Portland, known for its craft beer, food trucks, and hipsters, has a housing market that's no joke. In fact, it's been making headlines for its skyrocketing prices and low inventory. But what's really going on behind the scenes? Let's take a closer look at the numbers and use some real estate analytics to understand what's happening in the housing market in Portland in 2023.
Portland's Housing Market Today
As of February 22, 2023, the average price per square foot in Portland is $283.4. While this might seem steep, it's actually down -9.52% from the peak of the market in 2022. This means that the Portland housing market is in housing correction territory.
Another important factor to consider is the age of the typical home sold in the last 12 months, which is 36 years old. The average square footage of a home sold is 1,751 square feet, which is slightly larger than the national average. In the last 30 days, prices have gone down -1.29%, and they've gone down even more in the last 60 and 90 days at -4.62% and -5.25%, respectively.
Over the last 12 months, 78.11% of homes sold in Portland were single family residences, while 9.58% were condos and 3.21% were townhomes. This tells us that the majority of home buyers are looking for a more traditional home, rather than a condo or townhome.
How Data is Changing the Portland Real Estate Market
It's no secret that data is revolutionizing the real estate industry, and Portland is no exception. With tools like the Parcl Labs Real Estate API, real estate professionals can now access data on everything from current housing prices to housing market news. This type of real estate analytics can help buyers and sellers make more informed decisions about the housing market in Portland.
Why Are Houses So Expensive Right Now?
There are a few factors contributing to the high cost of housing in Portland. One of the biggest is the city's growing population. With more people moving to Portland every year, the demand for housing has skyrocketed. Additionally, the city's strict zoning laws have made it difficult for developers to build new homes, which has further reduced the available housing inventory. Finally, low interest rates have made it easier for people to buy homes, which has driven up prices even more.
Frequently Asked Questions
What is the current price per square foot in Portland?
The current price per square foot in Portland as of February 22, 2023, is $283.4.
Why is the Portland housing market in housing correction territory?
The Portland housing market is in housing correction territory because it's down -9.52% from its peak in 2022.
What percentage of homes sold in Portland were single family residences?
Over the last 12 months, 78.11% of homes sold in Portland were single family residences.