The year end numbers are out for the Portland market for 2021. The year was absolutely insane in many ways, so lets dive into the numbers!
Firstly, if you bought a house more than a year ago, you averaged a 15.8% appreciation. To put that into perspective a $500,000 house is now worth, on average, $580,000. Some areas are even seeing much higher numbers. For example, Oregon City and Troutdale both saw an average appreciation of over 19%. The rural areas around Mt. Hood are up over 30%. If Covid has taught us anything, it’s that people wanted more space. So rural areas had really aggressive bidding wars and some serious price jumps.
Average Home Price
The average home price in the Portland metro is now at $582,000. I know many people are waiting on the market to drop and this simply isn’t going to happen. It will cool down, especially as climbing interest rates push people out of the market, but prices will continue to climb and affordability will continue to be an issue. We predict that 2022 will be just as competitive as 2021 was. We are still seeing houses get bid up to 100k over list price in many instances, and almost everything is still getting multiple offers. If you are on the fence, now would be a good time to get off of it.
Average Days on Market
The average days on market dropped yet again to the lowest numbers on record. We had just over 2 weeks of inventory for the month of December. This isn’t surprising because it’s December, there are a lot of holidays, and not many people want to move during this time. We have seen a lot of houses coming on the market in the last couple weeks and that number will start to tick back up.
We hope these numbers help you to get a pulse on what is going on in and around Portland! If you want specific numbers for your neighborhood, let us know and we will happily send them over. If you need anything else real estate related, feel free to submit the form below and we will get right back to you!