Home Sales Fell in July, 2022, Portland Real Estate Market Update

The Portland Market Update for July, 2022:

Prices around the US continued to rise, with Tampa reaching a high rate of residential real estate price appreciation over the past year at over 35%!

In the Portland area, the average single family sales price in Hillsboro nearly hit $750,000!

The time it's been taking, on average, for sellers to accept offers is still very low, with a median number of days on market of 8!!!  Time on market ticked up a little bit from last month, though.

Beginning during the second half of 2020, the number of new listings coming onto the market hasn't been high enough to keep up with demand which has cause inventory to drop and time on market to do the same, until June and July of this year.  During July, the number of new listings that came onto the market was under the average of 2016-2021 excluding 2020, but sales were well under at only 75% of the average number of sales during 2016-2021 excluding 2020.  We excluded 2020 given that the first half, especially the second quarter, of 2020 saw very low rates of new listings and a reduced level of closed sales, while the second half of the year saw a buying frenzy start.  

Call John McPherson, Principal Broker in Oregon with Premiere Property Group, LLC, anytime about your real estate related plans or Portland's real estate market.