Northeast Portland is far and away the greatest investment you can make in the greater Portland area due to the quadrant-wide updates and the fluctuating property market. Northeast Portland may have once been known as the place in Portland to avoid, however, it is slowly becoming the place in Portland to buy a home. Aside from the investment opportunity of a lifetime the market also grants the blessing of location, which, as we know, is what real estate is all about. Proximity to the downtown lifestyle opens up a host of opportunities in the job market, in the financial market, and in the trending lifestyle department.
Whether it’s a house or a condo the Northeast Portland market is sure to amaze on the return of your investment. However, like most places, breaking into the market is more easily done when pursuing a condo. The average cost of a condo in Northeast Portland over the past six months has been $177k while the average cost of a house has been $343k. Unlike the Southwest Portland market, Northeast Portland has a more affordable price for condos and homes creating a larger community that can collectively amass more wealth.
Selling your Northeast Portland house or condo is where you can fully see your investment come to fruition. The seller’s market remains high in inventory as there are 73 active listings and 27 pending listings (37% pending ratio) for condos in the Northeast Portland market. The same can also be said for the houses in the market as there are 776 active listings and 326 pending listings (42% pending ratio). As long as the inventory for condos and houses remains below 5 months (2.7 and 2.4 months respectively) the market will continue to be a seller’s market and those looking to off-load their homes will get a premium for their troubles.
The market doesn’t only rely on the months of inventory and the number of listings to qualify as a seller’s market. Two of the more looked at statistics are the average days a listing spends on the market and its list to sale ratio. Our Northeast Portland Real Estate agents have found that houses in Northeast Portland spend an average of 38 days on the market with a list to sale ratio of 100% while condos spend 52 days on the market with a list to sale ratio of 99%. These are incredible statistics to consider as they show that our agents work tirelessly to find your home the right buyer and that they are successful in doing so in such a short amount of time. Your home is in good hands when we put it on the market for you.
Everything pales in comparison to the investment potential of the Northeast Portland Real Estate market. The few in the know are purchasing properties left and right while the property value potential of the quadrant goes largely unnoticed. If you are looking to make your first big splash in the Portland market then you need to start here in Northeast Portland.