full bathrooms and 1 half bathroom. With over 8900 square feet this home sits on just under 1 acre. This home sold for a remarkable $4,558,000. There were 4 other homes that sold in Portland last month for over 2 million showcasing the strength of Portland’s high-end market.

Contrasting this luxury, the least expensive home sold offers a glimpse into the market’s affordability. Situated in SE Portland, this cottage has 3 bedrooms and 1 bathroom. The home also has just over 1100 sqft and sold for just $249,000. The home definitely needs a little bit of work, but if you are willing to do some sweat equity, this home was a great deal! There were multiple other homes that sold for under $250,000 but they were either condemned or tear-downs. There were however multiple cute homes in the $250-$300K range.

For Sellers: Seizing the Moment

While this spring market has not been as hot as markets in the past couple years we are still seeing multiple offers on homes that are priced well and showing well. This often means that the homes are fully or partially staged. The buyers that we are seeing in the market are very well qualified which leads to fewer sales falling apart. This is good news as sellers so if you are considering a sale. Now could be the perfect time.

For Buyers: Know your Strength

Inventory and interest rates have led to a less than ideal market for buyers this spring. Top economists were expecting rates to come down to ease affordability concerns but unfortunately they have held steady in the high 6% to low 7% range. With low inventory some homes are still seeing multiple offers so if you are looking in the 500-800 range and in the highly coveted neighborhoods, expect to be writing against other buyers. The good news is if you are open to doing some finishing work or painting, you can likely get a good deal and have the seller buy down your interest rate.

Tailored Advice and Guidance

Whether you’re looking to buy, sell, or simply explore your options in Portland’s real estate market, personalized advice is key. For strategies, market timing, affordability, or property valuation, feel free to reach out. Together, we can navigate the evolving landscape of Portland’s real estate market in 2024.

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April Events

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Spring is finally here! We all know that April is likely to bring many showers our way, but we need them to ensure we have those may flowers! Speaking of flowers…there are so many amazing places to see them around town! Head over to our spring blooms post, to see the full list!

First Thursday

Stroll through the art galleries in the pearl for an evening of art, music, and wine! Parking is difficult so public transit is recommended

The Pearl District

Free

April 4th, 5pm – 10pm

Wooden Shoe Tulip Festival

Just a short drive outside of Portland, this tulip farm is a stunning sight to see in the spring. With over 40 acres of tulips in bloom, you’ll feel like you’re walking through a sea of color. Make sure to bring your camera, as the photo opportunities are endless.

Wooden Shoe Tulip Farm – Woodburn

$15 – TICKETS

MORE INFO

Through May 5th, 9am -6pm

Trillium Festival

Welcome back Spring. The Annual Trillium Festival at Tryon Creek State Natural Area is an educational event for the whole community that celebrates the season of renewal in the forest and beyond. 

Tryon Creek State Natural Area

Free

MORE INFO

April 6th 9am – 2pm

Bridge to Brews

Join the annual 8k and 10k walk/run over 4 of Portland’s iconic Bridges. After the race, there will be a beer/cider-tasting event on the waterfront. Sip on some of Portland’s best beer and cider while enjoying live music, games, and goodies from local vendors.

SW Waterfront

$20+ – TICKETS

MORE INFO

April 21st

TEDx Portland

Year 12 is inspired by the unlimited potential and endless possibilities revealed through the alchemy of ideas. Twelve speakers, represented by 12 vibrant colors and unique symbols, will demonstrate how essential we all are in catalyzing change—in the Rose City and beyond.

Keller Auditorium

$89-$179 – TICKETS

MORE INFO

April 27th 9am

We hope to see you at some of these awesome events!

Looking for something else to do? Check out our best of lists!

Is buying before you sell the right move?

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For many homeowners, the prospect of selling their current home before purchasing a new one is daunting. This can be due to the uncertainties around finding the right home, timing mismatches, and general uncertainties involved. However, buying a new home before selling your existing property can offer a seamless transition, eliminating the need for temporary housing and ensuring a smooth one time move. With real estate becoming more competitive, its important to do everything you can to stand out from the crowd on both the buying and the selling side. Let’s explore various strategies and considerations for homeowners looking to buy before they sell, ensuring a stress-free and coordinated moving experience.

buying a house
1. Bridge Loans

A bridge loan is a short-term financing option that allows homeowners to leverage the equity in their current home to finance the purchase of a new property. This loan essentially “bridges” the gap between the sale of your old home and the purchase of your new one. Bridge loans are ideal for those who need to move quickly, such as for a job relocation, and can’t wait to sell their current home. While bridge loans offer flexibility and speed, they also come with higher interest rates and costs, so it’s essential to consider your financial situation carefully.

2. Home Equity Lines of Credit (HELOC)

For homeowners with significant equity in their current home, a Home Equity Line of Credit (HELOC) can provide the funds needed to purchase a new home before selling. HELOCs typically offer lower interest rates than bridge loans and provide flexible access to funds. However, you’ll want to fully repay the HELOC with the sale of your home, so its important to compare your equity to what you’ll need for your next down payment.

3. Contingent Offers

Placing a contingent offer on a new home means your offer is conditional upon selling your current property. This strategy can provide peace of mind, ensuring you won’t be stuck with two mortgages. However, contingent offers are less attractive to sellers in a competitive market, as they carry more risk and uncertainty. It’s essential to work closely with a real estate agent to navigate this approach effectively.

4. Leveraging Technology and Real Estate Platforms

Several real estate platforms and services now cater to homeowners looking to buy before they sell, offering innovative solutions that streamline the process. Some services provide cash advances for new home purchases or offer to buy your current home outright, allowing you to move on your timeline. Researching and leveraging these options can significantly simplify your transition.

Regardless of the strategy you choose, careful planning and preparation are crucial. Start by assessing your financial situation, understanding the value of your current home, and exploring your new home’s market. Working with a knowledgeable real estate agent can provide you with the insights and support needed to navigate these options successfully.

wanting more ideas? Check out our handy guide with even more tips HERE

March Events

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The beginning of spring brings back some of our absolute favorite events! There are also a ton of activities to help celebrate St. Patricks Day! We hope that march brings about some warm and drier weather for us and we hope to see you at some of these events!

Ticket to Dine

Ticket to Dine restaurant month is back for it’s second year. Eat at one of the particiapting restaurants and win a scratch off tickets for a chance at a litany of prizes ranging from freed drinks to sporting event tickets.

  • Multiple Locations
  • Pricing Varies
  • MORE INFO
  • March 1st – March 31st

Portland Seafood and Wine Festival

Enjoy fresh Oregon seafood (at the peak of Dungeness Crab season) as well as wine, craft beers, cider, and distilled spirits as you browse the myriad of exhibitors. Over 30 of Oregon’s finest wineries (and 20 other beverage makers) offer you tastings of their very best. 

Winter Music Festival

Celebrating over ten years of music and still going strong. This festival gives you great entertainment for a few hours and a chance to get out of the house before spring begins and help the community.

SheBrew

The 9th Annual SheBrew Festival is a family-friendly beer and cider festival showcasing over 50 professional female brewers and 10 homebrewers from the Pacific Northwest.

Bricks Cascade

Head to the Oregon Convention Center for the annual Bricks Cascade, Portland’s premier public LEGO event. See creations from hundreds of builders from the Pacific Northwest and worldwide in this two-day event. 

St. Patricks Day Events

We hope to see you at some of these awesome events!

Looking for something else to do? Check out our best of lists!

Portland Real Estate Market Feb 2024: Trends, Extremes, and Opportunities

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Navigating Portland’s Dynamic Market in 2024

It’s February which means it is time to look back on the previous month and analyze the real estate trends and market conditions. As we venture deeper into 2024, the Portland real estate market is showing signs of significant change. The last few months have seen a drop in interest rates, resulting in an increased influx of buyers. Although rates are higher than the lows of 2021, there’s an emerging acceptance of these figures as the new normal. Reflecting on 2023, a year marked by a downturn in real estate, it’s notable that the average home price still rose by 3.5%. With the recent increase in market activity, we’re anticipating an appreciation of over 5% in 2024, a projection in line with most economists’ expectations.

The Most and Least Expensive Homes Sold Last Month

The Portland real estate market is diverse, ranging from luxury to affordability. Last month’s sales highlight this range vividly.

An exemplar of luxury, the most expensive home sold last month in Portland was located in Dunthorpe. This stunning property, with 5 bedrooms and 4 bathrooms and 3 half bathrooms over 7450 square feet, sat on 1.1 Acres. This home sold for a remarkable $3,250,000 showcasing the strength of Portland’s high-end market.

Contrasting this luxury, the least expensive home sold offers a glimpse into the market’s affordability. Situated in NE Portland, this cottage with 1bedroom and 1 bathroom, and a total area of 640 sqft, sold for just $298,000. Despite its modesty, it was cute, move in ready and had a large yard, proving that the Portland market caters to a wide range of budgets.

For Sellers: Seizing the Moment

The onset of Portland’s spring market this February brings new opportunities for sellers. With inventory levels dipping and buyer interest spiking, well-priced homes in popular areas are again attracting multiple offers. Recent experiences, like my offer being $60K over yet fourth in line, hint at a competitive season ahead. Sellers contemplating the right time to list might find the current market conditions ideal, especially with the trend of multiple offers expected to continue until around June.

For Buyers: Strategies in a Competitive Market

Buyers should brace for a competitive landscape. Homes are quickly becoming sought-after, often drawing multiple offers. While the highest offer often wins, we have several strategies to make your offer stand out. Currently, interest rates are around 6.5%, but a further decrease expected in spring could intensify competition. For those seeking less competition, exploring homes that have been on the market longer or are in less popular areas might be advantageous. Remember, the best time to buy is when it feels right for you, but with prices likely to rise, acting sooner may be beneficial.

Tailored Advice and Guidance

Whether you’re looking to buy, sell, or simply explore your options in Portland’s real estate market, personalized advice is key. For strategies, market timing, affordability, or property valuation, feel free to reach out. Together, we can navigate the evolving landscape of Portland’s real estate market in 2024.

Search For Homes
Instant Home Value

February Events

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The beginning of February brings about some of Portlands favorite annual events. We have the celebration of black history month, the winter light festival, and Oregon craft beer month! Let’s get into some of the things we are most excited for!

Cascade Festival of African Films

The festival is a tribute to the filmmakers whose dedication and creativity have brought extraordinary stories to life. It’s an ode to the audience whose appreciation and support fuel African cinema’s continued growth and evolution. 

  • Multiple Locations
  • Free
  • MORE INFO
  • Feburary 2nd – March 3rd

Portland Winter Light Festival

The festival’s theme in 2024 is Glowing Under Pressure, exploring the mysteries of the deep sea and inspired by bioluminescent wonders. There is no centralized location this year so check the website for the schedule.

  • Various Locations
  • Free
  • MORE INFO
  • February 2nd – 10th

Dumpling Week

A citywide celebration featuring inventive dumpling creations that you won’t find anywhere else. Participating restaurants will serve up special dumplings unavailable on their regular menus for dining in, take-out and/or delivery.

  • Various Locations
  • pricing varies
  • MORE INFO
  • February 4th – 10th

Lunar New Year at Lan Su Chinese Gardens

Welcome the Year of the Dragon at Portland’s most iconic Lunar New Year celebration experience. witness the garden aglow with hanging red lanterns, illuminating sweeping rooflines while Lake Zither reflects the lights of large-scale floating lantern sculptures. They are also offering special holiday teas in the newly reopened tea house!

  • Lan Su Chinese Garden
  • pricing varies
  • MORE INFO
  • February 7th – 28th

SW Washington Wine and Chocolate Festival

Visit individual tasting rooms in Clark and Cowlitz counties to sample local wines paired with artisan chocolates for Southwest Washington Winery Association St Valentine’s Wine and Chocolate Festival.

  • Various Locations
  • Wine tastings vary by location
  • MORE INFO
  • February 9th – 18th

Mardi Gras Ball

The New Orleans Times-Picayune has listed Portland’s annual Mardi Gras Ball as one of the top five most authentic Mardi Gras celebrations in the United States outside Louisiana.

Trail Blazers Celebration of Black History

Join Portland’s NBA team, the Portland Trail Blazers, at their annual Celebration of Black History. This event honors the city’s Black and African American community and celebrates their contributions nationwide.

  • Moda Center
  • Cost Varies
  • MORE INFO
  • February 10th

Mardi Gras Parade

Each year the Mysti Krewe of Nimbus hosts a free, family-friendly  Mardi Gras parade for everyone. The parade steps off at 7:00 pm starting near Humboldt St and proceeds down Mississippi Avenue to Cook St.,  just past Fremont.

Portland Jazz Festival

The Biamp Portland Jazz Festival is a two-week multi-venue celebration of jazz presented in Portland, Oregon. The Festival is dedicated to evolving America’s art form, featuring recognized jazz masters and rising jazz stars, alongside local jazz heroes.

  • Various Locations
  • Pricing Varies
  • MORE INFO
  • February 16th – March 2nd

Zwicklemania

Named after the “zwickel,” a German word for the sample port found on fermentation vessels, Zwickelmania is an annual celebration of craft beer in Oregon. The Oregon Brewers Guild is pleased to announce that more than 50 breweries are participating in this tradition. 

  • Wonder Ballroom
  • Free tastes at most breweries
  • MORE INFO
  • February 17th

Highball Week

Get ready for an ENTIRE WEEK of specially crafted, original cocktails mixed by the best bartenders in town… and get this; they’re only $8 each.

  • Various Locations
  • $8 per cocktail
  • MORE INFO
  • February 20th – 26th

We hope to see you at some of these awesome events!

Looking for something else to do? Check out our best of lists!

December Events

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It’s December which means the holidays are fully upon us! Most of the events happening this month are holiday or light related. We hope you are able to get in the spirit and enjoy many of these events!

Holiday Brew Fest

The Portland Holiday Brew Fest will feature 25+ holiday/winter beers and ciders from around the Northwest

Fremont Holiday Fest

Shop, dine and explore NE Fremont!

  • NE Fremont from 42nd to 50th
  • Free
  • MORE INFO
  • December 1st, 4-7 pm

Scan Fair

ScanFair brings Scandinavia to Portland through traditional food and drink vendors, an entertainment program focused on cultural heritage, games, activities, and crafts

  • Oregon Convention Center
  • pricing varies – TICKETS
  • MORE INFO
  • December 9th and 10th

Holiday Activities

  1. Zoo Lights – Oregon Zoo
  2. Gingerbread Display – Benson Hotel
  3. Festival of Trees – Convention Center
  4. Pittock Mansion Christmas – Pittock Mansion
  5. Holiday Express – Oregon Rail Heritage Center
  6. Winter Wonderland – Portland International Raceway
  7. Christmas Festival of Lights – The Grotto
  8. Silverton Christmas Market – The Oregon Garden
  9. Christmas Ships Parade – Willamette and Columbia Rivers

Holiday Shopping

  1. PDX pop up shops – Downtown
  2. Laurelhurst Winter Bazaar – Laurelhurst School
  3. Crafty Wonderland – Oregon Convention Center
  4. Portland Holiday Market – Veteran Memorial Coliseum
  5. NAYA Native Made Winter Market – Lloyd Center
  6. Portland Bazaar – 1715 NW 17th Ave

We hope to see you at some of these awesome events!

Looking for something else to do? Check out our best of lists!

Family Fun in Portland

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Portland, Oregon, is a treasure trove of activities that promise fun for the whole family. This green city delights with its unique blend of interactive learning environments, abundant natural beauty, and urban play areas that are perfect for visitors and residents alike. Let’s dive into some of the best family-friendly activities that Portland has to offer.

Science and Stars: Oregon Museum of Science and Industry (OMSI)

Kickstart your Portland adventure at the Oregon Museum of Science and Industry, affectionately known as OMSI. It’s where science comes alive through engaging exhibits and hands-on experiments that fascinate both the young and the young at heart. From exploring the stars in the planetarium to boarding a real submarine, OMSI provides a full day’s worth of discovery.

Wild Encounters: Oregon Zoo

Nestled within the lush Washington Park, the Oregon Zoo is a window into the world of wildlife, inviting families to come face to face with creatures from around the globe. The zoo’s commitment to conservation and education shines through its well-designed habitats and informative presentations. And for a magical evening adventure, don’t miss their dazzling ZooLights display during the holiday season.

Natural Splendor: Parks and Gardens

Washington Park

Washington Park is more than just green space; it’s an outdoor wonderland. With its world-famous International Rose Test Garden, you can stroll amongst colorful blooms and then let the kids loose in one of the park’s playgrounds. Hiking trails wind through the park, offering family-friendly walks with scenic views of the city.

Hoyt Arboretum

A living museum of trees, Hoyt Arboretum’s 12 miles of trails are perfect for families looking to learn about global flora or simply enjoy a peaceful hike. The arboretum offers educational programs for kids, making it a place where nature’s lessons are just waiting to be discovered.

Forest Park

As one of the country’s largest urban forests, Forest Park is a haven for hikers, bird watchers, and nature lovers. Its extensive network of trails, including the family-friendly Lower Macleay Trail, offers an escape into wilderness without ever leaving the city.

Peninsula Park

Peninsula Park is home to Portland’s first public rose garden and a historically designated bandstand, framed by a century-old fountain. Its well-maintained play area and splash pad are hits with the kids during summer months.

Westmoreland Park

A favorite among local families, Westmoreland Park features a duck pond, a large playground, and plenty of open space for picnics and frisbee games. It’s also known for its picturesque setting with mature trees.

Playful Splashes and Urban Escapes

Portland’s summers are perfectly complemented by the city’s interactive fountains and water features. Waterfront Park invites families to enjoy playful splashes with a picturesque view of the Willamette River. For a unique experience, visit Keller Fountain, an architectural marvel where water cascades over terraced stone, creating an urban waterfall playground. Over in the Pearl District, the gently cascading pool at Jamison Square Fountain is a hotspot for families to cool off and relax.

Creative Indoor Play: Play Cafes

When the Pacific Northwest weather turns rainy, Portland’s play cafes offer a warm refuge with a twist. Spaces like Nest, PlayDate PDX, and Rain or Shine Café provide creative and engaging indoor playgrounds that cater to children’s imaginations and offer a comfortable spot for parents to relax with a cup of coffee. These cafes are perfect for play dates, where kids can interact and parents can unwind.

Soaring Views: Portland Aerial Tram

For a bird’s-eye view of the city, take a ride on the Portland Aerial Tram. This unique mode of transportation isn’t just for commuters—it’s a sky-high adventure that kids adore. Soaring above the cityscape and offering panoramic views of Portland’s hills and skyline, it’s a must-do for families looking for a little elevation.

Taste-Testing Adventure: Food Carts

No family trip to Portland would be complete without sampling the city’s famous food carts. These culinary havens offer a taste of the world, with options that are sure to satisfy even the pickiest young eaters. It’s a casual and fun way to enjoy a meal together and experience Portland’s innovative food scene.

Cycle the City: Biking Adventures

With some of the best urban bike paths in the country, Portland is perfect for families who want to explore on two wheels. Safe, designated bike lanes lead you through neighborhoods and along the river, providing a fun and healthy way to see the sights.

Seasonal Fun: Farms and Mazes for Every Season

Portland’s surrounding countryside offers year-round agricultural delights that make for perfect family outings. Each season brings its own unique farm-based activities that are sure to create cherished family memories.

Spring Bloom

In spring, the fields come alive at the Wooden Shoe Tulip Farm in Woodburn, where the Tulip Festival showcases a vibrant array of flowers. It’s a perfect backdrop for family photos and a great opportunity for kids to learn about different tulip varieties. You can also check out the Peony festival and the many wildflower farms.

Summer Harvest

Summer invites families to berry farms for u-pick adventures. Strawberries, blueberries, and raspberries are ripe for the picking and offer a sweet taste of the region’s bounty. Sauvie Island Farms is a local favorite, with acres of berries and scenic picnic spots.

Autumn Harvest and Mazes

As the leaves begin to turn, pumpkin patches and corn mazes become the go-to. Bauman’s Farm and Garden hosts an annual harvest festival with a pumpkin patch, hayrides, and an impressive corn maze that’s fun for all ages.

Winter Greens

Even in winter, there’s farm fun to be had. Many local farms offer holiday-themed activities like wreath-making workshops using fresh evergreens. Tree farms open their fields for families to choose and cut their perfect Christmas tree, complete with hot cocoa and holiday cheer.

Conclusion

Portland’s family activities are as diverse and dynamic as the city itself. From educational experiences to outdoor excursions, there’s something here to entertain and inspire every member of the family. For more details and monthly event roundups, be sure to check out our website to help plan your family’s next Portland adventure.