Portland Real Estate Market Analysis for February 2022
The Portland real estate market is volatile, and it is always wise to keep yourself updated with the changes happening over time. Generally, the normal seasonal trends see things in the real estate market slow down during the winter and pick back up during the spring and summer. Now that we are approaching spring, we thought it would be helpful to give a Portland real estate market update for 2022 to help you understand the market and know what to expect during the spring.
Portland Real Estate Market in February 2022 Compared to February 2021
Compared to 2021, more people are looking to sell homes in February 2022. In February of this year, new listings were 2571, while in February 2021, new listings were at 2474, representing a 3.9% increase. The median and average sales of houses increased in February 2022 compared to the average sales of 2021. A 10.5% increase was registered since the average sale price of February 2021 was $528,500, and that of February 2022 was $584,100. As for the median price, the price for 2021 was $470,000 and for 2022 is $519,100, registering an increase of 10.4%.
This shows more sales in 2022, and if you are looking to buy a house from one of the real estate companies in Portland, you are likely to get a good deal. After all, the more houses are in the market, the more likely you will find a better house.
Costs of Houses in Various Areas in Portland
Portland is large, and the houses don't cost the same in all areas. Generally, you can expect the houses in Oregon to be more expensive than houses in other cities. If you want to buy a residential home in Northern Portland, you should expect to pay an average price of $502,400. A multifamily home in the same area costs an average price of $980,000.
If you want to buy a cheaper residential home in Portland, you should consider getting one from Gresham/Troutdale as the average sale price in the area is $478,000, and you can get a multifamily home at an average price of $526,500.
If you want to purchase a multifamily home in Milwaukie, the average price is $1,515,000, and the average price for a residential home in the same area is $602,000. Currently, the most expensive area to purchase a home from in Portland is around Lake Oswego/ West Linn as a residential home sells at an average price of $890,200, and a multifamily home comes at an average price of $1,935,000.
While some areas in Portland are expensive, houses in Portland are quite affordable, and with a budget of between $500,000 and $700,000, you can be sure of getting yourself a decent residential home. For even better results, hire one of the best real estate companies in Portland. At Peaky Realty, we can help you find the most suitable home at a favorable price. Contact us via (503) 902-4777 and let us help you sell or buy a home today!