In the face of great gains in housing appreciation and rising mortgage rates, the North Portland Real Estate market still remains one of the most affordable and most competitive markets in all of Portland. Outside of the norm of North Portland being a great investment (North Portland is full of gems all over the market) the community within the quadrant is something to be admired. The community atmosphere is good for both families and young professionals looking to make North Portland home. Still, as the market continues to grow and deal with an unnatural inventory shortage simultaneously, the demand for a North Portland home has never been higher.
It is true that North Portland has remained one of the most steady and affordable parts of the greater Portland area. Houses in North Portland have appreciated much the same as anywhere else but their low starting costs have kept the prices affordable for this long (there is no telling how long North Portland will remain this affordable). According to our North Portland Real Estate agents the average North Portland condo for sale is priced at $204k while the average North Portland house for sale is priced at $305k. The fact that the average condo and the average house are so close in price is indicative of good competition and a strong local economy.
North Portland is experiencing the same inventory shortage that much of the nation is experiencing. People simply aren’t putting their homes up for sale in order to keep up with such high demand. There are currently 244 active listings and 135 pending listings (55% pending ratio) for houses that account for 1.8 months of inventory. For condos there are 39 active listings and 19 pending listings (49% pending ratio) that account for 2.1 months of inventory. Both markets are still well within the parameters to be considered seller’s markets but it would appear that North Portland has a better supply/demand ratio than few other places in Portland.
The demand is what has been driving this and every other market in the greater Portland area. Popularity has risen and first-time homebuyers are motivated to get into the North Portland market. The market is so popular that North Portland condos stay on the market 68 days with a 98% list-to-sale ratio while North Portland houses spend only 37 days on the market with a 100% list-to-sale ratio. Houses that go up for sale in North Portland sell, and they sell quickly. This high demand has led to the sale of 540 houses and 48 condos over the last six months.
North Portland is an incredible community and an incredible opportunity for anyone looking for the “perfect spot” in Portland. Quick access to all of the amenities Portland has to offer coupled with affordable prices makes North Portland the go-to market for many first-time homebuyers. If first-time homebuyers are in the know with the incredible opportunity offered by North Portland then the hidden gems in the market won’t last long. There simply is no place quite like North Portland.