Here's Where Home Prices Are Rising Fastest in the Portland Metro Area
And now for a little good real estate news: More homes came onto the market around here in April of 2022 than in the previous month, expanding available inventory in the Portland metropolitan area’s brutally tight housing scene—but only by a smidge.
That’s according to new data from the Regional Multiple Listing Service, which shows that 3,684 homes came onto the market in April, up 4.6 percent from the previous month.
Now for the bad news: The number of homes for sale is still about as tight as can be—if the flow of new homes coming onto the market right now were to suddenly stop, it would take less than a month for inventory to dry up completely. A healthy market usually has about six months worth of inventory at any given time. And home buyers still need to be prepared to act fast—the average amount of time for a home to be on the market is just three weeks, per RMLS data.
Meanwhile, sale prices are still rising, particularly in suburban enclaves outside of Multnomah County, and in more historically affordable areas, like Gresham and Troutdale.
Price growth is slower and less dramatic in the city proper, but still present across every quadrant, hovering between a rise of nine percent in west Portland to 11.2 percent in the city’s Southeast quadrant.
Here’s a look at where year-over-year median sales prices grew the most in the Portland metro area in April, traditionally one of the busiest months of the real estate calendar.
In these tidy, prosperous, south of Portland suburbs, homes that hit the market in April went pending in an average of 18 days, an indication of high demand. Home prices reflect that too; the average sale price was $665,200, a jump of 15.7 percent from the previous year. Homeowners who are already there might be reluctant to give up their properties and venture into the competitive market themselves; pending sales are down 12.1 percent from 2021.
With a prime location in between city amenities and two of the region’s largest employers in Intel and Nike, Beaverton has been on a growth spurt for years. The market there reflects that; though it is cheaper to buy here than in other suburban areas, homes here move off the market in an average of just 12 days, lower than any other tri-county suburban area in the RMLS data. The average sale price in April was $571,500, a 17.4 percent year over year price change.
Eastern Multnomah County has been an historic refuge for those who can no longer afford to live closer-in to downtown. Average prices here are still lower than anywhere else in the Multnomah/Clackamas/Washington metro area, but they’ve crossed the half-million threshold, and don’t seem to be looking back. Buyers here have the luxury of a little more time to make up their minds; homes in April sold in an average of 25 days. The average sale price for the month was $512,000, a 17.6 percent year over year price change.
3. Northwest Washington County:
Here’s where things turn really expensive. There’s less for sale here than just about anywhere else in the RMLS data, reflecting that the area is much less dense than other parts of the region. Houses here are bigger, and spaced farther apart, and the pricing reflects that. There are only 71 active listings here, and the average sale price in April was $804,400. That’s a 18.5 percent year over year price change.
2. Oregon City/Canby:
This is about as far away as you can go and still be considered part of the Portland metro area, at least for reasonable commuting purposes, in our unscientific opinion. Buyers out this way are often looking for land, and that’s increasingly coming at a premium, with average sale prices here increasing 18.7 percent in just the past year. The average sale price here in April was $619,900, and as in Beaverton/Aloha, you’ll need to move fast; homes here sell in an average of 13 days.
1. Lake Oswego/West Linn
Go ahead, try to find a story about these two burbs that doesn’t at some point include the phrase “well-heeled.” We’ll wait. It’s no surprise, considering that the average sale price here in April was $998,600—far above anywhere else in the metro area. (There are less expensive homes in these markets, of course; average sale prices can be skewed by the sale of pricey mega-mansions.) It’s an investment, but so far, it seems to be paying off: The average sale price here has seen a year-over-year price increase of 20.7 percent, the biggest in the metro area.