March Housing Numbers

Despite some seasonal increases, the Portland Metro area saw fewer homes come on the market, and fewer pending sales than this time last year. The decrease in new listings fueled higher prices – 15.5% higher median price and 14.2% higher average price over last year. Inventory also dropped again, down to 1.3 months, a record low for March.

Prices in all four areas of inner Portland rose this month, with West Portland leading the way with a median price of $450,000 – an increase of 6.76% over last month. The amount of time it takes for listings to sell fell across the board; at just 30 days, North Portland had the quickest close time for all of the Portland Metro area, and surrounding suburbs.

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