PORTLAND 2022 Q2 MARKET REPORT
Helping people buy and sell homes in the Pacific Northwest since 1972, Coldwell Banker Bain is an undisputed market leader, posting over $8 billion in sales in 2021. With 34 offices and more than 1,200 brokers in Washington and Oregon, plus a global reach that extends to over 100,000 brokers in 41 countries, we’re not only one of the largest Coldwell Banker affiliates in the world, we’re also the most accomplished real estate company in the Northwest. Our commitment to knowledge, expertise and market insights consistently undergirds our reputation for excellence and service. An emphasis on global access in the luxury realm, combined with the power, reach and recognition of the Coldwell Banker brand, allows us to outsell and outperform our rivals, as we elevate the standard for marketing premier properties in the Puget Sound area and the Pacific Northwest. As important to us as business success—we also provide services in property management, commercial real estate, real estate investment and relocation management—is the understanding that real estate is more than just a transaction; it’s a key part of building safe, happy and prosperous lives for our clients, our brokers and their families.
2022
Q2 MARKET REPORT
2022 Q2 MARKET REPORT
WARD SPEARS Principal Managing Broker of lake oswego “ Part of the new real estate market landscape in the first quarter was higher interest rates than buyers had been accustomed to. Since then, rates have been remarkably consistent, costing some buyers out of the market. An increase in the number of homes for sale followed. In mid-July, inventory stands at 2.1 months for the Portland metro area. At the end of June, it was 1.3 months. While higher, those inventory numbers are still quite low, indicating a resilient seller’s market. While some buyers are priced out of the market, it tends to be those who aren’t as well qualified and less motivated. This leaves the buyers who are better qualified and more motivated in a great position. Homes over $1M in the Portland area are selling for an average of 104% above the original list price. That’s a higher percentage than homes under $1M, which sell for an average of 102% of the original list price. That average is for the entire metro area, not a carefully chosen zip code. While we don’t know what the future holds, we can act on what we know now. The market is still good for sellers, while there are now more opportunities for buyers. Likewise, sellers need to have a good strategy when selling in order to obtain top dollar. ”
4 2022 Q2 OREGON AREA MARKET REPORT
portland area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
NORTH PORTLAND | NORTHEAST PORTLAND | SOUTHEAST PORTLAND WEST PORTLAND & RALEIGH HILLS | LAKE OSWEGO & WEST LINN | PORTLAND METRO
MEDIAN SOLD PRICE
AVERAGE DOM
Portland Metro Area
$622K
13
Beaverton & Aloha
$631K
9
Gresham, Sandy, Troutdale & Corbett
15
$520K
Hillsboro & Forest Groove
11
$585K
Lake Oswego & West Linn
13
$975K
Milwaukie, Gladstone & Happy Valley
18
$598K
Portland Metro Condos
19
$360K
Portland Metro Luxury
19
$1.25M $300K
$600K
$900K
$1.2M
$1.5M
NUMBER OF SALES CLOSED 1000 800
6,458
600
TOTAL AREA SALES CLOSED
400 200
514
727
493
475
948
775
327
0
Beaverton & Aloha
Hillsboro & Forest Groove
Gresham, Sandy, Troutdale & Corbett
INVENTORY IN UNITS / 06.30.22
Lake Oswego & West Linn
Milwaukie, Gladstone & Happy Valley
Portland Metro Condos
TOTAL PORTLAND AREA INVENTORY / 2,716
Portland Metro Luxury
+61.0%
205
186
205
139
276
553
524
+192.9%
+46.5%
+81.4%
+16.8%
+52.5%
+2.0%
+18.3%
Beaverton & Aloha
Gresham, Sandy, Troutdale & Corbett
Hillsboro & Forest Groove
Lake Oswego & West Linn
Milwaukie, Gladstone & Happy Valley
Portland Metro Condos
Portland Metro Luxury
2022 Q2 OREGON AREA MARKET REPORT
5
portland area
SINGLE FAMILY (SF), CONDO, WATERFRONT & LUXURY
MILWAUKIE, GLADSTONE & HAPPY VALLEY | GRESHAM, SANDY, TROUTDALE & CORBETT OREGON CITY, BEAVER CREEK, CANBY, MOLALLA & MULINO | NW WASHINGTON COUNTY & SAUVIE ISLAND BEAVERTON & ALOHA | TIGARD, TUALATIN, SHERWOOD & WILSONVILLE | HILLSBORO & FOREST GROVE 1000 800 MEDIAN SOLD PRICE
AVERAGE DOM
600 N. Portland
12
$556K
400
NE Portland
13
$585K
NW200 WA County & Sauvie Island
$825K
10
0
Oregon City, Beaver Creek, Canby, Molalla & Mullino
$625K
19
$536K
SE Portland Tigard, Tualatin, Sherwood & Wilsonville
13 11
$685K
14
$842K
W. Portland & Raleigh Hills
$200K
$400K
$600K
$800K
$1.0M
NUMBER OF SALES CLOSED 1000 800
6,458
600
TOTAL AREA SALES CLOSED
784
400 200
953 593
342
319
532
366
0
N. Portland
NE Portland
NW WA County & Sauvie Island
INVENTORY IN UNITS / 06.30.22
Oregon City, Beaver Creek, Canby, Molalla & Mullino
Tigard, Tualatin, Sherwood & Wilsonville
SE Portland
W. Portland & Raleigh Hills
TOTAL PORTLAND AREA INVENTORY / 2,716
+61.0%
144
308
124
192
404
204
301
+58.2%
+64.7%
+63.2%
+77.8%
+60.3%
+75.9%
+29.7%
N. Portland
NE Portland
NW WA County & Sauvie Island
Oregon City, Beaver Creek, Canby, Molalla & Mullino
Tigard, Tualatin, Sherwood & Wilsonville
SE Portland
W. Portland & Raleigh Hills
6 2022 Q2 OREGON AREA MARKET REPORT
portland area PORTLAND METRO AREA
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
6,458
7,322
-11.8%
MEDIAN SOLD PRICE
$622K
$560K
+11.1%
13
14
-7.4%
105%
104%
+1.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
948
1,161
-18.3%
MEDIAN SOLD PRICE
$360K
$316K
+13.9%
19
33
-42.2%
101%
100%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$622K
MEDIAN SOLD PRICE UP +11.1% from 2021
PORTLAND METRO AREA CONDOS
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$360K MEDIAN SOLD PRICE UP +13.9% from 2021
2022 Q2 OREGON AREA MARKET REPORT
7
portland area PORTLAND METRO AREA | LUXURY
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
775
649
+19.4%
MEDIAN SOLD PRICE
$1.25M
$1.30M
-3.8%
19
32
-40.6%
106%
101%
+5.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
514
583
-11.8%
MEDIAN SOLD PRICE
$631K
$545K
+15.8%
9
8
+12.5%
106%
106%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$1.25M
MEDIAN SOLD PRICE DOWN -3.8% from 2021
BEAVERTON & ALOHA
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
8 2022 Q2 OREGON AREA MARKET REPORT
$631K
MEDIAN SOLD PRICE UP +15.8% from 2020
GRESHAM, SANDY, TROUTDALE & CORBETT
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
475
497
-4.4%
MEDIAN SOLD PRICE
$520K
$468K
+11.1%
15
12
+25.0%
101%
104%
-2.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
493
620
-20.5%
MEDIAN SOLD PRICE
$585K
$498K
+17.5%
11
13
-15.4%
103%
103%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$520K
MEDIAN SOLD PRICE UP +11.1% from 2021
HILLSBORO & FOREST GROVE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$585K
MEDIAN SOLD PRICE UP +17.5% from 2021
2022 Q2 OREGON AREA MARKET REPORT
9
portland area LAKE OSWEGO & WEST LINN
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
327
465
-29.7%
MEDIAN SOLD PRICE
$975K
$883K
+10.4%
13
18
-27.8%
104%
102%
+2.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
727
798
-8.9%
MEDIAN SOLD PRICE
$598K
$535K
+11.8%
18
15
+20.0%
103%
104%
-1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$975K
MEDIAN SOLD PRICE UP +10.4% from 2021
MILWAUKIE, GLADSTONE & HAPPY VALLEY
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
10 2022 Q2 OREGON AREA MARKET REPORT
$598K
MEDIAN SOLD PRICE UP +11.8% from 2021
NORTH PORTLAND
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
342
394
-13.2%
MEDIAN SOLD PRICE
$556K
$526K
+5.7%
12
9
+33.3%
107%
106%
+0.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
784
814
-3.7%
MEDIAN SOLD PRICE
$585K
$560K
+4.5%
13
12
+8.3%
106%
106%
+0.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$556K
MEDIAN SOLD PRICE UP +5.7% from 2021
NORTHEAST PORTLAND
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$585K
MEDIAN SOLD PRICE UP +4.5% from 2021
2022 Q2 OREGON AREA MARKET REPORT
11
portland area NW WASHINGTON COUNTY
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
319
349
-8.6%
MEDIAN SOLD PRICE
$825K
$711K
+16.0%
10
19
-47.4%
106%
104%
+1.9%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
366
429
-14.7%
MEDIAN SOLD PRICE
$625K
$546K
+14.5%
19
19
+0.0%
102%
104%
-1.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE% OREGON CITY, BEAVER CREEK, CANBY, MOLOLLA & MULINO
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
12 2022 Q2 OREGON AREA MARKET REPORT
$825K
MEDIAN SOLD PRICE UP +16.0% from 2021
$625K
MEDIAN SOLD PRICE UP +14.5% from 2021
SOUTHEAST PORTLAND
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
953
1,050
-9.2%
MEDIAN SOLD PRICE
$536K
$501K
+7.0%
13
12
+8.3%
106%
106%
+0.0%
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
593
624
-5.0%
MEDIAN SOLD PRICE
$685K
$595K
+15.1%
11
12
-8.3%
105%
104%
+1.0%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$536K
MEDIAN SOLD PRICE UP +7.0% from 2021
TIGARD, TUALATIN, SHERWOOD & WILSONVILLE
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
$685K
MEDIAN SOLD PRICE UP +15.1% from 2021
2022 Q2 OREGON AREA MARKET REPORT
13
portland area WEST PORTLAND & RALEIGH HILLS
Q2 2022
Q2 2021
CHANGE
TOTAL HOMES SOLD
532
666
-20.1%
MEDIAN SOLD PRICE
$842K
$747K
+12.7%
14
16
-12.5%
105%
102%
+2.9%
AVERAGE DAYS ON MARKET SOLD/LIST PRICE%
14 2022 Q2 OREGON AREA MARKET REPORT
$842K
MEDIAN SOLD PRICE UP +12.7% from 2021
*Information and statistics derived by CB Bain from the Northwest Multiple Listing Service (NWMLS), Regional Multiple Listing Service (RMLS) and the Multiple Listing Service of Central Oregon (MLSCO) each quarter. Statistics not compiled or published by the NWMLS, RMLS or MLSCO.