September 2017 Portland Metro Real Estate Update
Portland metro real estate market continues to remain hot through the first three quarters of 2017. Compared to the first three quarters of 2016, Portland metro’s home prices are up a healthy 9.2% with the average home price coming in at $428,800. Typically we’ve seen the close in neighborhood show the strongest price appreciation over the last couple of years, but a shift has taken place in 2017 with the further out neighborhoods starting to see the greatest appreciation. The metro areas with the highest price appreciation are the Hillsboro/Forest Grove, Milwaukie/Clackamas and Gresham/Troutdale areas. While price appreciation remains steady, 2017 has shown signs of normalizing as the number of home sales and new listings are down versus the same period in 2016. Below are some figures released by the RMLS for the Portland Metro real estate market through September of 2017:
- Through 2017 new home listings are down 2.5% and home sales are down 3.2% compared to the first three quarters of 2016
- Average home price rose 9.2% through three quarters of 2017 versus 2016.
- There are 5,998 homes on the market in the Portland metro area that, at the current sales pace, it would take 2.3 months for all homes to be sold.
- Beaverton has the shortest average days to sell a home at 27 days
- Lake Oswego/West Linn has the longest days to sell a home at 54
To read the RMLS report for September of 2017 click here