Investors and homebuyers are stalling in the Portland housing market. Reports show that there were fewer new listings, fewer pending sales, and fewer closed sales in October than there were in September. The median sale price for Portland homes this past October was $540,000, according to Redfin.
To take a part of the city, North and Northeast Portland’s average sales price year to date was 6 percent higher than in 2021. That is statistically the smallest increase in the metro area. By October, that year-to-date average sales price in North and Northeast slowed to 4 percent higher than it was in October 2021.
It is no surprise that the Pacific Northwest states are listed as some of the most expensive states to buy a house. There is seemingly good news surfacing as mortgage rates start to drop. Median prices keep creeping up compared to past years, but data is showing that home sales in the Portland metro area are slowing down.
The median price of all Portland-area home sales in October is $537,000, down $11,000, or 2 percent, from September. As mentioned earlier that is up 4.1 percent from the median sale price of $516,000 in October 2021. The median sale price for the year to date for 2022 is $550,000, up 8.6 percent from $506,500 at the same time a year ago.
To take another snap shot at areas in and around Portland, Lake Oswego/West Linn prices were at $795,500 in October 2022. Their July median sales price was $913,600. Ridgefield/La Center’s October median sales price was higher than July’s. The difference is not big at all at $672,900 now vs. $671,400 then. So far in 2022, the average sales price for just over 1,100 closed sales in North Portland is $528,400 (median $519,000). For just over 2,400 sales so far in 2022 in Northeast, the average price is $601,000 (median $542,000).
