Portland Housing Market Report – October 2017
Starting from this month, we have integrated the data for condos and town homes to our report, which has been including data only from detached single family homes. The median home value is calculated from all homes sold including houses, townhouses and condos in Portland. The data also distinguishes median home values for houses and condos/townhouses.
The median home value in Portland, OR for the month of October 2017 is $410,000 up from $395,000 twelve months ago, which is a 3.4% increase. This is a slow month of the year for real estate sales and average days on the market has increased considerably since the hottest month of 2017 in May, which yielded 21 average days on the market.
Condos and townhomes are more affordable in terms of purchase price. However, the median price does not factor into HOA fees, which can range anywhere from $80 to $600 per month. Although HOA fees are used for general maintenance issues on the property, when the cost is substantially high, it makes the home less affordable. Lots of condos in Pearl District and Downtown Portland can be purchased for less than $350,000 however factoring in monthly HOA fees ranging from $350-600, it costs more money to own a home. When considering a median home value for condos and townhomes, silently factor in these costs in the back of your mind.
So Portland housing market has been slowing down for some time. Double digit appreciation is a thing of the past. We still have a low supply of housing with a high demand. The job market is strong. The lack of housing supply will keep the price high for quite some time. Although prices have appreciated in the last few years, mortgage rates remain very low still. Low rates make buying a home more affordable.
This winter month can be an opportunity for savvy buyers. Homes stay on the market for over a month in average and assuming one can find the home he/she likes when the inventory is low overall in the winter time, negotiation will favor the buyer.